上市证券公司经纪业务效率的实证分析  

A Analysis of Brokerages' Efficiency of Listed Securities Companies in China

作　　者：许绍双[1,2,3] 

机构地区：[1]合肥工业大学管理科学与工程博士后流动站,安徽合肥230009 [2]国元证券股份有限公司博士后工作站,安徽合肥230001 [3]皖西学院,安徽六安237012

出　　处：《当代经济管理》2013年第3期93-97,共5页Contemporary Economic Management

基　　金：天津市社科重点项目<基于天津滨海新区经济高速增长的会计政策综合配套改革及应用研究>(TJGL08-005)阶段性成果

摘　　要：基于2010年～2011年数据,运用DEA方法对我国上市证券公司经纪业务的效率进行了分析。研究结果表明:静态来看,生产效率整体水平较高,但经纪业务"跑马圈地"式的扩张削弱了其规模效率,业务增长模式需要转变;生产效率、纯技术效率差异大表明经纪业务比较优势将在上市证券公司之间显现,差异化发展战略有了现实意义。动态来看,在2010年～2011年间,上市证券公司经纪业务全要素生产率呈现出全面削弱的态势,这可归因于技术变化与生产效率这两个因素的全面弱化,而技术变化因素的弱化更为明显;从动态效率均值分解的象限图来看,海通、长江、西南证券动态效率具有相对优势。在此基础上,从差异化竞争、业务创新以及经营管理等方面为经纪业务的经营改进提出了建议。Abstract： This paper uses DEA method to analyze the efficiency of Security Company brokerage in our country basing on the datum between 2010 and 2011. The research result shows： from static perspective, the level of production efficiency is high, yet the expansion style like ＂ride on a horse to enclose＂ weakens its scale efficiency, business growth pattern needs to change; the huge variance of production efficiency and total technical efficiency shows that brokerage comparative advantage will appear among security companies, differentiation stratagem becomes significant. From dynamic perspective, Total Factor Productivity of Security Company shows weak trend because of the weak of technical change and production efficiency, and the weak of technical change is much clearer. From the quadrantal diagram of dynamic efficiency, Haitong, changjiang, and Southwest have comparative advantages. On that basis, this paper gives some advices to the improvement of brokerage management from differentiation competition, business innovation, and business management.

关 键 词：证券公司 经纪业务 效率 数据包络分析 聚类分析 

分 类 号：F832.5[经济管理—金融学]