中国证券公司经纪业务效率评价——基于2011-2015年数据  

The Evaluation of Brokerage Business Efficiency of China's Listed Securities Companies——Based on Data from 2011 to 2015

作　　者：罗清和[1] 朱诗怡 LUO Qing-he ZHU Shi-yi(College of Economics of Shenzhen University, S18060,Shenzhen, Guangdong, China)

机构地区：[1]深圳大学经济学院,广东深圳518060

出　　处：《特区经济》2017年第5期19-24,共6页Special Zone Economy

基　　金：教育部人文社会科学重点研究基地重大项目"经济特区转型与中国模式研究"(项目编号13JJD790043)

摘　　要：中国证券公司主要收入来自经纪业务,经纪业务经营效率很大程度上影响公司经营绩效。文章基于DEA模型对我国15家上市证券公司经纪业务2011-2015年投入产出数据测度其经营效率,结果表明15家证券公司整体生产效率较高,但单个证券公司纯技术效率和规模效率有差异,大多数处于规模报酬递增阶段。文章还利用Malmquist指数分析法对全要素生产率变化进行分解,动态地剖析证券公司经纪业务的经营效率,发现技术变化因素的弱化是全要素生产率增长的最大阻力。The income of brokerage business means a lot to listed securities companies in China, the companies＇ operating performance largely determined by the operating efficiency of brokerage business. This paper uses the DEA model to measure the operating efficiency of the securities brokerage business based on input and output data of 15 listed securities brokerage business during 2011 to 2015. The measurement results show us that the mean efficiency of 15 listed securities brokerage business is ok while pure technical efficiency and scale efficiency of single securities company have some differences from each other. Most securities companies are in the stage of increasing returns to scale. On this basis, this paper takes a further advantage of Malmquist index analysis to make a variance analysis to brokerage business efficiency of the 15 listed securities companies in China. We found that the weakening of technological change factor is the biggest reason to prevent total factor productivity growth.

关 键 词：中国证券公司 经纪业务效率 DEA模型 MALMQUIST指数 

分 类 号：F832.39[经济管理—金融学]