A Study on the Profitability and Marketability of Financial Holding Companies in Taiwan－A Three Stage Data Envelopment Analysis

• Main Authors: Hung-Hui Hsiao, 蕭宏慧
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/13108493273699863996

碩士 === 國立臺灣科技大學 === 企業管理系 === 101 === The main purpose of this thesis is to explore relative profitability and marketability efficiency of financial holding companies (FHCs) in Taiwan between 2008 and 2011. We adopt a two-stage data envelopment analysis (DEA) by Seiford and Zhu (1999). Besides, in order to find the real profitability efficiency, we apply three-stage DEA which is proposed by Fried,Lovell,Schmidt and Yaisawarng (2002). In this way, we can compare the real profitability efficiency with marketability efficiency. Our empirical result shows after excluding the environmental factors and random factors, the profitability efficiency significantly increase. And we find the standard deviation of the value becomes smaller from the three-stage profitability efficiency in four years. It implies that it’s important to do the three-stage DEA in FHCs’ profitability. There are only 36% of the FHCs in Taiwan more efficient both in profitability and marketability. It means that the managers use the resources efficiently and the investors have the positive attitude toward FHCs’ future development. Since the issue about cooperation between Taiwan and China, more and more investors look forward to Taiwan’s FHCs’ future. We find out there are more FHCs whose marketability efficiency is greater than profitability efficiency year by year. In addition, no matter in the first-stage or three-stage, big-sized FHCs is more profitability than small-sized, less subsidiaries of the FHCs’ profitability efficiency is better than more subsidiaries. And FHCs with the main body of banks profitability is the worst than the other two types. However, investors perfer the small-sized FHCs.