台灣期貨商經營績效之評估

Performance Evaluation of Futures Commission Merchants in Taiwan

鄭暐達(Wei-Da Zheng)

指導教授 ： 吳斯偉 ； 蔡榮發

國立臺北科技大學/管理學院/經營管理系碩士班/碩士(2014年)

摘要

在台灣期貨市場日益競爭的情況下，其獲利空間已逐漸下滑，期貨商唯有提高自身之經營績效，才能達到企業永續生存的目的。本研究以資料包絡分析法針對國內業務性質相近的台灣專營期貨商進行自2008年至2012年的績效評估，並依其評估結果提出管理策略。研究結果顯示：(1)30組受評單位其中無效率之受評單位有19組，其中產業績效改善空間約莫7.5%。(2)在投入資源方面仍有很大的改善空間，其中以降低勞力要素最為重要。(3)台灣經紀業務成長受阻，多數期貨商處於低獲利高效率的情況，建議其開拓期貨相關服務業務，由代工服務轉向知識服務。本研究成果，可以提供更多資訊給台灣期貨商，協助其改善公司績效表現。

關鍵字

期貨商 ； 績效評估 ； 資料包絡分析法

並列摘要

With the violently future market competition, the profit margins from futures commission merchants (FCMs) have beome declined gradually. The futures commission merchants must improve their business performance to achieve sustainable operation of the enterprise. This study analysis operational efficiency of domestic futures commission merchants from 2008 to 2012 by data envelopment analysis (DEA) and then propose management strategies according to the assessment results. The results of this study are including follows: (1) There are 19 candidates are inefficiency from the sample of 30 candidates examined in this study. Thus, the efficiency of all FCMs can be improve on 7.5% of inputs and outputs. (2) There is improvement in inputs which the most important is labor factor. (3) High efficiency and sustaintial deline in profitability of FCMs and growth of futures brokerage business is blocked in Taiwan. This study thus recommend FCMs to explore their futures-related services form foundry services transfer to knowledge services. These results can provide all FCMs to facilitate their performance improvement .

並列關鍵字

Futures Commission Merchants ； Performance Evaluation ； Data Envelopment Analysis(DEA)

參考文獻

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