本研究運用資料包絡分析法(Data Envelopment Analysis, DEA)之BCC模式與Super-SBM模式計算台灣IC產業廠商之經營績效,並透過追蹤資料模型(Panel Data Model)探討台灣上市櫃IC產業之公司經營績效和公司財務績效與投資績效之關係,進而提供投資人在選股上有一個客觀的綜合性指標作為參考。 結果顯示:經營績效不論是對於公司財務績效或投資績效表現,皆有顯著的正面效果,換言之,投資人在選股時可以透過該指標,選擇在該產業中經營表現較為突出的公司,以作為長期投資的依據;另外本研究也發現Fama and French (1992)提出之帳面市值比效應和規模效應確實存在於台灣之股票市場中。
This study employed Data Envelopment Analysis (DEA) and Panel Data model to evaluate relationship between managerial performance and financial performance or investment performance rewards of Taiwan’s semiconductor industry from 2005 to 2012. We adopt two DEA methods BCC and Super-SBM model to evaluate the efficiency of semiconductor industry. The following empirical results are found: (1)the IC packaging and testing firms perform better than others; (2)small scale is one of the causes of inefficiency; and (3)Super-SBM model compare to BCC model can find the most efficient IC industry company. Then we conduct panel data approach with fixed effect model and the Super-SBM efficiency scores to analyze the relationship. Our two main findings are: (1)the earnings and return predictability from operating performance of corporate’s fundamentals; and (2)size and book-to-market effect does exist in Taiwan stock market. Together these findings, we added quantitative investment criterion to find the relatively good stock for investors.