Author(s)

Mochen Sun ¹, Jingjie Li ¹

Affiliation(s)

¹ Tianjin University of Commerce, Tianjin, China

Corresponding Author

Jingjie Li

ABSTRACT

In order to explore the relationship between financial technology and the efficiency of China's securities industry, this paper selects 45 listed securities firms from 2018-2021 as the research samples, firstly, using the super-efficient SBM model to measure the input-output operating efficiency of securities firms, next, using text analysis, principal component method analysis, min-max standardization method to quantify the fintech index, and finally, through the panel data model to analyze the impact of the related factors on the operating efficiency of securities firms, and related analysis based on the classification of securities firms by the SEC. It is found that in terms of operating efficiency, the efficiency of AA-grade securities firms has a more obvious advantage over A-grade securities firms and non-A-grade securities firms. In terms of the fintech index, the fintech index in AA-grade firms is basically superior compared with A-grade and non-A-grade firms, while the fintech index of A-grade and non-A-grade securities shows an alternating leading form and a small difference between each other's values. In terms of influencing factors, the development of fintech technology plays a positive role in promoting the efficiency of AA-grade and A-grade firms and a negative role in non-A-grade firms; the improvement of the risk control rate plays a positive role in promoting the efficiency of AA-grade and A-grade securities firms and a negative role in non-A-grade firms; the improvement of the balance sheet ratio plays a negative role in AA-grade and non-A-grade securities firms and a positive role in A-grade securities firms; The increase in the number of business offices has a negative effect on securities firms at all levels; the increase in the annual GDP growth rate has a positive effect on A- and non-A-rated securities firms, while it has a negative effect on AA-rated securities firms.

KEYWORDS

Fintech, corporate efficiency, influencing factors, SBM model, text analysis

CITE THIS PAPER

Mochen Sun, Jingjie Li, The Study of Efficiency and Influencing Factors in the Chinese Securities Industry Based on Text Mining Technology. Financial Engineering and Risk Management (2024) Vol. 7: 85-92. DOI: http://dx.doi.org/10.23977/ferm.2024.070411.

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