本研究欲探討台灣期貨市場建立後期貨經紀商之經營效率,主要研究對象為12家專業期貨經紀商,研究期間自民國89年至民國91年,初步先以訪談業界資深人士的方式,以完成問卷設計後再徵求業者遴選合適評估經營績效之投入產出項目,以藉此瞭解影響公司績效之潛在因子及業界之經營現況。投入項經業者遴選後分別選出平均排行前三名之營業據點、營業費用與支出及客戶保證金等三項指標,產出項之前三名則分別為經紀業務市佔率、營業收入成長率及每股盈餘等三項指標。根據這些投入產出資料,以可評估多元績效指標之資料包絡分析法(DEA)進行實證研究,實證結果發現89年有6家期貨經紀商具有技術效率、90年亦有6家期貨經紀商具有技術效率、91年則有7家期貨經紀商具有技術效率,其中有四家期貨經紀商連續三年皆呈現具技術效率之情況。 本研究是以資料包絡分析法之產出導向模式來評估期貨商之經營效率,將以提昇產出目標為主要建議方式,以對不具有效率之期貨經紀商提供改善之方向。此外,本研究亦將評估模式由原始之CCR模式改為以AR模式,經實證發現89年具技術效率之期貨商明顯降為2家、90具技術效率之期貨商降為3家及91年具技術效率之期貨商亦降為3家。藉此可知AR模式相較於CCR模式對於效率評估的結果具有較強之鑑別力。最後,透過問卷結果得知,潛在影響期貨商經營績效之非財務性因素中,佔多數之業者認為最重要的是業務員之專業素養。而期貨經紀商經營上所面臨最不利之因素為同業間之削價競爭,另有部份業者反應影響期貨業發展之制度面不利因素有期貨交易所向業者收取之費用過高、期貨交易稅率過高及政府對外資之開放政策及對法人之限制等。
This paper researches about Futures Commission Mechants’ (FCMs’) operating performance after Taiwan futures market established. Main observations are 12 FCMs during 2000 ~ 2002. First, we interviewed the seniors in the futures business, then designed a questionnaire and requested the FCMs to choose several items that are suitable performance evaluation. We will know the potential factors that influence operating performance by means of these ways. We selected top 3 items among inputs and outputs, respectively. According to selective inputs and outputs data, we applied the Data Envelopment Analysis (DEA), which is an approach widely used evaluating multiple performance indicators to the empirical study of organations. The results are 6 FCMs with technical efficiency in 2000, 6 FCMs with technical efficiency in 2001, 7 FCMs with technical efficiency in 2002, and 4 FCMs with technical efficiency 3 years running from among those FCMs with technical efficiency during 2000 ~ 2002. This study provides inefficiency FCMs with output direction of improvement by DEA output orientation. Also, we utilized AR model instead of CCR model. Then, we found the FCMs with technical efficiency dropped to 2 in 2000, dropped to 3 in 2001, and dropped to 3 in 2002. The result shows AR model is better than CCR model in discriminating power. The results of questionnaire shows that the most important non-financial factor is AE’s professional skill on potential influence operating performance, and the worst factor is price war between FCMs on operating facet. Some questionnaires show the other harmful factors are futures exchange center charge too much fees from FCMs, the trading taxation is rather higher, and government policies are tightly for QFII and native investor of institution.
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