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Efficiency Estimation of Securities Company Based on Stochastic Frontier Approach

Author: BaiHe
Tutor: ZhangXiaoZuo
School: Shandong Institute of Economics
Course: Statistics
Keywords: Securities companies Stochastic frontier approach Cost efficiency Efficiency factor
CLC: F832.39
Type: Master's thesis
Year: 2010
Downloads: 119
Quote: 0
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Abstract


As the important participating institutions in the financial markets , the healthy growth of the securities companies about a major event in China 's capital market and the development of the national economy . Future competition , open environment inevitably require China 's securities companies to pay more attention to the management and efficiency of the operations of the enterprise itself , to learn from advanced securities companies , find defects , shortcomings , and to improve their overall competitive strength . In view of the healthy development of the securities company for the development of China's securities market , plays an irreplaceable role in the development of the development of the capital market and the national economy as a whole , we will use the stochastic frontier (SFA) to investigate the analysis of China's securities companies operating efficiency in the calculation of its analysis of the shortcomings of the securities companies operate on the basis of the results of the operational efficiency , given the author 's suggestions for improvement , and hope to provide a point of reference for China 's securities companies operating efficiencies . This article is based on 12 listed securities companies as the research object , the overall research ideas in Battese and Coelli (1995) stochastic frontier analysis model was constructed based on a securities company 's cost evaluation model of inefficiency and inefficiency factor assessment model using maximum likelihood estimation method to estimate the cost of the 2002-2008 sample securities companies inefficient value estimated coefficient values ??of the two models at the same time , based on empirical results on the level of efficiency of securities companies and inefficient to quantify the impact factor and compare . This article by empirical research found Haitong Securities ' operating efficiency of 12 securities companies , at a minimum , the operating efficiency of the best of the three securities company Guotai Junan Securities , CITIC Securities , Qilu Securities , Qilu Securities as Shandong Province, the only integrated securities firms , operating efficiency is good. This article securities inefficiency factor analysis , found that securities companies , company size, ownership concentration and inefficiency of securities positively correlated , and was negatively correlated with the current ratio , the proportion of undergraduate or more employees . Also gives recommendations to improve the efficiency of securities companies : to improve and perfect the profit model ; expand financing channels ; promote the asset management business innovation ; optimization of the main business ; attract high-quality personnel , the introduction of strategic investors .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Other financial organizations
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