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A Research on the Technical Efficiency Measuring and Its Affecting Factors of Chinese Securities Companies

Author: LiSi
Tutor: ZhangQiang
School: Hunan University
Course: Finance
Keywords: Securities companies Technical efficiency DEA method Malmquistefficieney change index Contributing factor
CLC: F832.39
Type: Master's thesis
Year: 2013
Downloads: 18
Quote: 0
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Abstract


Efficiency is one of the core issues in the study of economics of the securitiescompany, which is the goal of management of securities. The efficiency of securitiescompanies not only is the sign for the securities company’s own performance,embodying a concentrated reflection of the competitiveness of securities companies,but also reflect the intrinsic quality of a national capital market development. Thetechnical efficiency of securities companies directly reflects the company’s operatingefficiency, the use of the resources of securities companies as well. In the long run,the development of securities company depends on the efficiency of growth. Atpresent, most Chinese scholars prefer efficiency using conventional single factorindex of securities companies, it is difficult to reflect the overall efficiency, technicalefficiency of selection of dynamic Malmquist index to measure enterprise, which ismore specific and comprehensive in reflecting the securities companies operatingeffect.Based on the review of some related researches at home and abroad, a briefanalysis of the DEA method and the Malmquist index method of technology efficiencyof securities companies and securities companies of the basic meaning of technicalefficiency research, and ultimately selected DEA method, Malmquist method of2006-2011index were measured20securities companies in China, the efficiency ofpure technical efficiency technical efficiency and scale, the level of China’s securitiescompanies overall resources, and technical efficiency of the securities company iscompared; at the same time, the technical efficiency output orientation of20securities companies based on improved direction were quantified, and puts forwardsome suggestions for improvement, to provide more comprehensive information forthe management of securities companies operating efficiency.To compare our innovative securities companies and securities companies, thetechnical efficiency is generally high, mainly from the pure technical efficiency indexincrease the promoting effect to the technical efficiency.2006-2008years, the overalltechnical efficiency of20securities companies in this paper the upward trend.In2008-2010years, the technical efficiency decreased significantly, especially thedecline of scale efficiency low level of technical efficiency, that securities companiesdo not fully consider the macroeconomic expectations, did not achieve the moderate scale of operation, and the pure technical efficiency decline that securities firmsinternal governance and management to be standardized. In addition, this paperfurther study on factors affecting technical efficiency of securities companies fromthe microcosmic aspect. At the micro level, the technical efficiency as the dependentvariable, panel Tobit regression and GMM test on the microscopic characteristicsinfluence the efficiency of securities firms. The results show that: asset turnover rate,cost rate is negatively correlated with the technical efficiency of securities companies,asset returns and the market share and the securities company technology efficiency ispositively associated with. Finally, this paper puts forward related suggestions toimprove the technical efficiency of China’s securities companies.

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