The Research Of Securities Companies' Operating Efficiency And Influence Factors With The Popularization Of The Internet

The widespread use of the Internet in the securities industry has broken the constraints of space and geography,greatly facilitated the investors.But the traditional physical network still plays an irreplaceable role:the securities business department increased year by year in an accelerated trend.What are the differences of the efficiency between the two types of brokers?What are the factors that affect the operating efficiency of a securities firm?This paper first sort 82 securities companies by the registered capital which existed in 2006 to 2015,among which there are 18 large-scale brokers with registered capital over RMB 5 billion,and the rest are small and medium-sized brokers.First we use the MAXDEA software to measure the efficiency of my national securities company.Secondly,we analyze the mechanism of the efficiency of securities companies in the context of popularizing the Internet.Finally,the panel data and fixed effect model of 2006-15 are used to test the influencing factors of the efficiency of securities companies.This paper draws the following conclusions:(1)The overall efficiency of China's securities companies is low.Large brokers is more inefficient compared to small and medium-sized brokerage.(2)The regression results show that the number of Internet broadband access users,GDP growth rate,deposit and loan ratio,business share and asset-liability ratio both have a significant positive correlation between the operating efficiency of the securities companies.Securities company's registered capital have significantly negative relationship with the securities companies.Business innovation ability are not significant correlated with the operating efficiency of securities companies.For different sizes of securities companies:the internet broadband access subscribers,GDP growth rate,deposit and lending rate on the efficiency of the large brokerage business impact is bigger,while the business share,asset-liability ratio of small and medium-sized brokerage business efficiency is greater.