台灣證券投資信託公司成本結構之分析

NHUIR > College of Management > Department of Finance, The M.A. Program of Financial Management > Disserations and Theses > Item 987654321/20463

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Title:	台灣證券投資信託公司成本結構之分析
Other Titles:	THE EVALUATION OF COST STRUCTURE OF SECURITIES INVESTMENT TRUST COMPANIES IN TAIWAN
Authors:	許志銘 Hsu, Chih-ming
Contributors:	財務金融學系財務管理碩士班盧永祥;張簡彰程 Yung-hsiang Lu;Jhang-cheng Jhang Jian
Keywords:	範疇經濟;規模經濟;成本效率;隨機邊界成本法;證券投資信託公司 Economies of scale;Cost Efficiency;Economies of scope;Stochastic Frontier Function;Securities Investment Trust Companies
Date:	2008
Issue Date:	2015-05-09 17:52:41 (UTC+8)
Abstract:	台灣於2001年通過金融機構合併法與金融控股公司法，對證券投資信託公司經營與發展具有重大的影響。本研究以2003至2006年台灣35家證券投資信託公司為研究對象，採隨機邊界成本法進行分析，並以二項產出和價格要素與總成本進行規模經濟、範疇經濟與成本效率之分析。最後，探討成本效率與財務報表之相關性，實證結果如下：　　　　1.台灣證券投資信託公司享有規模經濟與範疇經濟，而整體證券投資信託公司趨勢變化表現差異不大。進一步探討其他型公司效率表現，發現均會受到2005年結構債問題的影響。　　　　2.台灣地區證券投資信託公司成本效率主要散佈於0.875~0.975之間，顯示大多數的證券投資信託公司有達到高度經營成效。　　　　3. OLS迴歸模型分析中發現，成本效率與總資產週轉率分別與ROA、ROE及EPS呈顯著正向關係，而產業集中度則為顯著負向關係；在廠商市占率對ROA與速動比率對ROE及EPS亦同樣呈現顯著正向關係。　　The Act of Financial Holdings Company, effective in 2001, had an impact on the operation and development of the line of securities investment trust companies. The purpose of the study is to analyze and examine the economics of scale, the economics of scope and cost efficiency of securities investment trust companies. This study use two output variables, two input price variables and a total cost as the model setting. The research sample contains 35 securities investment trust companies in Taiwan. Sample period is from 2003 to 2006. The empirical result are：　　1. Through SFA, the study finds securities investment trust companies in Taiwan have shown the economies of Scale and the economies of scope. The trend in whole securities investment trust companies’ are not different emphatically. The securities investment trust companies we investigate are classified as four groups, which are foreign, group, financial holding and others, and others, all influenced by the structured note problem in 2005.　　2. Cost efficiency of securities investment trust companies in Taiwan lies between 0.875~0.975, indicating that most securities investment trust companies is up to the best condition. 　　3. Using OLS Regression Analysis, this study finds that cost efficiency, total asset turnover ratio shows significant and positive relationships with ROA, ROE and EPS respectively. Market share in the industry shows significant and positive relationships with ROA respectively. Current ratio show significant and positive relationship with ROE and EPS respectively. Density of industry shows significant and negative relationships with ROA, ROE and EPS respectively.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

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