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Research on the Efficiency and Developmental Strategy of Chinese Investment Banks

Author: Yong
Tutor: PuYongJian
School: Chongqing University
Course: Finance
Keywords: Investment Banking Efficiency DEA Malmquist Tobit
CLC: F832.3
Type: Master's thesis
Year: 2011
Downloads: 276
Quote: 0
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Abstract


In the developed market economy countries, the investment bank is the core of the capital market. Investment banking, capital market intermediaries, and is the hub of the medium-and long-term capital operation, effectively promoted the development of the investment banking innovation of financial instruments. With the gradual completion of the share reform, China's capital market to play its due role in the entire financial and economic system, the time has truly come, the level of efficiency of investment banking operations will directly affect the capital markets can really manifestation in turn affect the speed and quality to the stability and development of the financial system as a whole, and even the development of the national economy as a whole, therefore, how to improve the competitiveness of the investment banks to face the fierce challenges of the international market as a whole, as the issue of universal concern. The domestic research literature mostly prefer to use a single element of indicators to rank investment banks, do not reflect the complete picture of the efficiency of investment banking. This article seeks to use scientific, rational and systematic method to conduct in-depth analysis to explore the efficiency of the investment bank in China in the context of globalization and the financial crisis, and through the formation of factors and efficiency factors proposed focalized Development Strategies to the investment bank in China to enhance competitiveness and promote long-term development of the investment bank to provide theoretical and empirical support. In this paper, based on the draw on the research of scholars related to the efficiency of financial institutions, use the DEA and malmquist index to measure the static efficiency and dynamic efficiency of 34 investment banks in 2005-2009; then use the 34 investment banks in 2005-2009 years of panel data Tobit model empirical analysis of the factors influencing the efficiency. Empirical Analysis of the main conclusions: ① of 34 hotels in investment banking in the overall efficiency of between 2005-2009 although the rising trend, but the efficiency value is still not high, which is mainly caused due to pure technical inefficiency; ② investment banking in China in 2005 - a slight increase in the overall efficiency of between 2009 and mainly thanks to the enhancement of the pure technical efficiency and total factor productivity growth impetus came mainly from investment banks in China's technological progress; ③ investment bank's own scale, profitability, risk control, factors associated with pure technical efficiency of the capital structure, business structure and Staff have a positive relationship, and the product mix pure technical efficiency and there is no obvious relationship. Finally, on this basis, we select two from the development of countermeasures and development mode of investment banks in China to improve the efficiency of investment banking in China and to promote lasting development of our investment banking recommendations.

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