Evaluation And Analysis Of Operating Efficiency Of China's Securities Companies Based On DEA Model

With the issuance of the Regulations on the Management of Foreign-invested Securities Companies by the China Securities Regulatory Commission on April 28,2018,China's securities industry has entered a new stage.China's securities industry has further opened up to the outside world,and China's securities companies will soon face a positive confrontation with foreign finance.At present,foreign securities firms have not entered the Chinese market,and we still have no way to know,but we may find some clues from the operation of securities companies with different qualities in the domestic securities market.As we all know,there are some differences between China's economic system and Western capitalism,which is reflected in the particularity of the nature of securities companies in the securities industry.In China's securities industry,according to the ownership structure,securities companies can be divided into three types: state-controlled,joint venture and private.The purpose of this paper is to use data envelopment analysis(DEA)method to evaluate and analyze the operating efficiency of different types of securities companies.Through the comparative analysis and case study of the efficiency value of three different types of securities companies,this paper discusses the operating characteristics and performance of these securities companies in order to promote the healthy and sustainable development of securities companies and the securities industry in China.In this paper,80 securities companies are selected from 131 existing securities companies in China as research samples,including 49 state-owned holding securities companies,9 joint venture sec urities companies and 22 private securities companies.The research period is 2013-2017.After thinking about the management and operation of securities companies,this paper chooses management costs and average net assets as input indicators,business income and operating profit as output indicators.The Author uses basic DEA,super-efficiency DEA and Bootstrap-DEA to measure and analyze the operating efficiency of 80 securities companies.At the same time,in order to reduce the fluctuation of securities companies and better reflect the long-term operation of securities companies,this paper introduces the index attenuation model to conduct a dynamic comprehensive evaluation of the operating efficiency of each securities company.Then,focusing on specific securities companies,the author selects typical companies from the three types of securities companies for comparative analysis,in order to explore the differences between the three types of securities companies.Then,according to the operating efficie ncy of securities companies,Tobit regression is used to analyze the influencing factors.Through empirical research,this paper finds that in the period from 2013 to 2017,the operating efficiency of joint venture securities companies has been rising,surpassing that of state-controlled securities companies and private securities companies,while the operating efficiency of private securities companies and state-controlled securities companies has been declining.The operating efficiency of three types of securities companies shows the trend of joint venture > State-controlled > private.The variance of operating efficiency of all securities companies increases with time,which indicates that the differentiation of the whole securities industry is gradually increasing.The development of the city where the headquarters of the securities company is located and the degree of ownership concentration have a significant impact on the operating efficiency of the securities company.According to the research and analysis,combined with the exchange with senior industry experts,three corresponding suggestions are put forward.On the one hand,the innovation of this paper is the research object and research perspective.Previous studies often neglected the joint vent ure securities companies,and did not classify and compare the securities companies according to their nature.This paper brings joint venture securities into the scope of research,and classifies securities companies according to their nature,which has certain originality.On the other hand,the innovation of this paper is method application.Most previous studies used classical DEA model.There are many securities companies with efficiency value of 1,which is not conducive to further research and analysis.This paper applies super-efficiency DEA model and Bootstrap-DEA model,which avoids the limitations of classical DEA model in a sense.