本研究主要探討台灣期貨市場建立後期貨經紀商之經營效率,以12家專業期貨經紀商研究對象,研究期間自民國89年至民國91年,初步先以訪談業界資深人士的方式,完成問卷設計後再徵求業者遴選合適評估經營績效之投入產出項目,藉此瞭解影響公司績效之潛在因子及業界之經營現況。投入項經業者遴選後分別選出平均排行前三名之營業據點、營業費用及支出和客戶保證金等三項指標,產出項之前三名則分別為經紀業務市佔率、營業收入成長率及每股盈餘等三項指標。接著,以可評估多元績效指標之資料包絡分析法(DEA)進行實證研究。本研究是以DEA之產出導向模式來評估期貨商之經營效率,將以提昇產出目標為主要建議方式,以對不具有效率之期貨經紀商提供改善方向。此外,本研究經實證發現AR模式相較於CCR模式對於效率評估的結果具有較強之鑑別力,故亦將評估模式由原始之CCR模式改為AR模式。本研究並發現,潛在影響期貨商經營績效之非財務性因素中,佔多數之業者認為最重要的是業務員之專業素養。而期貨經紀商經營上所面臨最不利之因素為同業間之削價競爭,另有部份業者反應影響期貨業發展之制度面不利因素,在於有期貨交易所向業者收取之費用過高、期貨交易稅率過高及政府對外資之開放政策及對法人之限制等。
This study examines Futures Commission Mechants (FCMs) operating performance after Taiwan futures market established focusing on 12 FCMs during 2000-2002. First, we interviewed the seniors in the futures business, then designed a questionnaire and requested the FCMs to choose the more suitable performance evaluation items. The potential factors that influence operating performance are classified by following ways. We selected top three items among inputs and outputs respectively. According to selective inputs and outputs data, we used the Data Envelopment Analysis (DEA), which is an approach widely used evaluating multiple performance indicators to the empirical study of organizations. The analytical results are 6 FCMs with technical efficiency in 2000, 6 FCMs with technical efficiency in 2001, 7 FCMs with technical efficiency in 2002, and 4 FCMs with technical efficiency 3 years running from among those FCMs with technical efficiency during 2000-2002. This study provides inefficiency FCMs with output direction of improvement by DEA output orientation. We utilized AR model instead of CCR model and the Result shows AR model is better than CCR model in discriminating power. The results of questionnaire also provide some suggestions for government policy making.