Evaluation,Decomposition And Influencing Factors Analysis Of The Efficiency Of Listed Securities Companies In China

At present,the development and implementation of effective business policies to promote better development of securities companies in the increasingly competitive securities market has become the top priority of all securities companies.It cannot be ignored that in recent years,China's securities companies are developing rapidly,but the level of development is low.The securities companies have great differences in terms of technology,business structure and factor endowments.This means that there are different problems in the growth and development of different securities companies in China.Therefore,it is very important for listed securities companies to design and apply their business strategy according to their own operating characteristics.In this context,we use data envelopment analysis(DEA)and Tobit model to calculate and decompose the comprehensive efficiency of China's listed securities companies,and explore the factors affecting the efficiency of China's listed brokerages and the direction of their improvement.The study has the following four characteristics:first,based on the existing literature the technical efficiency is further decomposed into pure technical efficiency and crowded efficiency,because it does not change the size of securities companies in the case in practice,the internal resources of the proportion of "cask effect",so the author decomposes the technical efficiency into pure technical efficiency and the crowded efficiency,explore the impact on the overall efficiency of the securities company,has a strong practical significance.Second,this paper China 26 mainland listed securities company as decision-making units,in 2006-2016 years of comprehensive efficiency assessment of the listed securities company China time window,the comprehensive efficiency of each listed brokerage is decomposed into scale efficiency and technical efficiency,the technical efficiency is decomposed into pure technical efficiency and crowded efficiency,pure technical efficiency can be improved to effectively enhance the innovation ability of the securities company and the level of income,improving the efficiency of securities companies crowding can effectively internal management ability,and improve the efficiency of the path Chinese brokers are studied.Third,in this paper,the Tobit model is used to regress the proportion of government subsidy to business income and the comprehensive efficiency evaluation,so as to explore whether the intervention of government subsidies will affect the efficiency of securities companies.Fourth,this paper summarizes the existing literature on factors influencing efficiency,through the Tobit model and regression based on the latest data,expect to find the causes of the overall efficiency of the firms,according to these factors for optimization of company policy and provide policy advice.The main conclusions of this paper are as follows:first,the operating characteristics of each listed brokerage are different,and the reasons for low efficiency are also different.The comprehensive efficiency,the technical efficiency,the scale efficiency performance are all very good listed securities companies have the national sea securities.Second,the comprehensive efficiency gap of various securities companies is very large,the efficiency of the medium-sized brokerages is relatively high,followed by large brokerages,the small brokerages perform the worst and the scale development is unbalanced.The reason for the inefficiency of small brokers is not a simple aspect,and the promotion is very difficult.Third,some of China's listed securities firms have been overcrowded.Fourth,Chinese competition between brokerage focused on high capacity,high degree of talent competition,but also focus on traditional business competition,and to seek the rapid development of Chinese brokerage,should reduce shareholder equity ratio,investors,and the need to optimize the capital structure of debt into appropriate,should also increase the proportion of net capital on the net assets to improve the stability of operation.From this conclusion,the author puts forward some suggestions on the direction of efficiency promotion of various securities companies.Small securities companies should strengthen the introduction of technology and improve the pure technical efficiency.Medium brokers should pay attention to improving their own scale of development and reaching a scale of economies of scale.Large securities companies should pay attention to optimizing their own resource allocation and improve their congestion efficiency.At the same time,all stockbrokers should reduce the proportion of the largest shareholder.We should increase the net capital/net assets ratio,appropriately adjust the asset liability ratio,and also properly adjust the asset turnover ratio.