摘要：Capital market could provide better financing for companies and offer prospective investment for public. However, capital market has not fully absorbed the potential economics in Indonesia. The efficiency of Securities Company (brokers) in Indonesia should be optimized by the regulator to be able to compete with that from other countries. This paper measured the efficiency level of brokers and their effect on business competitiveness by using the Data Envelopment Analysis (DEA) approach and the regression model. The results found that the efficiency of brokers was relatively low i.e. approximately 0,22. The vast number of brokers with limited capital caused this low efficiency. Brokers with larger-scale companies have a higher efficiency than the smaller ones. The joint venture brokers are relatively efficient, for they usually have large capital. The minimum requirement of Net Adjusted Working Capital (NAWC) is insufficient to strengthen the competitiveness of brokers, and it should be increased from Rp25 billion to Rp100 billion. The increase in this capital is expected to encourage brokers to become more competitive in ASEAN market.
关键词：Bursa Efek Indonesia (BEI); Data Envelopment Analysis (DEA); daya saing; efisiensi; perusahaan sekuritas
