I 摘要 证券欧亿·体育（中国）有限公司作为我国金融体系重要组成部分，在满足人们生活需要、维护社会稳 定、促进我国经济发展等方面起着至关重要的作用。随着资本市场竞争日益激烈， 研究如何提升证券公司资金运营效率、提高其自身竞争力、壮大公司业务发展是非 常有必要的。本文运用案例分析法，选取 H 证券公司为研究对象，对其资金运营效 率进行横向和纵向的分析评价，旨在找到提升其资金运营效率的途径并提出相关对 策建议。 首先，本文在综合研究国内外关于证券公司资金运营效率提升相关文献的基础 上，介绍了证券公司资金、资金运营、效率、资金运营效率评价方法等相关理论； 其次，通过案例分析方法，运用财务分析指标，纵向分析 H 证券公司资金运营现状。 再次，利用效率评价方法，以数据包络分析（Data Envelopment Analysis, DEA）方法 的基本思路为依据，构建 BCC 模型，纵向对比 H 证券公司 2012-2019 年数据，并选 取同欧亿·体育（中国）有限公司具有代表性的 4 家证券公司与 H 证券公司横向比较，同时进行相应的效率 测度，全面分析 H 证券公司资金运营效率，并通过实地调研发现 H 证券公司在资金 运营效率方面存在的问题。最后，基于前述评价结果及问题分析提出针对性建议。 期望这些建议不仅可以实质性提升 H 证券公司资金运营效率，也能为其他证券公司 的资金运营提供重要的参考价值。 关键词：证券公司；资金运营；数据包络分析；效率评价ABSTRACT II ABSTRACT As an important part of China’s financial system, securities industry plays an important role in promoting China’s economic development, meeting people’s living needs and maintaining social stability. With the increasingly fierce competition in the capital market, it is very necessary to study how to improve the capital operation efficiency of securities companies, improve their own competitiveness and strengthen the company’s business development. This paper took H Securities Company as the research object, analyzed and evaluated its capital operation efficiency, and found out the ways and countermeasures to improve its capital operation efficiency. First of all, based on a comprehensive study of domestic and foreign related literature on the improvement of capital operation efficiency of securities companies, this paper introduced the relevant theories of capital, capital operation, efficiency and evaluation methods of capital operation efficiency. Secondly, through the case analysis method, this paper used financial analysis indicators to longitudinally analyze the current situation of H Securities Company’s capital operation. Thirdly, by using the efficiency evaluation method and introducing the Data Envelopment Analysis (DEA) method, this paper constructed BCC model to compare the data of H Securities Company from 2012 to 2019 and horizontally compared it with four representative securities companies in the same industry. Then, corresponding efficiency measurements were carried out and the fund operation efficiency of H Securities Company was comprehensively analyzed. Through field research, it was found that H Securities Company had problems in the efficiency of capital operation. Finally, based on the aforementioned evaluation results and problem analysis, targeted suggestions are put forward. It is hoped that these suggestions can not only substantially improve the operational efficiency of H Securities Company’s capital and IU funds, but also provide important reference value for other securities companies’ fund operations. Key words: Securities Company; Capital Operation; Data Envelopment Analysis(DEA); Efficiency Evaluation目 录 III 目 录 第 1 章 导论........................................................................................................................ 1 1.1 选题背景和意义 .................................................................................................... 1 1.1.1 选题背景 ...................................................................................................... 1 1.1.2 选题意义 ...................................................................................................... 2 1.2 国内外研究综述 .................................................................................................... 2 1.2.1 国外研究 ...................................................................................................... 2 1.2.2 国内研究 ...................................................................................................... 4 1.2.3 研究述评 ...................................................................................................... 7 1.3 基本思路和研究方法 ............................................................................................ 7 1.3.1 基本思路 ...................................................................................................... 7 1.3.2 研究方法 ...................................................................................................... 8 1.4 可能取得的创新之处 ............................................................................................ 9 第 2 章 相关概念界定及理论基础.................................................................................. 10 2.1 资金运营效率概述 .............................................................................................. 10 2.1.1 资金 ............................................................................................................ 10 2.1.2 效率 ............................................................................................................ 10 2.1.3 资金运营效率 ............................................................................................ 11 2.2 资金运营效率评价方法 ...................................................................................... 12 2.2.1 参数边界法 ................................................................................................ 12 2.2.2 非参数边界法 ............................................................................................ 12 2.3 本章小结 .............................................................................................................. 13 第 3 章 H 证券公司资金运营状况分析..........................................................................14 3.1 H 证券公司概况 ................................................................................................... 14 3.1.1 公司简介 .................................................................................................... 14 3.1.2 公司从事的主要业务 ................................................................................ 14 3.1.3 公司组织架构 ............................................................................................ 15目 录 IV 3.1.4 公司经营情况 ............................................................................................ 17 3.2 H 证券公司资金来源及资金项目构成 ............................................................... 20 3.2.1 H 证券公司资金来源 ................................................................................. 20 3.2.2 H 证券公司资金项目构成 ......................................................................... 23 3.3 H 证券公司资金运营财务指标分析 ................................................................... 25 3.3.1 偿债能力指标分析 .................................................................................... 25 3.3.2 盈利能力指标分析 .................................................................................... 27 3.3.3 营运能力指标分析 .................................................................................... 28 3.3.4 发展能力指标分析 .................................................................................... 28 3.4 本章小结 .............................................................................................................. 30 第 4 章 H 证券公司资金运营效率分析与评价.............................................................. 31 4.1 资金运营效率的 DEA 评价模型........................................................................ 31 4.1.1 数据包络分析方法概述 ............................................................................ 31 4.1.2 基本原理 ....................................................................................................