| Summary: | 碩士 === 國立政治大學 === 經濟研究所 === 97 === This paper adopts one-stage stochastic frontier analysis (Battese and Coelli, 1995) to measure technical efficiency of listed securities firms in Taiwan from the first quarter of 2004 to the third quarter of 2008. In addition, inspired by the Orea (2002) output orientated productivity model, this paper derives an input orientated generalized Malmquist productivity index to analyze the productivity change of the firms. The empirical results reveal that smaller securities firms are more efficient than larger securities firms in average. The majority of securities firms are operating with increasing returns to scale, indicating that the scale of listed securities firms in Taiwan are generally not large enough, so firms need to enlarge their scale in order to get the effect of economies of scale. Although more capital stocks possess stronger competitive advantage theoretically, without proper strategy to support the firms may waste resources and result in operational inefficiency. Operational efficiency is positively correlated with stock index.
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