基于三阶段DEA方法的我国证券公司运营效率研究

发布时间：2018-07-10 09:13

本文选题：证券公司 + 运营效率　；参考：《南京航空航天大学》2012年硕士论文

【摘要】：证券公司是资本市场上重要的中介机构，，在资本市场的运作中扮演着极其重要的角色。运营效率是证券公司竞争力与可持续发展力的集中体现，其效率值的大小反映出证券公司资源利用的程度以及整体运营状况，是衡量证券公司运营业绩的重要度量标准。因此，对证券公司运营效率的测度便显得极为重要。本文选取57家证券公司作为代表，其中27家为创新类公司，30家为规范类公司，运用三阶段DEA方法、静态分析与动态分析相结合，对样本在2006~2010年间的效率进行测评。静态研究结果表明：证券公司第一阶段与第三阶段的效率值存在明显差异，这一点说明了第二阶段采用SFA回归分析的必要性；规范类证券公司的运营效率普遍低于创新类证券公司的运营效率；从样本总体来看，证券公司的纯技术效率波动较大，进而导致其运营效率值的波动，而大多数证券公司已经处于或接近规模效率前沿，波动幅度较小。从动态角度来看，通过Malmquist指数分析可以发现样本期间各效率呈现出明显的先下降到后上升的趋势，与股指的波动趋势基本一致。从第二阶段回归分析的结果来看，证券公司的业务构成、员工素质以及反映其资本结构的资产负债率等指标对其运营效率存在一定的影响，同时从效率的总体变动情况可以看出，证券公司还受到整个宏观环境变化的影响。基于此，文章最后从内部控制、业务创新和人力资源等方面给出政策建议，期望对我国证券公司的效率提升提供一点参考。
[Abstract]:As an important intermediary in capital market, securities companies play an extremely important role in the operation of capital market. Operational efficiency is the concentrated embodiment of the competitiveness and sustainable development of securities companies, and its efficiency value reflects the degree of resource utilization and the overall operational status of securities companies. It is an important measure of the performance of securities companies. Therefore, it is very important to measure the operational efficiency of securities companies. In this paper, 57 securities companies are selected as representatives, among which 27 are innovation companies and 30 are standard companies. The efficiency of the sample in 2006 / 2010 is evaluated by using the three-stage DEA method and combining static analysis with dynamic analysis. The results of static research show that there are obvious differences in the efficiency between the first stage and the third stage, which indicates the necessity of adopting SFA regression analysis in the second stage. The operating efficiency of normative securities companies is generally lower than that of innovative securities companies, and from the sample overall, the pure technical efficiency of securities companies fluctuates greatly, which leads to the fluctuation of operating efficiency. However, most securities companies have been in or near the scale efficiency front, the volatility is relatively small. From the dynamic point of view, through Malmquist index analysis, we can find that during the sample period, the efficiency shows a trend of first decreasing and then rising, which is basically consistent with the fluctuation trend of the stock index. From the results of the second stage regression analysis, it can be seen that the business composition, employee quality and asset-liability ratio, which reflect the capital structure of the securities company, have a certain influence on its operation efficiency. At the same time, from the overall change of efficiency, we can see that the securities companies are also affected by the change of macro environment. Based on this, the paper finally gives some policy suggestions from internal control, business innovation and human resources, hoping to provide some reference for the efficiency improvement of Chinese securities companies.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.39;F224

【相似文献】