Accurate assessment of the efficiency of securities companies is of great significance to improve the competitiveness of companies, due to their increasingly important role in supporting economic development. As the main contribution, this paper proposes a novel efficiency estimation framework for securities companies based on data envelopment analysis (DEA), which takes into account operational risks and technical heterogeneity. First, the risk variable is incorporated in the evaluation system as an undesirable output through the setting of weak disposability. Subsequently, the meta-frontier model is introduced to consider the impact of the technical heterogeneity of different companies to improve the accuracy of the assessment. Furthermore, this article also provides the meta-frontier Malmquist model, which can be utilized to analyze in detail technological progress. Finally, the securities companies listed in the Chinese stock market were selected as samples for empirical analysis. The efficiency evaluation model for securities companies proposed in this paper will provide a reference for related evaluation issues.
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