分析證券公司各類收入的占比及管理架構，可以發現提升證券分支機構的經營效率對增強證券公司市場競爭力有著關鍵性的作用。基於此，本論文進行了相關研究並提出了各類定性的改進效率建議。但必須承認的是，如果證券分支機構的效率沒有被細分，同時效率的提升源自於何種影響因素並沒有被清晰地具體刻畫，就會影響了政策建議的可操作性。本文在已有定性研究的基礎上，引入資料包絡分析法，對證券分支機構的經營效率細化，以大陸DF證券公司作為分析物件，進行定量研究，試圖提出有針對性的理論及實踐建議。
為了減少外生性因素對本研究的干擾，首先從我們的資料中剔除了市場交易額和傭金率變化帶來的影響。通過對2010年至2014年DF證券公司59家分支機構的經營效率進行測度和分析，研究發現技術效率、規模效率和純技術效率整體呈上升態勢，同時全要素生產效率主要由於技術進步而明顯提升。此外，我們對DF證券分支機構的經營效率進行了投影分析，結果表明收入多元化和固定費用的減少明顯提升證券分支機構經營效率。
結合分支機構的市場發展背景，我們注意到證券業的競爭環境正在發生根本性的變化，通過創新，證券公司豐富了傳統的業務，擴大了業務範圍，新的管理理念被引入，而移動互聯的滲透豐富了證券公司的競爭形式。筆者有理由認為，開展財富管理業務，可以使分支機構收入多元化。而在互聯網金融的影響下，固定費用會減少，使得分支機構有運營輕型化趨勢。因此筆者推斷並做出假設財富管理與互聯網金融有可能提升證券分支機構經營效率。
根據上述假設，首先運用主成分分析法分別將代表互聯網金融和財富管理對分支機構影響的相關指標提煉成幾個主成分作為解釋變數，同時選擇分支機構的經營效率作為被解釋變數，然後構建Tobit回歸模型驗證上述假設，得出互聯網金融與財富管理均能夠提升分支機構經營效率的結論。其中互聯網金融作用主要體現在以下幾點：客戶導流是互聯網金融提升分支機構效率的最有效方式；產品銷售業務所帶來的效益對分支機構經營效率影響顯著；傳統業務對分支機構的規模效率仍具有很大影響。其次財富管理同樣對提升分支機構經營效率具有顯著作用，主要體現在以下幾點：收入多元化，金融產品創新和高淨值客戶作為財富管理的內外原動力，能夠提升分支機構的規模效率。專業化行銷人員能夠有效優化分支機構資源配置。傳統傭金收入對分支機構的經營效率提升具有顯著作用。
基於研究結論的分析，論文對證券分支機構經營效率的改進方向提出以下理論及實踐建議，一是擴大分支機構的業務範圍，堅持業務多元化發展思路，建立新型財富管理體系，鼓勵分支機構作為創新主體，發揮自主創新性；二是整合服務內容，移動互聯化。通過細分客戶需求，簡化服務流程，將常規業務標準化，運用移動互聯網提升客戶服務效率；三是物理分支機構輕型化，優化分支機構的經營佈局，注重分支機構的功能定位，實現線上線下互補，將分支機構打造成業務人員學習交流的場所，客戶體驗專業化服務的載體；四是以本論文提出的新的經營效率思路和理論基礎，改善分支機構的管理模式，實現總
部協調，分支機構自主探索的創業型經營模式。

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 improve
their 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.