根據民國80至82年綜合證券商資料,本文首先利用資料包絡分析法評估個別綜合證券商的技術效率;然後,利用迴歸分析探討導致綜合證券商獲利能力差異之因素。結果發現,技術效率對獲利能力有正向影響;經營規模與獲利能力間具有三次方的非線性關係;業務集中度對獲利能力之影響方向為負的;擁有分公司證券商的獲利能力較未擁有者低;業務風險對獲利能力有負面影響。證券經紀商家數減少、股票市場年成交總值與加權股價指數回升導致民國82年綜合證券商獲利能力顯著地改善。 Based on 1991-1993 data of integrated securities firms in Taiwan, this paper first uses DEA to assess technical efficiencies of these firms, and then applies the regression analysis to study determinants of their profitabilities. The results show that technical efficiency has a positive impact on a firm's profitability. There exists a cubic relationship between the firm's size and profitability. The impact of the firm's service concentration on its profitability is negative. Firms with a branch or branches enjoy higher profits than those without any branches. Firms with low operating risks are more profitable than those with high operation risks. A decrease in the number of securities brokers, rising total trading value of listed stocks and Taiwan stock exchange index help to improve profitabilities of integrated securities firms in 1993.