TITLE:
Study on the Efficiency and Total Factor Productivity of China’s Securities Companies—Based on Hicks-Moorsteen TFP Index Method
AUTHORS:
Guohao Lao, Bin Mo
KEYWORDS:
Securities Company, Efficiency, Total Production Factor, Hicks-Moorsteen Index
JOURNAL NAME:
Technology and Investment,
Vol.9 No.1,
February
27,
2018
ABSTRACT: Along
with the vigorous development of capital market, the number of security
investors and security companies in number and scale has grown rapidly. Based on
this, the paper focused on the
national 15 large listed security companies as our research object. By using
the O’Donnell
of Hicks-Moorsteen TFP index decomposition, we analyze the efficiency and total
factor growth rate of the 15 listed security companies between 2010 and 2015.
Research shows that: 1) the efficiency of the 15 listed security
companies generally showed “V” shape; 2) the dis-economies of scope led to the
decrease of the efficiency of the security companies; 3) in the sample period,
the technical efficiency and scale efficiency of listed security companies did
not fluctuate a lot.