兩岸上市公司之經營效率分析

近年來隨著華人市場之規模成長快速，兩岸公開發行公司之股價持續攀升，經營狀況亦受投資大眾關心。本研究透過資料包絡分析法與麥氏生產力變動指數分析，比較2006-2008年台灣以及中國大陸名列亞洲1000大上市公司的經營效率與生產力變動。而由於企業之經營效率具多元性，若以單一效率指標進行評估，往往造成誤導或失真而無法呈現較多的管理訊息，因此本研究利用二階段資料包絡分析法以衡量兩岸上市公司之經營效率及效率變動情形。模型第一階段為公司獲利能力之評估，以員工人數與資產額為投入，公司銷售額及淨利為產出；第二階段則是公司市場能力之評估，以銷售額及淨利為投入，公司市值及每股盈餘為產出。以資料包絡分析法評估公司各年度及跨年度的相對效率值，並作臺灣與大陸相對效率的比較，之後以Malmquist指數做跨期效率分析，探討技術移動及追趕程度。本研究分別就兩岸的製造業與服務業逐一探討三種效率值：總技術效率、純技術效率、規模效率並進行改進預測模型。最後以Malmquist指數看出逐年進步與退步的趨勢，將有助於決策者對投入資源的正確分配。

關鍵字

績效評估；資料包絡分析法；麥氏生產力變動指數分析

並列摘要

With the rapid growth of China's economic as well as the stock market, the performance analysis of the public traded companies has received increased attention by investors over the past several years. This study employs Data Envelopment Analysis (DEA) and Malmquist productivity index to examine the operating efficiency of the Asia top 1000 listed corporations in China and Taiwan from 2006-2008. The aim of this paper is to explore the operating efficiency of entrepreneurs. As a result, the focus has moved from attempts to characterize performance in terms of simple ratio to a multidimensional systems perspective. A two-stage data envelopment analysis (DEA) method, which considers both the profitability and marketability, is employed to determine the operating performance of the companies. The first stage measures profitability, a company's ability to generate the revenue and profit in terms of its current labor and asset. The second stage measures marketability. Revenue and profit are inputs, and market value and earnings per share are outputs. Finally, we discuss the shift in technology and catching up in efficiency by calculating cross-year efficiency scores according to the Malmquist index. By suing the Malmquist index, we can follow trend of improvement or recession year by year. These results can help the decision-maker use resources allocation correctly to achieve the optimal level of the institution.