| Summary: | 碩士 === 龍華科技大學 === 商學與管理研究所 === 96 === The study focuses on the fuzzy appraisal approach for securities operating performance. According to the available literatures, performance appraisal of securities are commonly acquired through questionnaires with sampling, processe, and a method processed by statistical analysis. However, some decision-making by human beings are based on linguistic terms; such as important, satisfaction etc. Therefore, considering the fuzzy situation of these terms, we propose a fuzzy appraisal method in this paper. The proposed method is more suitable for the fuzziness of decision-making by human beings and it increases the applicability of securities performance appraisal in practice. Finally, this paper applies the data of 76 securities annual reports in 2007 as the raw material for empirical study. Referring the aggregating operating performances, the Merrill Lynch Securities is the best, the lowest point of the securities companies are the Great Wall Securities and the Entire Chinese Securities. Among seven foreign securities, five securities companies make excellent performance except ABN AMRO Securities and Lehman Brothers Securities. The key success factors of these five foreign securities are abundant capitals, good skills, and human resoures. With these advantages, these five companies can more accurate investment policies.
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