A Study On The Operating Efficiency Of Listed Securities Companies On The Chinese Mainland From The Perspective Of Fintech

As the second largest economy in the world,the development of Chinese securities industry fall behind obviously.And it is unbalanced for the market position,the market size,operation level and development quality in the securities industry.Nowadays,Fintech is changing everything in this industry.Traditional business of securities is facing enormous pressure to adjust and transform.At the same time,the securities industry has many long-term problems,such as small scale of many securities companies,sinple business structure of securities companies,serious homogeneity and deterioration of competition.Besides,the securities companys’ innovation ability is weak and its risk control level is low.This article,established in the perspective of fintech,facing the outstanding problems of the securities industry theoretical study.This article use data envelopment analysis model(DEA)to study the operation efficiency of 25 Chinese listed securities companies in 2017 and 2018.On this basis,it can achieve several conclusion.This paper makes a detailed research on the asset size,performance,income,fintech investment and cost management ability of the selected securities firms and make classification analysis to study the operating technical efficiency of the securities firms.The study found that the technical efficiency indexes of all securities firms were different but improved.Fintech input had a positive impact on the operating efficiency of securities firms but the impact was uneven.With the advantages of scale,platform and brand,large securities firms gradually expand their leading advantages.And their operating efficiency has a comparative advantage in the industry.Some small and characteristic securities firms have excellent performance on operation efficiency and their efficiency index is better than other securities firms obviously,which expected to stand out through the leading advantages of characteristic businesses.And a great number of medium-scale securities companies’ operation efficiency is general.It is insufficient of medium-scale securities companies on their scale efficiency and pure technical efficiency.And it’s hard to improve in the short-term.The development of the securities industry has a long way to go.The leading securities firms have a great responsibility.It is necessary to strengthen the internal management of enterprises and accelerate the strategic layout and intelligent application of fintech,and lay a solid foundation for business and management.Small and medium-sized securities firms also need to increase investment in fintech,following the path of differentiated and distinctive to operation and development,Besides they also make full use of various fintech application platforms to explore business segments and identify their market positioning.