Evaluation Of Operating Performance Of Securities Companies Based On Three

Securities companies play an important intermediary role in the capital market.They connect the capital flow between investors and enterprises,provide investors with securities trading,financing,wealth management and other services,and provide enterprises with financing channels and capital market consulting and other services.The operating efficiency of securities companies is an important indicator to measure their competitiveness and sustainable development,reflecting the level and degree of securities companies in the use of resources,management and operation,and provision of services.The level of operating efficiency is directly related to the performance and market position of securities companies.Therefore,it is of great significance to measure and evaluate the operating efficiency of securities companies.Taking into account the degree of operation regulation of securities companies and the authenticity and reliability of the data,this paper selects 33 listed securities companies as representatives,evaluates their operation efficiency by using the threestage DEA-Malmquist model,and divides them into Class A and Class B.The efficiency of these samples during the period from 2017 to 2021 was evaluated by combining static analysis and dynamic analysis.The static research results show that there are significant differences between the efficiency values of securities companies in the first stage and the third stage.Therefore,it is necessary to use SFA regression analysis in the second stage to further explore the reasons for this difference.In other words,this shows that different methods and models need to be comprehensively applied when evaluating the efficiency of securities companies to obtain more accurate and comprehensive evaluation results.From the overall sample,the scale efficiency and pure technical efficiency of securities companies fluctuate greatly,which leads to the fluctuation of their comprehensive efficiency.Most securities companies are still some distance from the frontier of scale efficiency.From a dynamic perspective,by using Malmquist index analysis,we can find that the total factor productivity and comprehensive technical efficiency index of securities companies show a V-shaped trend during the observation period,that is,the total factor productivity and comprehensive technical efficiency index decrease first and then increase.At the same time,the technical progress index,the pure technical efficiency index and the scale efficiency index showed a gentle downward trend.According to the results of the second stage of regression analysis,the microfactors such as the asset-liability ratio,equity structure and the establishment period of the securities company have a certain impact on its operating efficiency.However,from the overall changes in efficiency,we can also see that the operating efficiency of securities companies is affected by the changes in the overall macro environment.Based on this,the paper finally gives policy suggestions from four aspects: scale control,equity structure,capital structure and business strategy,hoping to provide some reference for the efficiency improvement of Chinese securities companies.