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Study on the Efficiency of Chinese Listed Securities Companies Based on DEA

Author: JiangPengFei
Tutor: FengJunWen
School: Nanjing University of Technology and Engineering
Course: Finance
Keywords: Listed Securities Companies DEA Efficiency Malmquist index
CLC: F832.39
Type: Master's thesis
Year: 2014
Downloads: 45
Quote: 0
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Abstract


China’s securities companies have experienced more than20years of rapid development, and have played an active and important role in the construction and development of China’s capital market.However, compared with the the investment banks of the developed countries, there are large gaps in the capital scale, management leveland financial innovation capabilities? and there are still large room for improvement of operating efficiency levels.This paper selects19domestic A-share listed securities company as the research sample,select the total assets, operating expenses, the registered capital as input indicators, select the operating income, net income, net operating income from securities trading agency, securities underwriting income and investment income as output indicators,study on efficiency analysis on China’s listed securities company’s overall operating efficiency and sub service using data envelopment analysis,get the results of technical efficiency and so on of the listed securities company,through comparative study of listed securities companies to conduct a more comprehensive efficiency evaluation,and on this basis, using Malmquist index to research and analysis the variation tendency of the utilization efficiency with the Malmquist index.The static analysis shows that the overall operation efficiency, technical efficiency of19China listed securities company in2010and2012, pure technical efficiency and scale efficiency is higher than2011the corresponding,in2010and201219listed securities companies on shareholder remuneration and brokerage and proprietary business aspects of technical efficiency, pure technical efficiency and scale efficiency is also higher than that in2011the corresponding efficiency.In the sample period19listed securities firm’s investment banking business of the efficiency at a very low level;Dynamic analysis using the Malmquist index shows that19listed securities companies reward shareholders technical efficiency during the period2010-2011showed a downward trend,in the period2011-201219listed securities company’s technical efficiency showed an upward trend.Overall, China’s securities companies listed in the technical efficiency of a relatively high level, but still there is a big improvement and upgrading space.

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