本研究選用28家自2000年即已成立且持續經營至2012年之台灣投信公司做為研究對象,並以隨機邊界生產函數模型探討:一、台灣投信公司經營績效之衡量;二、影響投信公司經營績效之因素。實證結果發現:在樣本期間十三年的長期效率平均,以元大寶來投信、群益投信、復華投信、第一金投信及兆豐投信的經營績效表現最佳;若以投信公司類型而言,金控投信及外資投信的經營績效表現最優。投信公司的長期資金適合率、稅後淨利率、基金檔數、公司成立時間及營收成長率與技術無效率有負向影響,使得公司經營效率愈高。投信公司流動比率及其是否曾經有過購併行為與金融風暴因素則與技術無效率呈正向影響,經營績效表現較差。
This study discussed 28 firms of securities investment trust enterprises in Taiwan that during the period of 2000 - 2012. The model of stochastic frontier production function was applied to examine the operation performance of STIEs in Taiwan and analyze the factors of influencing the performance. It is concluded from empirical results that Yuanta (元大寶來), Capital (群益), Fuh-Hwa (復華), First (第一金), and Mega (兆豐) securities company had better long-term operation performance during the thirteen-year sample. In the type of STIEs, both financial holding company and foreign capital company had better performance than the others. The long-term capital ratio, net-profit ratio, number of funds, date of establishment and revenue growth ratio all had negative influences on the technical inefficiency indexes and raised the operation performance. The current ratio, merger & acquisition, and the financial crisis all had positive effect on the technical inefficiency and let the operation performance down.