Performance Evaluation of Taiwan's Electronic Industry - with Credit Rating

• Main Authors: Pei-ying Mai, 麥珮瑩
• Other Authors: Bih-shiow Chen
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/10985110735275075309

碩士 === 東吳大學 === 經濟學系 === 100 === The market value of the electronic industries in Taiwan takes about 50% of total market value of listed companies in Taiwan Stock Exchange (TSE). Firms of electronic industries must be very efficient to survive in the severely competitive environment of the world market. In this research, we study the electronic industries of Taiwan during the period of 2008-2010. We categorized electronic industries into eight groups according to TSE’s category. Using the SBM (slack-based measure) model, we estimated companies’ efficiency of different groups during those years. Furthermore, we calculated the technology gap ratio of companies of different groups with the method of meta-frontier, so that we may analyze the transformation of input-output technology efficiency among different groups of Taiwan’s electronic industries. As we know, the ability of risk control determines the survivability of enterprises. Therefore, we take into account the risk factors -credit risk in our model. For the credit risk, we use Taiwan Corporate Credit Risk Index (TCRI) as the measurement tool. Most of the data in this research comes from the data base of Taiwan Economic Journal (TEJ). Major conclusions in this paper are as follows. 1.Efficiency measurement has significant positive effect with TCRI as an input variable. 2.With TCRI as an input variable, efficiency measurement of industries of different groups in the SBM model shows a.The average value of efficiency was relatively high in Information Service Industry, Communication Industry and Distribution Industry. For those industries, the value of efficiency could exceed 0.5 in some years. However, for some other industries, the value of efficiency was relatively low. For example, the average value of efficiency was as low as 0.16 for Electronic-parts Industry. b.The technology gap ratio of Information Service Industry was the smallest among all electronic industries in our meta-frontiers analysis, with TCRI as an input variable. This result implies the technology transformation efficiency of Information Services Industry was far behind other industries. On the other hand, the technology gap ratio of Computer and Computer-related Industry in 2008, the technology gap ratio of Electronic-parts Industry in 2009 and 2010 were higher than other electronic industries, implying their input-output transformation technology efficiency were better than others.