Research On The Efficiency Of Chinese Securities Firms And Influence Factors Based On SFA Model

This article selects the typical20securities company’s panel data from2006to2012assample, Using the stochastic production frontier and stochastic frontier model to measurethe cost of the securities firm technical efficiency value and efficiency value respectively,using net value of fixed assets and employee compensation for input indicators in thetraditional at the same time to join the risk-adjusted capital as investment, on the basis ofnet income as output index using Frontier software to the empirical results, the resultsshowed that:①the net value of fixed assets, number of employees, the risk-adjusted capitaland net income have positive correlation, which employee compensation effect on netprofit bigger than the other two input index, confirmed that the securities industry based onthe nature of the service industry the importance of human capital investment;②we can beseen from the efficiency of the measure values, the technical efficiency of the wholeChinese securities firms there is biggish difference in the time dimension, along with thechange of time the efficiency gradually reduce, shows that China’s securities companiesability to resist risk is low, the external environment influenced; And difference betweensample a securities company, which indicates that our country securities companymanagement model is too old, the business is relatively single, lack of innovation.③further,in this paper, on the basis of cost cutting edge on the analysis of the factors affecting theefficiency of worth, according to the results only equity concentration and the efficiencyof securities firms have the inverse relationship, shows that China’s securities industrycommon equity concentration, liquidity shortage, the negative impact of securitiescompanies operating efficiency and all indicators are selected, efficiency is worth biggestinfluence employees’ education level, suggests that the securities industry in our country isan intellectual intensive industry, not only have the number of requirements more havehigher requirements on quality. At the end of this article is based on the conclusion targetedthe efficiency of the securities company put forward the corresponding countermeasuresand Suggestions.