The Chinese security companies' technical efficiency and its determinants are investigated by employing stochastic frontier analysis based on output-oriented distance function and the data of 95 security companies of China from 2007 to 2015. This specification has three advantages: first, it allows the possibility of specifying a multiple-input, multi-output technology;second, it is single-stage estimation procedure which can estimate technical efficiency while simultaneously investigating the determinants of efficiency measure;third, it is a stochastic parametric model with considering statistical noise, which is unlike DEA model. The result shows that the relationship between the top three shareholders' stake and security companies' technical efficiency is inverse U-shaped. Chinese security companies' technical efficiency has been on an upward trend from 2007 to 2015. There is a significant positive correlation between the level of market competition and the security companies' technical efficiency. There is a significant positive correlation between the real growth rate of gross domestic product (GDP) and security companies' technical efficiency. There is a significant positive correlation between total asset, cost management ability, asset liability ratio and security companies' technical efficiency. Finally, in terms of improving security companies' technical efficiency, some suggestions are pointed out.%文章采用基于产出导向距离函数的随机前沿分析方法研究了2007-2015年95家中国证券公司的技术效率及其影响因素.这一方法具有一些优势:(1)能处理多产出系统;(2)测度技术效率和分析技术效率的影响因素同步进行,为"一步法";(3)考虑了随机因素的影响.研究结果表明:(1)证券公司前三大股东的持股比例与技术效率之间呈倒U型关系;(2)2007~2015年间证券公司的技术效率总体上是上升趋势;(3)市场竞争度与证券公司的技术效率显著正相关;(4)国内生产总值实际增长率与证券公司的技术效率显著正相关;(5)证券公司的总资产、成本管理能力以及资产负债率与技术效率显著正相关.最后文章给出了提升证券公司技术效率的一些建议.
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