多年來我國證券業一直期待要拓展中國大陸的市場,直到2009年11月16日雙方簽署證券監理合作瞭解備忘錄(MOU),並於2010年1月16日生效,證券業者的經營效率表現也愈受到重視。因此,本研究以2009年台灣與中國大陸上市櫃證券公司為研究對象,採用二階段資料包絡分析法(Two-Stage DEA)做為主要的研究方法,進行台灣與中國大陸上市櫃證券公司經營效率之研究,將證券公司之生產過程分為獲利能力與市場能力兩個階段。經實證結果顯示,以整體技術效率而言在獲利能力方面中國大陸優於台灣的證券公司是具顯著性差異,在市場能力方面則是台灣優於中國大陸的證券公司並具顯著性差異。最後依經營效率之結果,將證券公司加以分類形成管理矩陣,並提供建議供決策管理者參酌。
Taiwan’s securities industry has been looking to expand China market for many years. On November 16, 2009, two sides cross-strait signed Memorandum of Understanding (MOU) of securities supervision, and will become effective on January 16, 2010. This made securities industry pay more and more attention on their operating efficiency. Therefore, this study used the listed securities companies in Taiwan and China as objects and two-stage data envelopment analysis (Two-Stage DEA) as the major research method to research their business operating efficiency. The production process of securities companies were divided into two stages of profitability and market ability. The empirical results showed significant difference that China securities companies have higher profitability than Taiwan companies; no significant difference that Taiwan’s companies have higher marketability than China companies in terms of overall technical efficiency. Finally, I classified securities companies based on the results of operational efficiency to create a management matrix, and provided recommendations for decision-making managers for reference.