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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. Keywords: Competitiveness, Data Envelopment Analysis (DEA), efficiency, Indonesia Stock Exchange (IDX), securities company Abstrak: Pasar modal belum sepenuhnya optimal memanfaatkan potensi ekonomi Indonesia. Perbankan masih menjadi sumber utama penggerak ekonomi padahal pasar modal menyediakan pilihan yang lebih baik dalam memenuhi kebutuhan pembiayaan perusahaan maupun intsrumen investasi bagi masyarakat. Rendahnya efisiensi Anggota Bursa (AB) dalam menjalankan bisnis transaksi efek perlu diperhatikan regulator agar pasar modal Indonesia mampu bersaing dengan negara lain. Penelitian ini melihat tingkat efisiensi AB dan pengaruhnya terhadap daya saing bisnis transaksi efek melalui Data Envelopment Analysis (DEA) dan model regresi. Berdasarkan hasil analisis diperoleh bahwa efisiensi AB masih rendah sekitar 0,22. Banyaknya AB bermodal terbatas menyebabkan rendahnya efisiensi ini. AB dengan skala perusahaan lebih besar memiliki efisiensi lebih tinggi dibandingkan AB yang skalanya kecil. AB joint venture tentu relatif efisien karena biasanya memiliki modal yang besar. Persyaratan minimum Modal Kerja Bersih Disesuaikan (MKBD) dinilai belum cukup memperkuat daya saing AB dan sebaiknya ditingkatkan dari Rp25 miliar menjadi Rp100 miliar sesuai hasil estimasi dengan model regresi. Kenaikan MKBD ini diharapkan mendorong AB agar lebih kompetitif dan mampu menguasai pasar di kawasan ASEAN. Kata kunci: Bursa Efek Indonesia (BEI), Data Envelopment Analysis (DEA), daya saing, efisiensi, perusahaan sekuritas

Efisiensi Anggota Bursa Guna Meningkatkan Daya Saing Bisnis Pada Era Masyarakat Ekonomi ASEAN