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題名:公司治理對證券公司效率影響性分析
作者:柴廣成
作者(外文):Kuang-Cheng Chai
校院名稱:國立雲林科技大學
系所名稱:財務金融系
指導教授:胥愛琦
葉金標
學位類別:博士
出版日期:2015
主題關鍵詞:公司治理證券公司經營效率金融控股公司Corporation GovernanceSecurity CompanyBusiness EfficiencyFinancial Holding Company
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本研究分析公司治理變數對國內證券公司經營效率之影響,以實證方式研究評估金控體系下十四家證券公司和非金控體系上市櫃八家證券公司之經營效率。研究期間從2007至2013年,並以幾個方面加以分析探討。首先分析所有樣本的經營效率,再以資料剔除法(AP指標)改善資料包絡分析的無法區分性(效率值為1)。之後比較探討金控體系與非金控體系下的證券公司之經營效率,最後加入公司治理以Tobit迴歸方式驗證金控體系與非金控體系下的證券公司經營效率。
實證結果發現平均董監酬勞對於證券公司經營效率有顯著正向影響,其他公司治理變數對於不同體系的證券公司有其不同的顯著的影響。金控體系的證券公司平均董監酬勞對於證券公司經營效率也有顯著正向影響,而非金控體系的證券公司董事長兼任總經理對經營效率有顯著正向影響,董事會規模對經營效率有顯著負向影響。
整體而言,不同體系的證券公司,公司治理變數對經營效率的影響,有不同的顯著關係,因此對於不同體系的證券公司應採取適合其體系的公司治理方式,方能改善其經營效率。
This study analyzes the impact of corporate governance on the efficiency of Taiwanese security companies. During the study period from 2007 to 2013, the empirical approach evaluates the efficiency of fourteen securities companies of financial holding system and eight securities companies of non-financial holding system. Firstly, using data envelopment analysis analyzes the efficiency of all samples. Then, using the data elimination method (AP indicators) improves that the data envelopment analysis can’t distinguish the data (efficiency value is 1) and comparing the efficiency of securities companies of the financial holding and non-financial holding systems. Finally, using Tobit regression verifies the effect of corporation governance variables on the efficiency of securities companies.
The empirical results find that the average compensation of directors and supervisors has a significantly positive impact on the efficiency of securities companies and other corporate governance variables have significantly different impacts on the efficiency. The average compensation of directors and supervisors also has significantly positive impact on the efficiency of securities companies of the financial holding system. For securities companies of non-financial holding system, the director who serves as the manager has significantly positive impact and the board size has significantly negative impact on the efficiency.
Overall, the corporate governance variables have significantly different impacts on the efficiency of securities companies of different systems. Therefore, securities companies of different systems should adopt corporate governance for its system and can improve its efficiency.
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