台灣綜合券商經營效率之研究

The Study of Operating Efficiency on Taiwan Security Firms

林俊良(Chun-Liang Lin)

指導教授 ： 吳博欽

中原大學/商學院/國際貿易研究所/碩士(2007年)

https://doi.org/10.6840/cycu200700807

摘要

根據惠譽國際信用評等公司(Fitch Ratings)於2006年5月所發表的” Taiwanese Securities Firms – 2005 Review and 2006 Outlook” 報告，台灣股市在過去5年來歷經結構性的變化，本土券商正面臨經紀手續費壓低及拓展市佔不易的兩大困難，證券業的過度分散及價格競爭激烈，使得獲利不易。在面對未來證券業之發展，不論是擴大經濟規模或併入金控體系，券商都需提升營運效率與獲利能力，才得以繼續生存。
本研究目的在於實證國內綜合券商的經營效率問題，以資料包絡分析法評估綜合券商的各項經營效率。研究主軸為：1.證券商個別效率之評估及同業比較，找出具有經營效率之券商集合及無經營效率之券商集合；2.以規模效率為主軸觀察各證券商規模報酬之差異，並提出受評券商在規模增減上之建議；3.評估券商跨期效率與獲利，以及在跨期下的效率表現與改進狀況。
研究結論：1.元京、富邦、統一與大華屬決策單位效率值高且獲利亦高之券商；2.群益、元富、寶來與復華屬決策單位效率值高但獲利低；3.中信、兆豐、永豐與日盛屬決策單位效率值低但獲利高；4.台証、金鼎屬決策單位效率值低且獲利亦低。

關鍵字

資料包絡分析 ； 效率 ； 證券商

並列摘要

According to the "Taiwanese Securities Firms – 2,005 Review and 2,006 Outlook", a report issued by Fitch Ratings in May 2006, Taiwan stock market has faced a constitutive change in the past five years, in which local security firms are expenicing two dire straits, lowered service charges and an over-supplied market. Excessive dispersion and price competition make gaining a profit difficult. In the hope of future development, firms must promote business efficiency and profit capability, either by expending economic scale or by merging into financial holding companies.

This research adopts Data Envelopment Analysis (DEA) is adapted in this research to evaluate operating efficiency in Taiwan security firms. Objectives include:
1. Evaluating individual and compare firms with competitors, in order to collect those efficient and not efficient in operation.
2. To measure scale efficiency and scale return, and further provide opinions in scale change to the estimated firms.
3. Observing firm’s inter-period validity rate, profit capability, efficiency performance and improvement.

Conclusions of the thesis are:
1.Yuanta core pacific securities Co.,Ltd、Fubon securities Co., Ltd、President securities Co.,Ltd and Grand Cathay securities Co.,Ltd of decision-making are high efficiency and high profit’s security firms.
2. Capital securities Co.,Ltd、MasterLink securities Co.,Ltd、Polaris securitues Co., Ltd and Fuhwa Securities Co.,Ltd of decision-making are high efficiency but low profit’s security firms.
3. KGI securities Co. Ltd.、Mega securities Co.,Ltd、SinoPac securities Co.,Ltd and Jih-sun securities Co.,Ltd of decision-making are low efficiency but high profit’s security firms.
4. Taiwan securities Co., Ltd. and Taiwan international securities Co.,Ltd of decision-making are low efficiency and low profit’s security firms.

並列關鍵字

Data Envelopment Analysis ； Efficiency ； Security Firm

參考文獻

李英宗(2005)，「資料包絡分析法應用於台灣南部公立醫院之實證研究」，國立成功大學企業管理學系碩博士班博士論文。

余文德、蔡宜靜(2006)，「資料包絡分析法應用於評估知識管理效率之初步探討」，中華技術季刊，第70期，頁80-85

Aly, H Y., Grabowski R. , Pasurka C. and N. Rangan (1990), “Technical Scale andAllocative Efficiencies in U.S. Banking - An empirical investigation”, Review of Economics and Statistics, 72, 211-218.

Golany, B. and R.Yaakov (1989). “An application procedure for DEA”, Omega , 17(3), 237-250

Grabowski, R., N. Ramgan and R. Rezvanian (1994), “The Effect of Deregulationon the Efficiency of U.S. Banking Firms”, Journal of Econometrics and Business, Vol.46, 39-54