臺灣專業證券商考量資本適足率下之經營績效評估

Efficiency Evaluation with Capital Adequacy Consideration for Specialized Securities Brokers in Taiwan

陶昌群(Chang-Chun Tao)

指導教授 ： 傅祖壇

共同指導教授 ： 張靜貞

國立臺灣大學/生物資源暨農學院/農業經濟學研究所/碩士(2013年)

https://doi.org/10.6342/NTU.2013.03107

摘要

近三十年來，證券業的蓬勃發展，從1980年代全盛時期時台灣同時存在381家證券商，至今2010僅存下81家，當中有許多的證券商由於種種因素被市場淘汰或是被合併。因此在這種激烈的競爭之下，證券商該如何提升經營績效表現，成為一項重要的課題。
本研究將利用資料包絡分析法，來建構證券商之經營效率之模型，使用2008年至2010年三個年度，台灣所有專業證券商資料來進行分析研究，在投入項的選擇上，選擇員工人數、總資產、自有資本，而以營業收入做為產出項的部分，並且在衡量證券商之經營效率時，將法令規定之資本適足率限制式加入其中，來研究是否對於證券商之經營效率會有影響性存在。另一方面，在自有資本的投入上，對於其不同的投入方式做探討，將自有資本視為一般投入以及固定投入兩種方式來分析研究，結論發現到自有資本在視為一般投入下更能夠反映證券商的真實經營效率。
資本適足率的法定規範為須大於150%，因此證券商在其擁有的經營風險水準上，必須同時有足夠的自有資本投入，然而證券商若是有過多的自有資本投入，將會造成擁擠性投入的現象，導致其經營效率下降，本研究發現到，在自有資本視為一般投入之下有79.41%之證券商有投入擁擠的現象，而在自有資本視為固定投入下有90.19%之證券商有投入擁擠的現象。此結果顯示，證券商之投入擁擠的現象相當嚴重。
最終在得出證券商之經營效率後，利用各項不同之公司特性變數，來分析何項變數對於證券商之經營效率會有顯著的影響。結果顯示，員工人數、每股淨值、總資產、分公司家數等，對於證券商之經營效率有顯著的影響。

關鍵字

自有資本 ； 擁擠性投入 ； 固定投入 ； 資料包絡法 ； 經營風險

並列摘要

With the securities industry in Taiwan being developed and transformed over the last three decades, the number of institutes of securities brokers has decreased from 381 in the 1980s down to 81 in 2010, many of which were out-competed or merged due to various reasons. Therefore, how to improve the efficiency of an institute through management under the competitive environment becomes an essential issue.
This study aimed to apply data envelopment analysis to create a model for management efficiency. Drawing data from Taiwan Specialized Securities Brokers Database between 2008 and 2010, the study used number of employees, total asset, and equity capital as inputs and operating revenue as the output to analyze and evaluate each securities broker’s efficiency. In addition, capital adequacy requirements set by the law were also taken into account to examine the impact they may have on efficiency performance. When input was further divided into variable input and fixed input, the results of the study showed that equity capital reflects securities broker’s efficiency more truly when it was considered as a variable input.
The official capital adequacy ratio is required to be over 150%, therefore with the risk-equivalent level, securities brokers need to input sufficient equity capital. However, if the broker input excessive equity capital it would result in a congested input which decreases its efficiency. The study has found that 79.41% of the securities brokers in Taiwan have faced a congested input when their equity capitals were considered as variable inputs, while a higher percentage of 90.19% when they were considered as fixed inputs. The result indicated that securities brokers in Taiwan have faced severe input congestions.
Finally, with the efficiency dataset the study was able to further analyze the variables of different securities institutes to determine the impact each one has on efficiency. As a conclusion, a number of variables such as the amount of employees, net value per share, total asset, and the amount of branch companies were proven to have a significant impact on a securities institute’s efficiency.

並列關鍵字

Equity Capital ； Data Envelopment Analysis ； Fixed input ； Input Congestion ； Operating Risk

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