中国创新类证券公司全要素生产率变动分析

Empirical analysis on total factor productivity change in China's creative security companies

运用2006～2008年创新类券商年报的面板数据,采用非参数Malmquist指数方法,实证分析了我国创新类证券公司增长过程中全要素生产率的变动状况,并将其进一步分解为技术效率和技术进步.研究结果表明,2006～2008年我国创新类证券公司全要素生产率的平均增长率为19%,主要原因是技术进步水平的提高,但同时存在着纯技术效率、规模效率底下的问题,整体上,券商盈利随市场行情的周期性波动十分明显.

Through a nonparametric Malmquist index approach, this paper analyzed total factor productivity change in China＇ s creative security companies with annual panel data of creative security companies from 2006 to 2008, which is decomposed into technical efficiency and technical progress. The results show that the average growth rate of China＇ s creative security companies from 2006 to 2008 is 19% , which is mainly due to the improvement of technical progress, meanwhile creative security companies have the problems of lower level of scale efficiency and pure technical efficiency. Overall, it is obvious that the benefit of security companies changes with periodic fluctuation of market situation.