标题: 日本证券业者经营效率之研究
An efficiency analysis of Japanese securities firms
作者: 谢晓萍
胡均立
Hsieh, Hsiao-Ping
Hu, Jin-Li
管理学院经营管理学程
关键字: 随机边界分析法;证券业;分项投入;效率值;日本;Stochastic frontier analysis (SFA);Securities firms;Disaggregate input efficiency;Japan
公开日期: 2016
摘要: 本研究利用随机边界分析法(SFA)来评估日本23家证券公司2010年至2014年总共五年的投入要素经营效率。本文将营业总收益作为产出要素,股东权益、营业费用和员工人数三项作为投入要素。实证结果发现:公司规模越大,股东权益及营业费用的效率值表现越差,但在劳动效率值却是越高;公司成立越久,股东权益、营业费用及劳工的效率值均表现不好;而股价指数对营业费用效率值也有微幅的负面影响。整体而言,日本券商在营业费用的使用效率上较佳,但在股东权益以及劳动力的使用效率上还有很大的进步空间。
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.
URI: http://etd.lib.nctu.edu.tw/cdrfb3/record/nctu/#GT070363724
http://hdl.handle.net/11536/138704
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