Abstract
Researches on revenue structure and operation process of securities company find that to strengthen operational efficiency of branches can improve competitiveness of securities company. Researchers have provided advices for efficiency improvement in some industries. But there is lack of research on operational efficiency of branches of mainland securities company how to improvetheir efficiency. In this thesis, based on the data envelopment analysis of branches of the DF securities company in mainland China, we carry out an empirical research on its operational efficiency to fill in the gap in this topic and put forward some strategic suggestions of improvements for managers.
To minimize the interference of exogenous factors, we extract from our data the impact of market trading volume and the rate of commission change. Based on the analysis of 59 DF branches from 2010 to 2014, we find that technical efficiency, scale efficiency and pure technical efficiency are all on the upward trends, and total factor productivity has been improved significantly mainly due to technical progress. In addition, projection analysis shows that the revenue diversification and the reduction of fixed cost significantly improved operational efficiency of branches.
We notice that the securities industry is undergoing fundamental changes, including such as deregulation, service innovation and expansion, internet
integration Hence we hypothesize that wealth management business will bring in revenue diversification, whilst the penetration of internet finance will reduce the fixed cost. Furthermore, we hypothesize that wealth management and internet finance may improve branches operational efficiency.
To test our hypotheses, we select branches accounts, branches trading volume and the average labor costs and average leasing fees as the explanatory variables of the internet finance, while H index, client quality, staff structure as explanatory variables of wealth management. Tobit regression results show that the internet finance and wealth management business significantly improved operational efficiency of branches.
Based on the main findings of our empirical analysis, we propose several suggestions to improve the operational efficiency of branches: (1) expand the business scope and set up with the wealth management operational system; (2) simplify and standardize service process through internet techniques; (3) improve service quality and personnel quality; (4) basd on the new findings and the theoretical framework of this thesis, build up a new optimal resource allocation and operational managment model.
| Date of Award | 21 Aug 2015 |
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| Original language | Chinese (Traditional) |
| Awarding Institution |
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| Supervisor | Yue MA (Supervisor) |