日本證券業者經營效率之研究

Abstract

本研究利用隨機邊界分析法(SFA)來評估日本23家證券公司2010年至2014年總共五年的投入要素經營效率。本文將營業總收益作為產出要素，股東權益、營業費用和員工人數三項作為投入要素。實證結果發現:公司規模越大，股東權益及營業費用的效率值表現越差，但在勞動效率值卻是越高;公司成立越久，股東權益、營業費用及勞工的效率值均表現不好;而股價指數對營業費用效率值也有微幅的負面影響。整體而言，日本券商在營業費用的使用效率上較佳，但在股東權益以及勞動力的使用效率上還有很大的進步空間。

This study adopts the stochastic frontier analysis (SFA) to compute the disaggregate inputs efficiency of securities firms in Japan. The panel data set contains a total of 23 securities firms during 2010-2014. This study employs three inputs (stakeholder equity, operating expenses, and the number of employees) and a single output (total revenue). The major empirical findings are as follows: Securities firms with higher total assets have lower efficiency scores of stakeholder equity and operating expenses, but have better efficiency of employees. Older securities companies have worse efficiency than younger securities companies in the use of stakeholder equity, operating expenses, and employees. The higher TPX Index makes worse efficiency of operating expenses. In conclusion, Japanese securities firms have better efficiency of operating expenses, but still have a lot of room for improvement on the efficiency of stakeholder equity and employees.