| China’s economy has entered a stage of new normality, as 2014 is the first year of comprehensive deepening the reform. As to the development of domestic capital markets and securities industry,how to achieve steady economic restructuring and growth mode transformation upgrade, accelerate innovation-driven development strategy, the actual state is an opportunity and a challenge.In recent years, in terms of the stock market, whether it is the Main Board, GEM, small plates all are growing, the construction of corporate bond market has become more accelerated. The introduction of a variety of channels and the variant of trading financial instruments have greatly improved Securities company business model, from a relatively single and closure business model to the open and multilevel system.Especially after the split share structure reform and the completion of the comprehensive management of securities companies, the stock market start to entry into financial circulation pattern with the prosperity of IPOs, mergers and marketization.In order to serve the real economy, a variety of innovative initiatives have been put. Currently the securities industry Innovation-driven development has been reached a high level. Significantly enhance the overall strength of the industry, the basic functions has been further improved. Intermediary business capital, represented by the rapid growth of the finance business, has expanded the business scope.Especially, the network platform continue to infiltrate all areas of finance, Internet security has already become an important part of Internet banking, as customers be the core of the ecological:the Internet Security has promoted the new Internet services, the fund has promoted the pilot of Internet Security, the establishment of a unified open platform for various market has already finished. Building with big data, whether it is marketing, investment, investment advisers, risk control and other aspects are showing more accurate, dynamic, real-time services. The future will open up the business scope of securities companies and operational capacity.Whether it is competition in the market model, business architecture, scale and market-driven growth and other aspects has significant changes in the securities of these companies. Currently considering the operating efficiency of securities companies can not just only analyst firm competition, company size. It should be more refined deepened and compared with foreign peers. It also should combine with the current conditions and the status of domestic parties. Only in this way can we get the comprehensive analysis of securities firm operating efficiency.Firstly, this paper split the changes of the market development into three sections, namely from changes in market size, market structure optimization and market entity. We find the main factors that influence the securities company’s operating efficiency and analysis them, after that, we discuss these factors’ relations with securities company efficiency. Then the paper make the empirical analysis of the key factors with the affecting of securities firm operating efficiency. We respectively analyze four aspects, that is the business diversification, market supply and demand changes, changes in firm size and changes in market quotation. We design to summarize the relations of securities industry operating efficiency with the key variable. This paper find the reason which restricting China’s securities companies operating efficiency. Finally, we put forward some feasibility advices combined with the status quo of the market at this stage.The conclusions reached in this article are the following:the situation which securities company dependent on current market conditions has gradually weakened, the era which company get large-scale enterprises and make a close network layout to get increase profits has passed. With the opening of the market, continuous development of innovative services, and constantly improvement of the construction market,the decrease of the securities company’s traditional business revenues accounted, the weakness with the affect of the performance efficiency, securities companies dedicate more energy to the business on innovation.This paper argues that:first of all, in operation of securities companies, the companies should respond to the market demand, accelerate business innovation and develop new profit growth point; Second,the companies should continue to promote Internet security platform and cut the commission of Acting trading securities during concentration of offer, deposit and capital liquidation; Then, the companies need to ne fully responsible for the development of investment advisory and other related services and provide a wide range of investment services. This is the only choice we can grasp the long-term trends and make rational investment; Finally, it should strengthen the mixed, promote open markets, while with the strategic layout of outlets and rational expansion of enterprise scale. Only in this way can we have a big competition unbeaten status, it is precisely because of such securities firm operating efficiency can be safeguarded. |
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