為瞭解近年來我國票券金融公司經營效率之良窳，本研究以二個投入變數及三個產出變數，運用資料包絡分析法、Malmquist跨期生產力指數分析，並輔以Tobit迴歸模型分析，探討我國票券金融公司其效率值與生產力變動及與財務比率間之相關情形；研究資料採用1999-2003年我國十四家專業票券金融公司之年度公開財務資訊，實證結果如下： 1.除中興、富邦票券為完全效率單位外，大部份之票券金融公司皆為規模無效率。 2.Malmquist跨期生產力指數分析中顯示除中華、玉山、力華票券呈衰退外，整體票券金融公司1999-2003年之生產力平均成長6.4%，主因技術進步；另就票券金融公司發展類型方面探討(效率變動、生產力趨勢)得知，高效率變動與高成長之票券金融公司為富邦、中信、大中、台灣票券，表示其相對具有競爭優勢；低效率變動與低成長之票券金融公司有國際、中華、大慶、萬通、力華票券，表示其效率、生產力趨勢仍須同步積極改善以提升競爭力。 3.Tobit迴歸模型分析中發現，總資產週轉率、流動比率分別與技術效率、規模效率值呈顯著正向關係，其他自變數與應變數並無顯著關係。 In order to comprehend the operational efficiency of bills financial corporations in Taiwan over recent years, this study employes the Data Envelopment Analysis (DEA) and Malmquist Productive Index Analysis as well as Tobit Regression Model Analysis through two input variables and three output variables to probe correlations between efficiency values and productivity changes and between efficiency values and financial ratios. The public financial data of 14 professional bills finance corporations from 1999 to 2003 are used and the empirical results are as follows: 1.Only Chung Hsing Bills Finance Corporation and Fubon Bills Finance Corporation show scale in efficiency while Most other bills finance corporations indicate scale inefficiency. 2.Malmquist Productive Index Analysis shows that the productivity of all bills finance corporations except China, E. Sun and Great Chinese Bill Financial Corporations from 1999 to 2003 averagely grew 6.4% mainly due to the improvement of technique efficiency. Furthermore, in respect to the development type of bills finance corporations (efficiency changes, productivity trend), it is found that bills finance corporations that have both high efficiency changes and high growth rate are Fubon, Chinatrust, Dan Chung, and Taiwan Bills Finance Corporations, which indicates a relative competitive edge. Bills finance corporations that have low efficiency changes and low growth rate are International, China, Ta Ching, Grand and Great Chinese Bills Finance Corporations, which indicates that efficiency and productivity trends of the firms should be aggressively and synchronously improved to increase their competitive edge. 3.By Tobit Regression Model Analysis, it is found that total assets turnover and current ratio show significant and positive relationship with technical efficiency and scale efficiency respectively while other independent variables show no significant relationship with dependent variables.
