标题: 台湾证券商分项投入效率之研究:随机边界分析之应用
Disaggregate Input Efficiency of Securities Firms in Taiwan : An Application of the SFA Approach
作者: 张络捷
Chang, Lo-Chieh
胡均立
Hu, Jin-Li
经营管理研究所
关键字: 随机边界分析法;个别投入要素;效率值;Stochastic frontier analysis;Securities firms;Disaggregate input;Efficiency scores
公开日期: 2012
摘要: 本文利用随机边界分析法(SFA)来计算出台湾证券公司的效率表现,资料期间为2005年至2011年,共七年,总共收集57间证券公司资料。研究方法我们使用一阶段的随机边界分析法来估计环境变数对个别投入要素之效率值的影响。本研究的产出变数为证券公司之经纪收入、承销收入和自营收入的总合,投入变数包含股东权益、营业费用、员工人数和总固定资产。本研究结果显示,股东权益和总固定资产的平均使用效率较差,因此即需改善。而在证券公司的特性当中,上市上柜的证券公司相较于未公开发行的证券公司而言,其在股东权益和劳动的使用效率较差,然而在总固定资产的使用效率较好。金控证券商相较于非金控证券商而言,其在股东权益和劳动的使用上也是效率较差,但在总固定资产的使用效率较好。而资本适足率对股东权益的使用效率有正面的影响,但对劳动和总固定资产的使用效率则是产生负面的影响。公司年限对于股东权益的使用效率上有负面的影响。
In this paper, we apply the stochastic frontier analysis (SFA) to compute the efficiency of securities firms in Taiwan. The panel data set contains a total of 57 securities firms during 2005-2011. A one-stage stochastic frontier analysis is used to estimate the influences of environmental variables on the disaggregate inputs used by securities firms in Taiwan. The output variable in this research is the sum of brokerage revenue, underwriting revenue and proprietary revenue and the input variables are stakeholder equity, operational expenses, labor employment, and total fixed assets. Empirical results show that stakeholder equity and total fixed assets have low input efficiency scores which need to improve a lot. Compared to unpublished securities firms, listed securities firms have worse performance in using stakeholder equity and labor employment but have better performance in using total fixed assets. Compared to securities firms under financial holding companies (FHC), those who are not under a financial holding company have better performance in using stakeholder equity and labor employment but have worse performance in using total fixed assets. The risk-based capital has a positive effect on the efficiency of stakeholder equity. The age of a security firm has a negative effect on the usage efficiency of stakeholder equity.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT070053736
http://hdl.handle.net/11536/71773
显示于类别:Thesis


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