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  • 學位論文

以資料包絡分析法評量台灣地區綜合證券商經營績效

Evaluate business performance of Integrated Securities Firms located at Taiwan region with DEA

指導教授 : 李先莉
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摘要


隨著我國市場的開放,金融業不斷地放寬條件,以及國外證券商雄厚的資金大軍壓境,使得國內綜合證券商不得不停下腳步思考該如何提升自身優勢,以因應自由化與國際化的潮流。面臨如此艱鉅的挑戰,國內綜合證券商是否能保有競爭力值得令人思考,因此本研究期許藉由檢視其相對經營績效,同時一併提出對綜合證券商經營之改進建議。本研究藉資料包絡分析法(Data Envelopment Analysis, DEA)探討國內綜合證券商經營績效,期望能了解我國綜合證券商之績效表現,研究對象為上市、上櫃(含曾經上市、上櫃)及興櫃的綜合證券商。研究可得到以下幾點結論: 1. 十七家綜合證券商中,98及99年度分別有十三家及十二家券商相對之總效率為1,為相對高效率的綜合證券商,代表在此模式下多數綜合證券商的營運具有效率。 2. 經BCC模式求得的技術效率,98年度僅一家係相對無技術效率的綜合證券商,99年度則有三家綜合證券商為相對無技術效率的綜合證券商,上述相對無技術效率的綜合證券商組織內人員的流動性可能出現太過的現像,人員流動率偏高,該公司形同職業訓練所,便得付出各項有形、無形的成本,如何安撫穩定同仁工作情緒,穩定適度之人員流動率,反倒成為人事管理最重要的工作。 3. 規模效率代表綜合證券商之產出與投入的比例是否達到最大生產力,而十七家綜合證券商中,98年度有十三家綜合證券商為相對有規模效率之綜合證券商; 99年度有十二家綜合證券商為相對有規模效率之綜合證券商。 4. 十七家綜合證券商中,98及99年度有效率的綜合證券商,分別有十六家與十四家已位於效率前緣上,所以投入項之差額變數皆為 0。至於無效率作業期間方面,98及99年度分別有一家及三家綜合證券商,因其投入資源有過多的現象,需要將投入項目進行縮減或運用管理策略提升其產出,才能使其作業效率達到效率前緣。 5. 將樣本區分為金控券商與非金控券商,CCR 模式及BCC 模式所估算之台灣地區十七家綜合證券商之經營效率平均值結果發現,98及99年度,六家金控券商之總體平均效率值為高於其它十一家非金控券商之總體平均效率值,顯示出金控旗下之綜合證券商的總體效率值平均高於非金控綜合證券商之總體平均效率值。 本研究結果顯示:98及99年度台灣地區十七家綜合證券商中,大多數的綜合證券商皆屬高經營效率之綜合證券商。與林義和(2001)藉資料包絡分析法探討國內證券商經營效率之情形,研究結果發現不同。推測可能係因經歷經營環境改變和經營方式策略不同,一些體質不佳或經營不善的證券商不是被合併就是被消滅,加上全球化、大型化、自由化、多元化的風潮下使得台灣地區綜合證券商經營績效產生了差異化的結果。

並列摘要


As securities market of Taiwan is more and more open, financial service industry are de-regulating, and foreign securities firms are attempting to acquire the market share with their large capital, Taiwanese integrated securities firms have to start thinking how to improve their advantage in order to respond the trend of liberalization and globalization. Facing rigid challenge, it is questionable that whether domestic securities firms are able to remain competitive. Therefore, this research is expected to provide recommendations to improve operation of integrated securities firms through relative business performance of the firms. This research studies business performance of domestic integrated securities firms with Data Envelopment Analysis (DEA) in attempt to explore operation result of Taiwanese integrated securities firms. Samples of research are integrated securities firms listed or had been listed at TWSE, OTC main board or OTC emerging stock board. Conclusions derived from the research are: 1.Among 17 integrated securities firms, there were 13 and 12 firms with total efficiency 1.0 in 2009 and 2010, which are considered high-efficiency integrated securities firms. It means most integrated securities firms are efficiently operated under this mode. 2.According to technical efficiency derived under BCC model, there were only 1 integrated securities firm that is considered no technical efficiency at 2008, and 3 in 2009. It is possible that these firms have the problem of high turnover rate, which increase all tangible and intangible cost. The primary job of human resource departments of these companies become employee retention and stabling employment environment. 3.Economies of scale represents whether ratios of output and input of these firms are maximized. 13 and 12 integrated securities firms are considered to have relative efficiency of economies of scale in 2009 and 2010, respectively. 4.Among 17 integrated securities firms, 16 and 14 efficient firms are located on efficiency frontier in 2009 and 2010. Therefore, the slack variables of input are all zero. Regarding inefficiency during operation, in 2009 and 2010, 1 and 3 integrated securities firms appear to input excessive resource and need to reduce projects or increase output with management strategy to make them achieve efficiency frontier. 5.Categorizing samples to “financial-holding securities firms” and “non-financial-holding securities firms”, average operation efficiency value of the 17 integrated securities firms estimated under CCR model and BCC model tell that 6 financial-holding securities firms outperforms the remaining 11 non-financial-holding securities firms, which indicates that integrated securities firms under financial holding companies have higher overall average efficiency value than those not under financial holding companies. This research concludes: Most of the 17 integrated securities firms in Taiwan are high-operation-efficiency in 2009 and 2010, which is different from the conclusion reached by Lin Yi-He by 2001 under DEA. The reason may be change of macro-environment, difference in business strategy, liquidation or merge of some low-quality securities houses during this period, and the trend of globalization, expansion, liberalization and diversity.

參考文獻


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被引用紀錄


王國樑(2014)。證券商經營績效之研究-金融控股公司與非金融控股公司之差異〔碩士論文,國立中央大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0031-0412201511582691

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