我国金融上市公司投资效率的实证研究

The Empirical Study of Financial Investment Efficiency of Listed Companies in Our Country

本文基于2007—2013年我国金融上市公司的面板数据,借助DEA-Malmquist指数方法,对我国金融上市公司的投资效率进行分析。结果显示,我国金融行业整体投资效率呈下降趋势,投资效率的下降主要在于技术的退步;金融行业的技术效率稳中有升,主要来自金融行业规模效率的提升;银行整体投资效率高于证券保险业,证券业与保险业之间差距较小。因此,我国金融上市公司的投资效率应从金融工具创新、规模效应以及政策扶持三个方面进行提升。

This article is based on 2007—2013 financial the panel data of listed companies in our country, using DEA-Malmquist index method,analyzing financial investment efficiency of listed companies in China and decomposi-tion research. Results show that the efficiency of China＆#39;s financial industry overall investment is on the decline,falling investment efficiency mainly depends on technology of regressive;The financial industry＆#39;s technical efficiency are mainly from the financial industry to promote the efficiency of scale;Overall bank investment efficiency higher than that of securities and insurance industry, small gap between the securities industry and insurance industry. Therefore, the investment efficiency of financial listed companies of our country should be the financial tool innovation, scale ef-fect and policy support three aspects to improve.