本研究以1996至2005年台灣26家綜合證券商作為研究對象，採用隨機邊界成本法(Stochastic Frontier Function)進行綜合證券商規模經濟、範疇經濟與成本效率之分析，最後，探討成本效率與財務指標之相關性。研究結果如下： 1.台灣綜合證券商享有規模經濟與範疇經濟，不論是大規模、多分行數、上市櫃及加入金控的規模經濟與範疇經濟表現較好；而整體證券商趨勢變化表現差異不大，且與經濟成長率及台灣加權股價指數之趨勢變動起伏相似，顯示規模經濟與範疇經濟會受經濟成長與股價指數之變動，而有所不同。 2.台灣綜合證券商成本效率主要散佈於0.8~1間，成本效率值在0.9以下的證券商仍佔93%，顯示多數證券商未達到較佳經營成效。其中大規模、多分行數、上市櫃及加入金控證券商成本效率表現逐年改善，而小規模、少分行數、未上市櫃及未加入金控證券商成本效率表現卻是逐年惡化。 3. Tobit迴歸模型分析中發現，固定資產週轉率、淨值成長率、業務集中度分別與成本效率值呈顯著正相關，速動比率、總資產報酬成長率則與成本效率值呈顯著負相關。 The purpose of the study is to analyze and examine the economics of scale, the economics of scope and cost efficiency of the integrated securities firms. The research sample contains 26 integrated securities firms in Taiwan and sample period starts from 1996 to 2005. The empirical result are： 1. Integrated securities firms in Taiwan are existent for the economies of scale and the economies of scope. Firms with big asset size, more branches, listed and joining the financial holding companies will better. On the whole, there is no significant change in the trend during the sample period. 2. Cost efficiency of integrated securities firms in Taiwan is between 0.8~1, showing that most integrated securities firms are not in their the best situation. Cost efficiency of securities firms with big asset size, more branches, listed and joining the financial holding companies improves year by year, compared with those with small asset size, less branches, not listed and not joining the financial holding companies worse year by year. 3. Using Tobit Regression Model Analysis, this study finds that fixed asset turnover ratio, equity growth, and density of advertisement show significant and positive relationships with cost efficiency. Current ratio and return on total assets ratio show significant and negative relationships with cost efficiency while other independent variables show no significant relationships with dependent variables.
