Study on the Efficiency and Total Factor Productivity of China’s Securities Companies—Based on Hicks-Moorsteen TFP Index Method - Technology and Investment

TI > Vol.9 No.1, February 2018

Volume 9, Issue 1 (February 2018)

ISSN Print: 2150-4059 ISSN Online: 2150-4067

Google-based Impact Factor: 0.47 Citations

Study on the Efficiency and Total Factor Productivity of China’s Securities Companies—Based on Hicks-Moorsteen TFP Index Method ()

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Download as PDF (Size: 292KB) PP. 52-67

DOI: 10.4236/ti.2018.91004 990 Downloads 2,179 Views Citations

Author(s)

Guohao Lao^*, Bin Mo

Affiliation(s)

College of Economics, Jinan University, Guangzhou, China.

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.

KEYWORDS

Securities Company, Efficiency, Total Production Factor, Hicks-Moorsteen Index

Share and Cite:

Lao, G. and Mo, B. (2018) Study on the Efficiency and Total Factor Productivity of China’s Securities Companies—Based on Hicks-Moorsteen TFP Index Method. Technology and Investment, 9, 52-67. doi: 10.4236/ti.2018.91004.

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