Efficiency Evaluation Of Innovative Securities Company In China And Its Influencing Factors

Socialist market economic system with Chinese characteristics needs a fully functional, standard operational, expanding and continuously efficiency-improving capital markets. The efficiency and sound development of capital market depends on the normal and efficient operation of securities companies and other operators. The international competitiveness of capital market also depends on securities firms and the whole securities industry's core competitiveness.Efficiency is one of the core problem of economics and management field, the goal of corporations and also the concentrated expression of the competitiveness of enterprises. Through the efficiency, many researchers find out the problems in the corporate's management and put forward countermeasures and suggestions.The empirical study of this paper used the data envelopment analysis (DEA) and tobit regression analysis. This paper selects the innovative securities as a sample which represent the highest level of the industry. And the sample period is from 2006 to 2008, during which time involves the fluctuations of the economic fundamentals brought by global financial crisis, the surge and drop of China's stock index, the completion of comprehensive management of the securities industry and other important events.This paper uses DEA, static and dynamic, in-depth evaluates the overall efficiency and brokerage efficiency of the sample during the period, then the paper uses tobit regression to ascertain influencing factors of the efficiency in 2008 and draws conclusions and gives recommendations. It is hoped that this paper can help China's securities companies improve theirl efficiency.