金控券商與非金控券商經營效率之研究

A Study for Operating Performance of the Security Firms under Financial Holding Corporations and Non-Financial Holding Security Firms

許瑞堯(Hsu- Rui Yao)

指導教授 ： 楊智超

朝陽科技大學/管理學院/企業管理系/碩士(2011年)

摘要

2001年底金融控股法公佈施行實施至今已9年，已經歷過企業合併磨合期，本文運用「資料包絡分析法 Data Envelopment Analysis; DEA」研究2005年至2009間，整體證券商的技術效率、金融控股證券商與非金融控股證券商經營效率，研究其經營績效是否與未加入金融控股證券商商有顯著差異，以及不同型態證券商間競爭策略成果的差異性。
從2005年到2009年整體證券商的技術效率平均值0.826、0.797、0.821、0.76、0.666，五年平均為0.774，表示這五年間整體證券商有23%的資源浪費掉，對於產出尚無顯著貢獻。而技術無效率的因素可分為純技術無效率或規模無效率，前者可能是由經理人決策錯誤所造成的，而後者則非管理人能在短期內所能完全控制的，必須藉由較長期的組織規劃才能改善。
本研究發現整體證券商於2005年到2008年技術無效率的原因是在於純技術無效率，並經過短期改善之後，在「質」的方面逐漸地成長、穩定，然而於2009年卻因為規模無效率造成技術無效率，也逐漸重視「量」的方面，因此在2010年的子公司的家數由998家增加到1012家。整體效率之間的變異係數，不管是技術效率平均值、純技術效率平均值或是規模效率平均值，變異係數變大，此現象代表者整體證券商之間差異性也變大。
分析整體證券商的表現，在經營效率較佳的公司數中，金融控股證券商顯著優於非金融控股證券商。並經比較金融控股證券商與整體證券商，發現金融控股證券商之技術效率、純技術效率及規模效率比整體證券商顯著有效率，由此得知金融控股證券商的經營效率顯著優於非金融控股證券商。

關鍵字

資料包絡分析法 ； 金融控股公司 ； 經營效率

並列摘要

Since the enactment of Financial Holding Company Act at the end of 2001, it has been 9 years and get through accommodation period of mergence. This research employed data envelopment analysis (DEA) to study the difference in operation performance and competitive strategic outcome between financial holding securities firms and non-financial holding securities firms from 2005 to 2009.
The result of this study showed the average technical efficiency of total securities firms is 0.826, 0.797, 0.821, 0.76, and 0.666 from 2005 to 2009, and five-year average is 0.774. That means 23% resources of total securities firms were wasted during this period. The factors of technical inefficiency could be pure technical inefficiency or scale inefficiency. The former could be caused by wrong managerial decision-making, and the latter can not been controlled by short term management but improved by long term organization planning.
The result also showed technical inefficiency of total securities firms between 2005 and 2008 was because of pure technical inefficiency. After short term improvement, their quality grew and stabilized gradually. However, because scale inefficiency lead to technical inefficiency in 2009, securities firms started to focus on quantity and hence increased their subsidiaries from 998 to 1,012. Furthermore, the high variance of technical efficiency, pure technical efficiency, and scale efficiency meant huge difference among securities firms.
Moreover, financial holding securities firms were superior to non-financial holding securities firms, among the better performance firms. Besides, the technical efficiency, pure technical efficiency, and scale efficiency of financial holding securities firms were higher than those of total securities firms. It comes to the conclusion that the performance of financial holding securities firms was better than non-financial holding securities firms.

並列關鍵字

financial holding companies ； operation performance ； data envelopment ana

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