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來源文獻資料
摘要
外文摘要
引文資料
題名:
臺灣專營期貨商市場結構、效率與獲利率之探討
書刊名:
期貨與選擇權學刊
作者:
張美玲
/
陳麗雪
/
王國樑
作者(外文):
Chang, Mei-lin
/
Chen, Li-hsueh
/
Wang, Kuo-liang
出版日期:
2010
卷期:
3:2
頁次:
頁71-92
主題關鍵詞:
市場集中度
;
市場佔有率
;
效率
;
獲利率
;
三階段資料包絡分析法
;
Market concentration
;
Market share
;
Efficiency
;
Profitability
;
3-Stage DEA
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
4
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
3
共同引用:0
點閱:190
本文透過檢驗市場力量與效率結構假說來探討台灣專營期貨商獲利率的影響因素。利用2002至2004年台灣專營期貨商資料,首先採用三階段資料包絡分析法評估純技術效率,並以純技術效率作為解釋變數之ㄧ,探討影響專營期貨商獲利率的因素。實證結果顯示,以三階段資料包絡分析法評估純技術效率確有其必要性;若以資產報酬率為獲利率衡量指標,迴歸結果支持效率結構假說;若以淨值報酬率為獲利率衡量指標,則支持相對市場力量與效率結構假說;經營規模、錯帳率與具證券商背景對專營期貨商獲利率有正向影響;業務集中度、加入金控體系與台股期貨指數對專營期貨商獲利率則有負向影響。
以文找文
This paper attempts to investigate the determinants of profitability of Taiwan’s futures commission merchants by testing the market power and the efficient structure hypotheses. Based on the data of Taiwan’s futures commission merchants during the period of 2002-2004, the pure technical efficiency of futures commission merchants in Taiwan is assessed by utilizing the 3-stage DEA, and included as an independent variable of the profitability equation. The pure technical efficiency evaluation results justify the necessity of adopting the 3-stage DEA. The regression results of the profitability equation based on the return on assets support the efficiency structure hypothesis while those based on the return on equity are consistent with both the relative market power and the efficient structure hypotheses. In addition, operating scale, the out trade loss to total revenues ratio and the background of securities industry have positive impacts on profitability. A firm’s service concentration, futures commission merchants under financial holding companies and the index of TAIEX futures have negative impacts on profitability.
以文找文
期刊論文
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Rhoades, S. A.(1985)。Market share as a source of market power: Implications and some evidence。Journal of Economics and Business,37,343-363。
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17.
Fried, Harold O.、Schmidt, Shelton S.、Yaisawarng, Suthathip(1999)。Incorporating the Operating Environment into a Nonparametric Measure of Technical Efficiency。Journal of Productivity Analysis,12(3),249-267。
18.
Wang, K. L.、Tseng, Y. T.、Weng, C. C.(2003)。A Study of Production Efficiencies of Integrated Securities Firms in Taiwan。Applied Financial Economics,13(3),159-167。
19.
Banker, Rajiv D.、Charnes, Abraham、Cooper, William Wager(1984)。Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis。Management Science,30(9),1078-1092。
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21.
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22.
Charnes, Abraham、Cooper, William W.、Rhodes, Edwardo(1978)。Measuring the efficiency of decision making units。European Journal of Operational Research,2(6),429-444。
23.
Choi, P. B.、Weiss, M. A.(2005)。An Empirical Investigation of Market Structure, Efficiency, and Performance in Property-Liability Insurance。Journal of Risk and Insurance,72(4),635-673。
24.
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Maudos, J.(1998)。Market structure and performance in Spanish banking using a direct measure of efficiency。Applied Financial Economics,8,191-200。
26.
Mendes, V., and J. Rebelo(2003)。Structure and performance in the Portuguese banking industry in the nineties。Portuguese Economic Journal,2,53-68。
27.
謝夢龍(2005)。台灣專營期貨商獲利率之研究。台灣期貨與衍生性商品學刊,3,124-135。
延伸查詢
28.
Evanoff, D. D., and D. L. Fortier(1988)。Reevaluation of the structure-conduct-performance paradigm in banking。Journal of Financial Services Research,1,277-294。
29.
Zhang, W. D., S. Zhang, and X. Luo(2006)。Technological progress, inefficiency,and productivity growth in the US securities industry, 1980-2000。Journal of Business Research,59(5),1980-2000。
30.
謝夢龍(2005)。臺灣專營期貨商獲利率之研究。臺灣期貨與衍生性商品學刊,3,124-135。
延伸查詢
31.
Evanoff, D. D.、Fortier, D. L.(1988)。Reevaluation of the structure-conduct-performance paradigm in banking。Journal of Financial Services Research,1,277-294。
32.
Hick, J. R.(1935)。Annual survey of economic theory: the theory of monopoly。Econometrica,3(1),1-20。
33.
Maudos, J.(1998)。Market structure and performance in Spanish banking using a direct measure of efficiency。Applied Financial Economics,8,191-200。
34.
Mendes, V.、Rebelo, J.(2003)。Structure and performance in the Portuguese banking industry in the nineties。Portuguese Economic Journal,2,53-68。
35.
Zhang, W. D.、Zhang, S.、Luo, X.(2006)。Technological progress, inefficiency, and productivity growth in the US securities industry, 1980-2000。Journal of Business Research,59(5),1980-2000。
圖書
1.
Färe, Rolf、Lovell, C. A. Knox、Grosskopf, Shawna P.(1985)。The measurement of efficiency of production。Boston, Massachusetts:Kluwer-Nijhoff Publisher。
2.
Greene, W. H.(2000)。Econometric Analysis。New York:Macmillan。
3.
Demsetz, H.(1974)。Two systems of belief about monopoly。Industrial Concentration: The New Learning。Boston。
4.
Demsetz, H.(1974)。Two systems of belief about monopoly。Industrial Concentration: The New Learning。Boston。
5.
Shepherd, W. G.(1982)。Economies of scale and monopoly profits。Industrial Organization, Antitrust, and Public Policy。Boston。
圖書論文
1.
Lovell, C. A. K.(1993)。Production Frontiers and Productive Efficiency。The Measurement of Productive Efficiency--techniques and applications。New York:Oxford University Press。
2.
Shepherd, W. G.(1982)。Economies of scale and monopoly profits。Industrial Organization, Antitrust, and Public Policy。Boston, MA:Kluwer Nijhoff。
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