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專業證券商合併前後之經營績效分析 = The Effect of Pre...

國立高雄大學高階經營管理碩士在職專班(EMBA)

專業證券商合併前後之經營績效分析 = The Effect of Pre- and Post-Mergers on Efficiency and Productivity of Professional Securities Dealers：an Application of Data Envelopment Analysis : 資料包絡分析法之應用

紀錄類型:	書目-語言資料,印刷品 : 單行本
並列題名:	The Effect of Pre- and Post-Mergers on Efficiency and Productivity of Professional Securities Dealers：an Application of Data Envelopment Analysis
副題名:	資料包絡分析法之應用
作者:	陳永明,
其他團體作者:	國立高雄大學
出版地:	[高雄市]
出版者:	撰者;
出版年:	2012[民101]
面頁冊數:	115面圖，表格 : 30公分;
標題:	專業證券商
標題:	Professional Securities Dealers
電子資源:	http://handle.ncl.edu.tw/11296/ndltd/56123910743852963884
附註:	參考書目：面102-104
附註:	附錄：國內2000年以來證券業合併案例一覽表
其他題名:	資料包絡分析法之應用
摘要註:	合併是兩家以上的公司合併為一家公司的動態過程，目的是增加其市場佔有率。本研究以國內證券商近十年來的四波合併為研究範圍，分別針對主併證券商包括第一波合併的寶來證、富邦證、群益證，第二波合併的金鼎證，第三波的凱基證，第四波的群益證第二次合併，進行效率與生產力變動分析，並進一步檢定主併證券商在合併前後的效率表現是否存在顯著差異。此外，本研究以差額變數分析探討合併前後無效率決策單位的投入及產出總差額值與須調整及改善之比率，以敏感度分析瞭解合併前後各專業證券商之優劣勢項目。本實證研究結果顯示，證券商合併後之效率改善效果並不顯著，反而有下降的趨勢，推論合併可能是證券商的經營策略，目的在提昇市場佔有率與營運規模，但並未達到提升效率的效果。另外，還有一個可能原因在於合併後的期間中證券市場的行情表現較合併前的期間內較差所影響的結果。寶來證、富邦證合併前之總要素生產力變動呈現成長趨勢，合併後則呈現衰退趨勢，究其衰退原因，主要是技術變動衰退所致；群益證則是合併前與合併後之總要素生產力變動均呈現成長趨勢。這可能與本研究採用的年期較短有關，若以較長年期觀察，合併後的總要素生產力變動應該均會呈現成長趨勢，這部分有待後續研究予以證實。 Merger is a dynamic process whereby two or more companies merge into one, aiming to increase its market share. In this study, we assessed the impact that mergers had on the performances of the domestic securities dealers, which are Polaris Securities, Fubon Securities, Capital Securities, Taiwan International Securities, KGI Securities and Capital Securities (the second wave of merger), over the past decade. The data covered the period from 1998 to 2011. The framework for the analyses is using Data Envelopment Analysis (DEA) and Malmquist Productivity Index (MPI) to investigate the impacts of mergers on the efficiency and the productivity growth, respectively.The result showed that (1) there is no great potential for the efficiency and the productivity improvements in the domestic securities dealers; (2) the merger process of Capital Securities (the second wave of merger) led to productivity improvements in the post-merger periods for the reasons that merged companies utilized their economies of scale to improve efficiencies. (3) mergers strengthen their market positions and market shares. These results are an asset to the less-explored field of the impact of mergers in securities dealers.The period of this study is too short to attain the true impacts of mergers on the efficiency and the productivity growth. We proposed that the follow-up studies ought to use the analysis data more than ten years. We expected that there is great potential for the efficiency and the productivity improvements in the domestic securities dealers.

專業證券商合併前後之經營績效分析 = The Effect of Pre- and Post-Mergers on Efficiency and Productivity of Professional Securities Dealers：an Application of Data Envelopment Analysis : 資料包絡分析法之應用
陳, 永明

專業證券商合併前後之經營績效分析 = The Effect of Pre- and Post-Mergers on Efficiency and Productivity of Professional Securities Dealers：an Application of Data Envelopment Analysis : 資料包絡分析法之應用 / 陳永明撰 - [高雄市] : 撰者, 2012[民101]. - 115面 ; 圖，表格 ; 30公分.
參考書目：面102-104附錄：國內2000年以來證券業合併案例一覽表.
專業證券商Professional Securities Dealers

專業證券商合併前後之經營績效分析 = The Effect of Pre- and Post-Mergers on Efficiency and Productivity of Professional Securities Dealers：an Application of Data Envelopment Analysis : 資料包絡分析法之應用
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