Study on the Efficiency and Total Factor Productivity of China’s Securities Companies—Based on Hicks-Moorsteen TFP Index Method — Oak Academic Publishing
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Study on the Efficiency and Total Factor Productivity of China’s Securities Companies—Based on Hicks-Moorsteen TFP Index Method
College of Economics, Jinan University, Guangzhou, China
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College of Economics, Jinan University, Guangzhou, China
1 College of Economics, Jinan University, Guangzhou, China
2 College of Economics, Jinan University, Guangzhou, China
Along with the vigorous development of capital market, the number of security investors and security companies in number and scale ha s 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.
KeywordsSecurities CompanyEfficiencyTotal Production FactorHicks-Moorsteen Index
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