| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 95 === The 「Financial Holding company Act」 of Taiwan has been announced and implemented since November 1, 2001. Integration of different financial products and financial operations is already trend of the future. In order to strengthen the competitiveness and generate the synergy, financial institutions were consolidated to set up the financial holding company. There were 14 financial holding companies established during the period from December, 2001 to January, 2003. By using CCR model、BCC model and Malmquist productivity index of Data Envelopment Analysis (DEA), this research will further discuss the operation efficiency of the whole securities industry and also individual securities firm, and discuss whether there is any significant difference regarding operation efficiency between securities firms held by a financial holding company or not. This research will provide suggestions for securities firms to improve their operations and for the management to make decisions. Moreover, this research can be the reference for securities firms to decide whether they should join the financial holding company..
The result of this study shows: In respect of operation efficiency, 7 securities firms out of total 34 securities firms can keep relatively better operation efficiency during the period from 2003 to 2005, which include Polaris Securities、Yuanta Core Pacific Securities、Ta Ching Securities、IBT Securities、Daiwa Securities SMBC-Cathay、Oriental Securities、Fuhwa Securities. Compared to 2003, the operation efficiency of the whole securities industry in 2004 was decreased primarily because of the decrease of scale efficiency. However, the operation efficiency in 2005 was increased while compared with 2004. The major reason is the improvement of both scale efficiency and pure technological efficiency. In addition, the annual average values of total efficiency in those securities firms held by the financial holding company are better than those without a parent financial holding company. The major reason is due to the leading of pure technological efficiency in 2003, the leading of scale efficiency in 2004, and the leading of both pure technological and scale efficiency in 2005. Through the examination result of Mann-Whitney, the difference of both efficiency values is not significant.
With respect to the change of productivity in different period, the productivity of the whole securities industry was increased from 2003 to 2004 because of the improvement of production technology and technological efficiency. However, from 2004 to 2005, the productivity was decreased due to degeneracy of production technology. From 2003 to 2004, the average productivity index of the securities firms whether they are held by a financial holding company or not, are all greater than 1, which means their productivity increased. Furthermore, the productivity of securities firms held by the financial holding company was increased due to their improvement of both production technology and technological efficiency. The productivity of those securities firms not held by a financial holding company were increased mainly because of the improvement of production technology. From 2004 to 2005, average productivity index of all the securities firms are all less than 1, which means their productivity was decreased. The main reason is because of the degeneracy of production technology and the degeneracy of those securities firms not held by a financial holding company is much more significant. In summary, the productivity of a securities firm held by a financial holding company is still better than that of securities firm not held by a financial holding company. However, from 2003 to 2005, the results seem similar regardless of the productivity was increased or decreased,.
In order to understand the reason caused securities firms inefficient, and also for securities firms to find out the way to improve operation efficiency, this research apply Tobit regression model to analyze whether there are other factors may affect efficiency, except the input factors originally. The result shows: technological efficiency ratio does not have any significant correlation with explanation factors, such as numbers of employees and branches, listed/unlisted company and debt / net equity ratio . However, there is negative correlation between pure technological efficiency ratio and some explanation factors, such as listed company or not and the ratio of debt/net equity ratio. Numbers of employees and branches do not have any significant correlation with pure technological efficiency ratio.There is positive correlation between scale efficiency and factors, such as listed/unlisted company and debt/net equity ratio. However, the explanation factors, such as numbers of employees and branches, do not have significant correlation with securities firms’ scale efficiency.
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