臺灣地區票券金融公司的效率分析-網絡資料包絡分析法之應用

Analyzing Efficiency of Bill Finance Corporations in Taiwan: An Application of Network DEA

江嘉綺(Chia-Chi Chiang)

指導教授 ： 胡均立

國立交通大學/管理學院/管理學院經營管理學程/碩士(2020年)

摘要

台灣的票券金融公司雖然在貨幣市場中扮演要角，但在學術研究個案比例不高，年代也較久遠，過去研究較多採用傳統資料包絡分析法，視商業本票保證餘額及孳息資產為一階段產出要素，著重於「營運」效率分析，本研究採用網絡資料包絡分析法，進行票券金融公司的「營運」與「獲利」二階段效率討論。實證結果顯示全體效率值平均來到0.89，以兆豐票券、國際票券及大慶票券表現亮眼，兆豐票券依舊是強勢效率標竿，大慶票券出人意表。在營運階段發現大家都有較良好的效率，這顯示票券金融業的市場劃分雖有僵固性，但各票券公司也作出適當的回應，故此階段的調整並不容易。在獲利階段中發現尚存在較大的競爭空間，可以從這部份著手改善。

關鍵字

票券公司 ； 票券金融公司 ； 網絡資料包絡分析法 ； 貨幣市場

並列摘要

The Taiwanese Bill Finance Corporation plays an important role in the money market. Even though, the case-studies based on this sector are limited, and some of the studies were done a while ago, which would be hard to reflect the real case scenario. In conventional studies, one of the commend methods was using the data envelopment analysis (DEA) to reference the guaranteed yearly average balance of commercial paper and the interest-earning assets as the key elements to determine the operation efficiency of the samples. In this study, the network data envelopment analysis (Network DEA) was used to generate the two-stage discussion on both operation and profit aspects. The result suggested that the average of the universe efficiency index reached 0.89 with the outstanding performance from both Mega Bills Finance Corporation (Mega Bills), International Bills Finance Corporation (International Bills) and TaChing Bills Finance Corporation (Taching Bills), where Mega Bills is already the industrial leader in the sector and Taching Bills did catch us on surprise. In the operation sector assessment, most of the samples consist of the outstanding efficiency, which indicated that even though the market segmentation in the bill finance industry is rigid, there are still ways to figure things out. Thus, the room of improvement in operation stage would be limited. In the other hand, the profit sector consisted of a bigger competition among the samples, which it would be a good start for further improvement.

並列關鍵字

Bill finance corporations ； Network DEA ； currency market

參考文獻

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