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研究生:劉秀玲
研究生(外文):Shiu-Ling Liu
論文名稱:台灣產業資本配置效率性之研究
論文名稱(外文):The Efficiency of Industrial Capital Allocation in Taiwan
指導教授:洪志洋 
指導教授(外文):Chih-Young Hung
學位類別:碩士
校院名稱:國立交通大學
系所名稱:科技管理所
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2003
畢業學年度:91
語文別:中文
論文頁數:86
中文關鍵詞:資本配置市場效率經濟成長台灣
外文關鍵詞:Capital allocationMarket efficiencyEconomic growthTaiwan
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促使國家的經濟成長和社會進步的主要機制之一是合理地分配資源。而在眾多資源分配中,資本配置是重要關鍵點之一。九0年代可以說是台灣產業結構急遽調整的一段時期,有些產業出現衰退的警訊,但同時也有些產業呈現獲利率持續上升的情況。因此,基於資本配置的重要性與台灣近10年產業結構急遽轉變的情況下,本研究將針對九0年代台灣資本配置效率做一探討。
本研究之時間範圍為1991~2001年,研究樣本依據台灣證券交易所對各公司進行產業之分類。本研究分別以資本投入之動態過程與靜態結果來看台灣資本配置效率。分析1991~2001年間14產業的在前者部分主要是以產業經營績效觀點與Wurgler資本配置效率分析﹔後者則是以長期獲利性均衡方式驗證。結果發現:
(1)在動態的觀察方式中,得到1991~2001年間的台灣具資本配置效率性的相同結論。且發現台灣在90年代後期資本有配置不佳的現象。
(2)靜態獲利能力均衡的部分,則得到台灣在90年代呈現配置效率不佳的情況,但90年代後期則有改善的現象。
For a nation to continuously creating wealth, the capital market of that nation must efficiently allocate the available fund among the various industrial sectors. It is widely believed that the efficient capital allocation plays a major role in driving a nation’s economic growth. Taiwan has undergone dramatic changes in her industrial structure in the past ten years. Some industries experienced serious setback while others grew and prospered. It is of interest and importance to investigate the allocating role of the capital market during this period of time.
In this thesis, we investigated the allocation efficiency of Taiwan’s capital market. Financial data of all the listed companies in the past ten years were collected. Two sets of hypotheses concerning the efficiency of the capital market were developed and tested. The first hypothesis investigates the dynamic behavior of capital allocation. The second hypothesis examined the phenomena in equilibrium state.
The results of our study are as follows: First, the dynamic study showed that the capital was reasonably allocated among the various sectors in Taiwan. However, the allocation efficiency has deteriorated in the late 1990’s. Second, the study on equilibrium state showed that there is evidence of inefficiency on capital allocation during the period of time.
中文摘要 i
Abstract ii
誌 謝 iii
章節目錄 iv
表目錄 vi
圖目錄 vii
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 3
1.3 研究範圍與限制 3
1.4 研究方法 3
1.5 研究內容與流程 4
第二章 文獻回顧 7
2.1 金融發展與經濟成長 7
2.1.1 股票市場與經濟發展 8
2.1.2 金融機構與經濟發展 11
2.2 資本市場效率性 12
2.3 配置效率相關探討 16
2.3.1 研究議題 16
2.3.2 衡量資本配置效率之方式 19
2.4 研究假說 21
第三章 研究方法 25
3.1 資料包絡分析法 25
3.1.1 Farrell模式 25
3.1.2 CCR模式 28
3.1.3 BCC模式 31
3.1.4 DEA之運作程序 33
3.1.5 評估指標之選擇 34
3.2 資本配置效率性之檢定 35
3.2.1 Pooled Tobit Model分析模型 36
3.2.3.本研究之檢定模型 37
第四章 實證分析 40
4.1 資料敘述 40
4.1.1 資料來源 40
4.1.2 樣本資料描述 40
4.1.3 小結 54
4.2 產業經營效率分析 55
4.2.1 投入產出變數說明 55
4.2.2 DEA經營績效分析結果 56
4.2.3 小結 64
4.3資本配置效率 66
4.3.1 配置效率之驗證 66
4.3.2 Wurgler資本配置效率 70
4.3.3 小結 74
第五章 結論與建議 77
參考文獻 80
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