CAJ | 학술논문

本文基于 CCR 模型、BCC 模型与 Malmquist 指数分解模型对中国证券业进行效率测度，并从横向静态与纵向动态角度分析中国证券业效率影响因素，实证分析得出：当前中国证券业处于低效率发展阶段，效率波动性大。在技术条件不变前提下，纯技术效率是影响综合效率的主要因素，纯技术效率能更大程度对综合效率产生积极影响，促使决策单元形成相对优势，同时还能在一定程度上正向影响规模效应。在技术条件可变前提下，技术进步率是影响综合效率的主要因素，提高技术进步率能使效率前沿面向前移动。本文根据综合效率高低将券商划分为创新型券商；A 类券商、规范性券商及 B 类券商、C、D、E 类券商。最后，针对不同类券商并结合其投入产出与效率影响因素，探析三类券商综合效率提升措施。
본문기우 CCR 모형、BCC 모형여 Malmquist 지수분해모형대중국증권업진행효솔측도，병종횡향정태여종향동태각도분석중국증권업효솔영향인소，실증분석득출：당전중국증권업처우저효솔발전계단，효솔파동성대。재기술조건불변전제하，순기술효솔시영향종합효솔적주요인소，순기술효솔능경대정도대종합효솔산생적겁영향，촉사결책단원형성상대우세，동시환능재일정정도상정향영향규모효응。재기술조건가변전제하，기술진보솔시영향종합효솔적주요인소，제고기술진보솔능사효솔전연면향전이동。본문근거종합효솔고저장권상화분위창신형권상；A 류권상、규범성권상급 B 류권상、C、D、E 류권상。최후，침대불동류권상병결합기투입산출여효솔영향인소，탐석삼류권상종합효솔제승조시。
This paper draws on theories and empirical studies of securities market efficiency,making a further research on key factors that influence efficiency based on CRR model,BBC model and Malmquist index decomposition model,which can be concl uded that the securities market is in low efficiency stage and its efficiency values have large volatility. Specifically,under the premise of constant technical conditions,pure technical efficiency is the main factor influencing the comprehensive efficiency;under the precondition of technical condition,variable rate of technological progress is the main influencing factor.Based on different influence factors of comprehensive efficiency and its input-output indicators among the three types of brokerages,this paper proposes the ascension path of securities market comprehensive efficiency.