臺灣博碩士論文加值系統

本研究採用Tone and Tsutsui(2010)提出的EBM(Epsilon-Based Measure)DEA模型，探討2015年至2017年間21家本國公開發行之證券商之經營績效，利用固定資產、員工人數、資本適足率為投入；以營業收入淨額以及經紀手續費收入為產出，最後以魏克森檢定(Wilcoxon Test)分析是否有其他因素會影響到證券商的效率表現，研究結果如下：
一、由2015年至2017年間的平均效率值為0.88、0.89以及0.87，在這三年的樣本期間中，全體證券商平均浪費了約10%的資源，可透過決策單位的正確決策以及長期的規劃下維持同樣產出卻減少投入。
二、在2016年及2017年效率最差的為大慶證券，且各年度證券商最需改進的方面為固定資產，其次為員工人數，在人員方面可望透過人力資源管理改善經營績效。
三、在目前的市場上部分年度仍然有其他因素會影響到證券商效率，如：董監事規模以、規模大小以及資本適足率，董監事規模與資本適足率對於證券商之效率有負向關係；規模大小對於證券商效率有正向關係。

This study uses the EBM (Epsilon-Based Measure) DEA model proposed by Tone and Tsutsui (2010) to explore the operational performance of 21 Taiwanese publicly traded securities firms from 2015 to 2017. Fixed assets, number of employees, capital adequacy ratio are inputs. Net operating income and brokerage fee income are output. The Wilcoxon Test is used analyze whether there are other factors that affect the efficiency of the securities firm. The results are as follows:
1. The average efficiency values between 2015 and 2017 are 0.88, 0.89 and 0.87. In the past three years, all securities firms have wasted about 10% of their resources on average. It is possible to maintain the same output but reduce input through the correct decision-making of DMU and long-term planning.
2. The worst efficiency in 2016 and 2017 is TWDA. The priority to improve is fixed assets, followed by the number of employees. Personnel are expected to improve through human resource management.
3. There are still other factors in the current market that will affect the efficiency of securities firms. Such as the size, scale and capital adequacy ratio of directors and supervisors. The size of the supervisors and the capital adequacy ratio have a negative relationship with the efficiency of securities firms. Scale has a positive relationship with the efficiency of securities firms.

第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 3
第三節 研究架構與流程 4
第二章 我國券商風險與文獻探討 6
第一節 證券商之簡介 6
第二節 國內證券績效評估相關文獻 8
第三節 國外證券績效評估相關文獻 16
第三章 研究方法 23
第一節 資料包絡分析法 23
第二節 建構本研究實證模型 28
第四章 實證分析 31
第一節 資料來源與變數說明 31
第二節 敘述統計 32
第三節 實證結果分析 34
第四節 Wilcoxon檢定結果分析 43
第五章 結論與建議 46
參考文獻 48
附錄 51

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