English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 111316/142225 (78%)
造訪人次 : 48385536      線上人數 : 780
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/71134


    題名: 台灣專營期貨商市場結構、效率與獲利率之探討
    其他題名: Market Structure, Efficiency and Profitability of Taiwan’s Futures Commission Merchants
    作者: 張美玲;陳麗雪;王國樑
    Chang, Mei-Lin;Chen, Li-Hsueh;Wang, Kuo-Liang
    貢獻者: 經濟學系
    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
    日期: 2010
    上傳時間: 2014-11-04 18:21:25 (UTC+8)
    摘要: 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、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。
    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.
    關聯: 期貨與選擇權學刊, 3(2)
    資料類型: article
    顯示於類別:[經濟學系] 期刊論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    20101103.pdf350KbAdobe PDF2952檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋