台灣地區票券商經營績效與總體經濟變數關聯性之實證研究

An Empirical Study of the Relationship between Macroeconomic Variables and Bills Finance Corporation Performance in Taiwan

張瑞玲(Jui-Line Cheng) ； 梁榮輝(Jung-Hui Liang) ； 廖振盛(Chang-Sheng Liao)

《華人前瞻研究》 2卷1期 (2006/05) Pp. 53-70

https://doi.org/10.6428/JCTF.200605.0053

摘要

普通最小平方法之迴歸分析進行實證研究，有別於過去以廠商投入與產出的方式分析經營績效。實證結果顯示多數的票券商在M1B供給、債券市場交易量、短期票券市場交易量等變數對於票券商經營績效有較明顯的影響，M1B為負向的影響，除了組二票券商外；而債券市場、票券市場交易量為負向關係，顯示各票券商存在個別的操作策略的影響差異；另一方面，本文發現利率因素、經濟成長率等因素則不存在顯著的關聯性，顯示票券商在利率風險管理上已有確實的成效。

關鍵字

票券商 ； 總體經濟變數

並列摘要

The purpose of this study is to discuss the relationship among the performance of bills financial corporation and several macroeconomic variables in Taiwan. We adopt the ordinary least square method to estimate the regression model. Different from other studies in the past, we do not use the input and output model to evaluate the firm performance. The experimental outcome of this study has shown the many firms in money supply ratio (M1B), bond market trading amount and bills market trading variables amount are significantly related to the performance of the majority bills financial corporation, The M1B is positive inf1uence, besides from two sample are negative. Bonds and Bills are both the negative factors, it showed the individua1 firm existed a different operative strategy. On other hand, we found the interest rate factor and economic growth ratio are not significantly, we consider the Bill Finance Corporations have a fine effect on interest rate risk management.

並列關鍵字

Bill Finance Corporations ； Macroeconomic Variables