Research On Operational Efficiency Of Securities Companies Based On Network Dea Model

For the past few years, our securities market constantly growing, many scholars use the traditional DEA model, factor analysis and other methods to study on the efficiency of the securities company.In this article we divide the operate process into two sub-process, the first stage is revenue process and the second process is profit process, then we use network DEA model to measure the efficiency of two sub-process and the total efficiency.First, we study on the operating condition of82companies in2012, we find that:(1) All of those security companies are network DEA inefficiency, which indicates no company is weak DEA efficiency in both revenue and profit process.(2) The network DEA operational efficiency of A class security companies is significantly higher than A class following. The operational efficiency of AA class is significantly higher than the general level of whole industry efficiency, difference between B class and C class is not so significant.After analysis on the operational data of82securities companies in the internal of2009to2012, we find that:(1) Changes of profit efficiency of those companies between2009and2010are not large. The efficiency of2010to2011to2011declined significantly, but change of revenue efficiency shows level trend.(2) From the perspective standard deviation of those companies’efficiency, in term of total efficiency, the total efficiency of2010is lower than2009, the dispersion degree of total efficiency of China’s securities companies is more and more high, this indicts operating differences of securities companies is more and more obvious, industry entered a stage of differentiation; in term of revenue efficiency, standard deviation of those companies between2009and2012is not obvious, this is because the way to get revenue is homogeneity, difference among companies is not significant; in term of profit efficiency, discrete degree in2011and2012of the securities companies expanded significantly, the profit efficiency between securities companies is becoming differentiation. Through the securities companies’revenue efficiency and profitability efficiency analysis by using a network DEA model, we not only obtain companies’operating efficiency, but also get the revenue efficiency and profit efficiency. We can find changes of operational efficiency of both industry and companies, to discover whether there are difference between the enterprise operational efficiency and the development direction of industry.Based on the network DEA model, we can put forward corresponding suggestions to improve securities companies’operational efficiency.