Efficiency Evaluation of Securities Companies Based on Two-Stage Data Envelopment Analysis for Undesired Indicators
Securities companies play an important function in stabilizing the capital market,leading the capital market value judging standard,and guaranteeing the reasonable allocation of market resources,etc.The good or bad of its operating efficiency directly affects the overall level of China's capital market efficiency and the effectiveness of mar-ket resource allocation,and how to carry out a scientific and reasonable measurement of China's securities company's operating efficiency is a realistic topic that needs to be solved urgently.Based on this,this paper divides the operating activities of securities companies into two stages:the revenue-generating stage and the profit-making stage,and constructs a two-stage non-expectation network product-type model that considers non-expectation indicators.This paper analyzes 24 Chinese listed securities companies as sample data,and finds that:the efficiency of China's securi-ties companies during the period under investigation is generally relatively low,the vast majority of companies do not produce on the optimal scale,and the operating efficiency of each securities company is seriously polarized in different years,which is the main reason for the ineffectiveness of the DEA is that Input redundancy in the first stage.This indi-cates that securities companies cannot rely solely on expanding capital and business scale to improve operational effi-ciency,and must be based on the control of resources and the scientific allocation of costs and expenses,which in turn improves the input-output efficiency of the enterprise.
Efficiency of Securities CompaniesTwo-StageData Envelopment Analysis ModelUnexpected Indicators
万方数据
维普
