Analysis On Influencing Factors Of Efficiency In Chinese Securities Company

Since the establishment of China's first securities company in 1987,the Chinese securities industry has experienced rapid development over the past 30 years.Faced with the complicated international financial environment after the financial crisis,rapidly changing market,the new normal of China's economy,and the continuous promotion of RMB internationalization,China's capital market must maintain healthy growth and strive to be the best in the world.To a large extent,it depends on the ability of securities companies to optimize and enhance their operational capabilities and efficiency.Based on the data of 30 listed securities companies in Shanghai and Shenzhen during 2014?2016,this paper uses the two-stage dynamic data envelopment analysis model to analyze the operational efficiency of the sample companies.The research results show that the operating efficiency of China's listed securities companies is high,but there has been a sharp decline during the survey period.Subsequently,on the basic value of efficiency measurement,the author used the panel data regression model to explore the factors affecting the total operating efficiency and phased efficiency.The research shows that the capital structure,the employee incentive system,the scale of the company's assets,and the macro market conditions in the external factors of securities companies are closely related to the operating efficiency of securities companies.Finally,based on the research results,the suggestions for optimizing the operating efficiency of the securities companies are put forward:rationally optimizing the capital structure and steadily expanding the company's scale;paying more attention to business compliance and risk control;improving incentive mechanisms,etc.