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    题名: Market Competition and Innovation in Taiwan’s Securities Industry
    臺灣證券業市場競爭度與創新之研究
    作者: 黃台心
    Huang, Tai-Hsin
    贡献者: 金融系
    关键词: Securities Industry;Stochastic Metafrontier Cost Function;Copula Methods;Market Competition;Innovation
    證券業;隨機共同邊界模型;關聯結構法;市場競爭度;創新
    日期: 2018-06
    上传时间: 2018-12-11 11:53:52 (UTC+8)
    摘要: This study investigates the relationship between market competition and innovation for Taiwan’s securities industry over the period 2001-2012. The measures of new Lerner index and price-cost margin are first estimated to reflect the degree of competition in this industry. Innovation is measured by the gap between the group cost frontier and the stochastic metafrontier cost function, developed by Huang et al. (2014). We apply copula methods to estimate the new Lerner index, first applied by Huang et al. (2018), and obtain the average value of it is equal to 0.402, implying that this industry is monopolistically competitive. The average innovation measure of security firms belonging to financial holding company is higher than that of independent security firms. The relationship between market competition and innovation is found to be positive, which supports the hypothese of escape competition.
    為研究臺灣證券業2001 年至2012 年市場競爭度與創新之關係，本文從臺灣經濟新報資料庫整理出證券業廠商共949 筆不平衡縱橫資料，先以Huang et al.(2018) 所發展的新Lerner 指數、傳統Lerner 指數及價格成本差等非結構法指標，衡量市場競爭度；再以Huang et al. (2014) 提出之隨機共同邊界模型以及Battese et al. (2004) 提出之共同邊界模型衡量此市場之創新程度。運用關聯結構法得到新Lerner 指數平均值為0.402，表示此產業為獨占性競爭市場；非金控證券商所面臨的市場競爭度較高；金控證券商之創新顯著小於非金控證券商；市場競爭度與創新處於正相關階段，符合逃避競爭假說。
    關聯: 證券市場發展季刊, 第 118 期=Vol.30, No.2, pp.151-193
    Review of Securities and Futures Markets, 30:2, 151-194 (2018)
    数据类型: article
    DOI: 10.6529/RSFM.201806_30(2).0004
    显示于类别:[金融學系] 期刊論文

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