我国证 券公司经营效率测度及其影响因素分析-measurement of operating efficiency of chinas securities companies and analysis of its influencing factors.docxVIP

Abst Abstract II II Abstract As an important intermediary institution in securities market, the securities company has a pivotal role in the market. Its operational efficiency directly affects the operation of the securities market, which in turn affects the entire capital market. At the same time, the operating efficiency of the securities company as an important index of performance, not only embodies the securities company competitiveness, also reflects the ability of the sustainable development of the securities company. As a result, the study of securities companies operating efficiency is particularly important. During the past 20 years, securities company developed from scratch in our country. The scale of securities company is growing and the investor’s confidence is rising. But behind the booming appeared a huge challenge. In the financial sector gradually open intensified competition for securities companies. Securities firm is engaged in the business scope is limited, mainly concentrated in the brokerage business based on the traditional business, cant get rid of the influence of stock market; Small size, weak ability to resist risk; Illegal phenomenon also happen from time to tome. All in all, the securities industry has a significant development. But compared with the requirements of the securities market, securities firms have shortcomings in many aspects. As one of the core problems in the operation and management, operating efficiency fully reflects the competitiveness of securities firms. There would be targeted improvement recommendations to the securities company by studying the operating efficiency. This paper calculates the technical efficiency, pure technical efficiency and scale efficiency of 76 securities companies by using the data envelopment analysis (DEA). Statistics are from 2008 to 2012. Then the paper takes the empirical analysis of the factors which impact operating efficiency of securities companies in China. This paper deeply discus