兩岸證券業之分項投入效率: 隨機邊界分析之應用

Abstract

隨著大陸推進金融改革，以及台灣著力金融業自由化下，兩岸金融市場之交流合作不斷加深，有利於兩岸證券業之發展。本文使用隨機邊界分析法評估兩岸53家證券公司2010至2014年總共五年之整體經營效率以及投入要素經營效率，同時分析環境變數對於效率值之影響。本文以股東權益、營業費用以及固定資產作為投入項，總收入作為產出項，環境變數為總資產、地區生產總值、人均所得、財務槓桿比率、資產負債比、國際財務報導準則虛擬變數，以及地區別虛擬變數。研究結果發現，台灣證券業在營業費用投入效率方面顯著優於中國大陸，中國大陸則在固定資產投入效率方面明顯優於台灣，在整體經營效率以及股東權益投入效率上，兩岸證券業之效率值沒有顯著差異。同時本文亦分析環境變數對於整體效率以及各分項投入效率之影響，在七項環境變數中，資產總額與財務槓桿比率對於兩岸整體效率值以及各分項投入效率值皆有顯著影響，地區生產總值對於營業費用投入效率以及固定資產投入效率有顯著影響，人均所得對於整體效率、營業費用投入效率以及固定資產投入效率會有顯著效果，而資產負債比則對於固定資產投入效率有顯著影響。隨著大陸推進金融改革，以及台灣著力金融業自由化下，兩岸金融市場之交流合作不斷加深，有利於兩岸證券業之發展。本文使用隨機邊界分析法評估兩岸53家證券公司2010至2014年總共五年之整體經營效率以及投入要素經營效率，同時分析環境變數對於效率值之影響。本文以股東權益、營業費用以及固定資產作為投入項，總收入作為產出項，環境變數為總資產、地區生產總值、人均所得、財務槓桿比率、資產負債比、國際財務報導準則虛擬變數，以及地區別虛擬變數。研究結果發現，台灣證券業在營業費用投入效率方面顯著優於中國大陸，中國大陸則在固定資產投入效率方面明顯優於台灣，在整體經營效率以及股東權益投入效率上，兩岸證券業之效率值沒有顯著差異。同時本文亦分析環境變數對於整體效率以及各分項投入效率之影響，在七項環境變數中，資產總額與財務槓桿比率對於兩岸整體效率值以及各分項投入效率值皆有顯著影響，地區生產總值對於營業費用投入效率以及固定資產投入效率有顯著影響，人均所得對於整體效率、營業費用投入效率以及固定資產投入效率會有顯著效果，而資產負債比則對於固定資產投入效率有顯著影響。

With the financial reforms in mainland China and the financial freedom in Taiwan, the communication and cooperation in financial markets across the Taiwan Strait are becoming deeper, which boosts the development of security industry across the strait. This paper applies stochastic frontier approach to estimate the operation efficiency and the input factors efficiency of the 53 securities firms across the strait from 2010 to 2014, and to analyze the effects of environmental factors on the efficiency score. The paper treats shareholder’s equity, the operating expenses and the fixed assets as the input factors, and total revenue as the output factor. Environmental factors are total assets, gross region product, per capita income, financial leverage ratio, debt asset ratio, IFRS dummy variable and the region dummy variable. Our major empirical findings are as follows: On the input factor of operating expenses, the efficiency score in Taiwan is higher than that in mainland China with significance. On the input factor of fixed assets, the efficiency scores in mainland China is higher than that in Taiwan with significance. On the operation efficiency and the input factor of shareholder’s equity efficiency, there is no significant difference between two areas. Total assets and the financial leverage ratio have significant effects on the operation efficiency as well as the input factors efficiency. Gross region product has significant effects on the input factor of operating expenses efficiency and fixed assets efficiency. Per capita income has significant effects on the operation efficiency as well as the input factor of operating expenses efficiency and fixed assets efficiency. Debt asset ratio has significant effects on the input factor of shareholder’s equity efficiency.