台灣證券商組織結構、經營效率與市場結構之研究

A study on Market Structure, Efficiency and Organizational Structure for Securities Firms in Taiwan

廖振盛(Chnag-Sheng Liao)

《商業現代化學刊》 6卷3期 (2012/06) Pp. 255-272

https://doi.org/10.6132/JCM.2012.6.3.14

摘要

本文研究目的在於探討組織結構與經營效率的關聯性，比較金控子券商與獨立券商經營效率的差異，利用資料包絡分析法衡量1999-2006年19家上市櫃證券商之經營效率。除此之外，探討影響證券商經營績效之因素，並檢定市場結構假說。實證結果顯示金控子券商經營效率並沒有顯著優於獨立券商，證券商經營效率間存在顯著的良莠不齊的現象，而且證券商平均的經營效率表現始終並不理想。總要素生產力變動在研究期間為下降的趨勢，主要係因為技術變動為衰退的影響，顯示證券業缺乏創新金融商品與服務技術的能力。市場結構假說的驗證結果，顯示有較強的證據力支持相對獨占力假說，顯示台灣證券業可能為一不完全競爭市場，存在超額利潤，致使無效率廠商也能夠獲利。

關鍵字

證券商 ； 資料包絡分析 ； Malmquist指數 ； 市場結構假說

並列摘要

The purpose of this study on discuss relationship between organizational structure and efficiency, compared between the efficiency of financial holding companies Subsidiary and independent securities, using DEA to measure securities firms' efficiency, over the period 1999-2006, and regression analysis was used to further investigate the determinants of securities firms' profitability and test for market structure hypotheses. We find that the efficiency of financial holding companies subsidiary not significant more than independent securities firms, and also find that existence large gap among the securities firms of efficiency. The mean efficiency of securities firms is not improved. The results show that firm's productivity is decreasing over the period, due to the technical efficiency change is decreasing, implying that securities firm's lack of ability for innovation and provide new service skills. Testing for market structure hypothesis, the results show that a strong evidence to support relative market power hypothesis, indicating that securities firms might is an imperfect market, someone enjoy excessive profits, even though lower efficient securities firms is still have higher profit.

並列關鍵字

Securities firms ； Data Envelopment Analysis ； Malmquist index ； Market Structure hypothesis