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has been cited by the following article:

• 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.