The Measure Of Total Factor Productivity And Component Analysis Of China Securities Corporations

As an important intermediary in the capital market,securities companies play an extremely important role in the operation of the capital market.As the organizer and participant of the stock market,it plays an important role in promoting the development of the capital market,optimizing the allocation of resources,supporting the economic reform and accelerating the modernization process of our country.Productivity refers to the ratio of output to input factors.Total factor productivity refers to the output level brought by other factors except capital and labor.It is an important means to observe the degree of economic growth,and also an important indicator to measure the development of an enterprise.After China's accession to the WTO in 2001,China began to open its financial market to the outside world.After the Sino US trade war broke out,it further strengthened the requirements for the development of the financial industry.When foreign financial institutions enter the Chinese market,on the one hand,they bring experience to the domestic securities companies,learn from their management mode and business philosophy,on the other hand,they also bring severe challenges to the Chinese securities market.In such an environment,it has become an urgent task to maintain the stability of the domestic capital market and the strength of China's securities companies.This paper studies the total factor productivity of securities companies and its influencing factors,and puts forward countermeasures and suggestions for their sustainable and stable growth,so that they can actively respond to the impact of foreign investment,continue to maintain the normal operation of the capital market,and steadily promote economic growth.First of all,the literature of TFP at home and abroad is reviewed,the rationality of TFP research is pointed out,and the connotation and measurement method of TFP are introduced.Secondly,based on the analysis of the development status of China's securities companies,taking 42 listed securities companies from 2010 to 2018 as samples,taking paid in capital and employee compensation payable as input indicators,taking service fee and commission income,interest income,investment income and other income as output indicators,using DEA Methods the static operating efficiency and dynamic operating efficiency of China's securities companies were measured.Thirdly,the paper makes a theoretical analysis on the influencing factors of the operating efficiency of securities companies in China,and makes an empirical analysis based on Tobit model.Finally,based on the empirical results of efficiency measurement and influencing factors,the paper puts forward policy suggestions to improve the total factor productivity of China's securities companies.The main conclusions of this paper are as follows: first,the overall level of TFP of China's securities companies is low,of which the technical efficiency is low,and it is mainly due to the low level of pure technical efficiency.Second,from 2010 to 2018,the total factor productivity of China 's securities companies showed a downward trend as a whole,in which technological progress is the most effective means to improve productivity,and scale efficiency is not significant.The decline of technical efficiency is mainly due to the decline of pure technical efficiency.Third,through the research on the influencing factors of TFP,the company's internal risk control ability,business innovation ability and improvement of market structure have a strong positive impact on TFP;the enterprise scale,financial situation,industrial structure and research funding level have a positive impact,but the impact is small;the level of Education of employees and the level of national savings have a reverse change ? Therefore,to improve the total factor productivity of securities companies,it is necessary for securities companies to strengthen internal supervision,launch innovative business,and build a reasonable employee evaluation system;external regulators need to conduct targeted supervision and use a more reasonable technology innovation incentive system.