| As an intermediary in the capital market, security companies are very important both in the primary market and secondary market.Securities companies has accumulated lots of experience and expertise in the long-term operations, these can provide the high quality service for money the su-pplier and demander, promote the flow of funds and the development of the market. Since the second half of2012, the easing of the domestic financial world, the pro-motion of the securities lending and borrowing business, especially the easing of inter-financial-industry asset management has promoted financial disintermediation and the acceleration of interest rate marketization, and will promote the financial innovation of the products undoubtedly. The series of changes have put forward higher demands and challenges to security companies in China. The efficiency of the security companies will affect the allocation efficiency of capital market. Security companies operating efficiency will directly affect the resource allocation efficiency of capital market. Efficiency is one of the important indicators used to measure the securities company operating performance.Efficiency is the important index to measure the securities of the company’s operating performance. This paper employed stochastic frontier analysis approach (SFA) to measure the cost efficiency of the securities company, and put forward re-search hypothesis and empirical methods to analyze the relationship between owner-ship structure and cost efficiency of securities companies based on the theoretical theory. Firstly, analyze the relationship between ownership structure and cost ef-ficiency of securities companies based on the theoretical theory. Secondly, analyze the characteristics of the special ownership structure of our security companies, expound the development and problems of our security companies’ ownership structure. Finally, explore the influence of ownership structure of our security companies.Empirical research is focus on ownership concentration, the nature of ownership and shareholders. Using data from available Chinese security companies’ annual re-port from2008to2012,1do the empirical research to estimate the security com- panies’ cost efficiency (CE) by the stochastic frontier analysis approach I employed. Then, research the relationship between the ownership structure of our security com-panies and the security companies’ cost efficiency (CE). Finally, based on the above analysis, this paper proposed advices.The result shows that:1. State-owned security companies’ cost efficiency is higher than non-state-owned security companies, but has no statistical significace;2. the relationship between equity concentration and security companies cost efficiency is inverse-U-shaped;3.The security companies which have foreign security company as one part of the equity are more cost efficiency than others. So based on the above analysis, this paper proposed advices for improving Chinese security companies operating efficiency:1. Try to change the "a dominant" situation in the ownership structure of the security companies, improve the ownership structure. Optimizing the ownership structure is more favorable to the security companies’ cost efficiency (CE). We should take the positive effect of the largest stockholder on the companies into ac-count and try to eliminate the negative influence of ownership concentration.2. Reduce the state-owned shares in the security companies, intoduce private capital and foreign capital, promote the competition of the security companies and the cost ef-ficiency (CE). Our securities supervision and administration department can Our se-curities supervision and administration department may moderately let go of the securities company equity liquidity constraints, with the introduction of non-state ownership, achieve the diversification of state-owned property right subject, the cost efficiency of Chinese securities firms.3.Encourage and guide the securities company’s merger and reorganization, improve operational efficiency. By reorganization, to op-timize the allocation of resources. |
