台灣地區票券金融公司經營效率與最適規模之研究

The Operating Efficiency and Optimal Scale of Bills Finance Corporations in Taiwan

陳振遠(Roger C. Y. Chen) ； 李文智(Wen-Chih Lee) ； 陳魁元(Kuei-Yuan Chen) ； 王朝仕(Chao-Shi Wang)

《管理學報》 21卷6期 (2004/12) Pp. 777-799

https://doi.org/10.6504/JOM.2004.21.06.05

摘要

本研究以資料包絡分析法評估票券金融公司在1997年至2003年之經營效率與最適，實證分析顯示全體票券金融公司平均總體效率值爲0.723，造成無效率之原因爲技術無效率佔55.6%（純技術無效率30.9%、規模無效率24.7%），其次爲配置無效率佔44.4%。而除中興、國際、中華等老票券公司外，餘均呈現相對規模較爲不經濟之現象。另外，本研究亦發現老票券公司之經營績效遠優於新票券公司，而如僅以新券公司爲評估主體而言，則以大中票券、台灣票券、萬通票券、玉山票券及中信票券表現相對有效率。

關鍵字

經營效率 ； 資料包絡分析法 ； 最適規模 ； 技術效率

並列摘要

Taiwan has set up a formal money market since May 20th 1976, initiated by the first bills finance institution-Chung Hsing Bills Finance Corporation. Two years later the International Bills Finance Corporation and China Bills Finance Corporation were then founded. The three bills finance institutions had formed an oligopoly money market for over fifteen years until the government banking deregulation in May 1992. In addition, the Ministry of Finance (MOF) opened incorporating applications for new bills financial institutions to the public in August 1994 due to the trend of financial liberalization.
Although the increasing importance of bills market is confirmed, most of previous researches on bills finance institutions emphasized on the industrial structures and managerial strategies. Those that evaluated the business performance of bills corporations only employed financial statement analysis, which is simple and easy to understand by the practitioners. However a modern financial institution plays multiple roles in both money market and capital market. It will be very subjective to compare operating performances among those institutions by using a single financial index. That is, without considering the multiple inputs and multiple outputs constraints, we cannot accurately assess the resource allocation efficiency of each corporation, not to mention to provide performance improvement suggestions for those bills finance corporations.
Data Envelopment Analysis (DEA) involves the use of linear programming methods to construct a nonparametric piecewise frontier over the sample data, which allows researchers to assess and rank the operating efficiencies of each corporation relative to this frontier. Moreover, through measuring inputs and outputs of each bills finance corporation (i.e. Decision Making Unit, DMU), this method enables analysts to examine the differences of operating efficiency between inefficient DMUs and efficient DMUs. Meanwhile, we can provide each bills firm with suggestions on how to reallocate resources to improve efficiency.
This paper employs DEA model to examine the operating efficiency and optimal scale of the bills finance corporations in Taiwan from 1997 to 2003. The empirical evidence shows that average overall efficiency score of the industry is 0.723, which means that 0.2 77 of input resources are in vain. Inefficiency results from technical inefficiency (55.6%) and allocative inefficiency (44.4%). All bills finance corporations suffer from non-optimal scales except Chung Hsing, International, and China Bills Finance Corporations. Meanwhile, this study finds that the older bills finance corporations have higher operating efficiency than that of the newly established ones. Finally, among those newly established bills finance corporations, Dah Chung, Taiwan, Grand, E. Sun, and Chinatrust are relatively efficient.

並列關鍵字

Operating Efficiency ； Data Envelopment Analysis (DEA) ； Optimal Scale ； Technical Efficiency

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