Comparative Study Of China’s Listed And Unlisted Securities Companiesefficiency

As China’s capital market has improved steadily, had just experienced the world financial crisis, the securities company’s themself and regulatory agencies have higher requirements on the operational efficiency and risk control. In recent years, more and more securities companies listing on Stock Market, at present, China has15securities companies through the backdoor, or IPO, to achieve in the A share market. On March18,2011, the total market value of472billion yuan in circulation, about2.3%to A shares account for the total market capitalization (20.4591trillion yuan), to become an important force in China’s securities market.Then with these listed securities company has a capital, management, reputational advantages out of the non-listed securities companies, whether its operating efficiency is higher than that of non-listed securities companies?This paper based on the analyzes of the efficiency of securities markets and the theory of securities firms evaluation, then use the Data Envelopment Analysis method, chose13listed securities companies and13non-listed securities companies which good at stock and bond selling in2010.The data from2007to2009were selected for efficiency analysis and comparative analysis was used to judge its efficiency. The study comes up the conclusion that:in2009, the efficiency of non-listed securities company’s is better than listed companies.The analysis found that when put both together, in total factor productivity and technological efficiency, scale efficiency, non-listed securities performance better than listed securities between2007and2009. It shows that under the same circumstances, the listed company efficiency is not obviously better than the non-listed securities firms.Finally, the article preliminary analysis the reasons for this phenomenon, including continuing slump in stock market after2007, a lot of excellent securities companies not listed on stock market, and the securities listed company’s size expanded too quickly etc. Based on this, advice mainly for:control securities company scale excessiveness; Strengthen the efficiency supervision and make securities company efficiency rankings; Changes in the traditional business income securities company, mainly increase the profit pattern of innovation business for underwriting business, strategic consultation, asset securitization, reorganization of listed business.