本研究以民國90年至92年台灣地區投信公司資料，利用資料包絡法，計算台灣地區證券投資信託公司之經營效率，並分析其經營績效與公司屬性之關係。在效率指標估計方面，以淨值報酬率為產出變數，以基金規模、費用率、週轉率以及標準差作為投入變項，計算各投信公司之經營效率性。在公司屬性方面，以逐步回歸分析法探討公司類型、公司規模、公司成立年數、研究團隊人數、公司產品多角化程度、以及市場佔有率等因素與經營績效之關係。研究結果如下；1. 以整體信託基金68家3個年度資料而言，共有8家信託基金處於規模報酬固定階段，另有145家信託基金處於規模報酬遞增階段，51家信託基金處於規模報酬遞減階段。2. 有效率的信託基金CCR模式中得7家，BCC模式中得8家，有效率信託基金之穩定度，也由被參考次數的數據求得。3. 在公司屬性方面；由逐步回歸分析法求得公司成立年數與研究團隊項目，對於信託基金經營績效有顯著的影響。 This study is aiming at estimating the performance efficiency of mutual funds corporations in Taiwan and then analyzing the relation between performance efficiency and corporation characteristics by extracting financial data of those corporations from 2001 and 2003 and applying DEA as research method. Regarding index for efficiency estimation, this study takes the scale of funds, expense ratio, turnover ratio and standard deviation as index to measure scale of input and takes return of net value as index to measure scale of output. As for corporation characteristics, by means of regression analysis this study is also trying to figure out the relation between performance efficiency of mutual funds corporations and the following factors, such as types of corporation, business scales, establishment years, number of analysts, the level of product diversification and market share. Theresults are as follows. 1. Among 68 mutual funds corporations during the time span of 3 consecutive fiscal year, totally 204 units, 8 out of 204 units gain stable profits, while 145are in profit increasing trend and 51 in profit diminishing trend. 2. In CCR model 7 corporations are classified as high performance efficiency funds, while in BCC model there are 8. The stability of mutual funds corporation can also be referred as datas. 3. By the use of regression analysis it is found that the establishment years of corporation and number of analysts have prominent impact on the performance efficiency of mutual funds corporation.
