日本證券商的脈絡相依效率

Abstract

政府放寬證券法規限制以及網路券商的興起，改變日本證券業的競爭環境。本研究以脈絡相依資料包絡法評估日本23家證券公司2010年至2015年的經營效率，探討網路券商相較其他券商的經營是否相對有效率。本文利用脈絡相依法依序建構多層次效率前緣，提供無效率券商就近及更進一步向上提升效率時的參考目標。實證結果發現，整體而言，2010年至2015年日本網路券商的經營效率優於主要大型券商、以銀行為主的券商及中型區域券商；而以中型區域券商效率最低。

The deregulation policy boosted the Japanese stock market. The online securities firms enter this intensely competitive brokerage industry. This study adopts the context-dependent data envelopment analysis to evaluate the efficiency of Japan's 23 securities companies during 2010-2015, and discusses whether or not online securities firms are relatively more efficient. Several levels of efficiency frontiers are constructed to provide the inefficient securities firms with achievable targets and sub-targets as role models in management practice. The empirical results show that online securities firms are more efficient than other types of securities firms in Japan. The middle-ranked regional securities firms show the lowest efficiency.