綜合證券商獲利能力影響因素之探討

The Determinants of Profitability of Integrated Securities Firms in Taiwan

依據2005至2009年台灣綜合證券商的資料，本文首先採用三階段資料包絡分析法評估綜合證券商的經營效率，然後再以其當解釋變數，利用迴歸分析探討影響綜合證券商獲利能力的影響因素，迴歸實證結果顯示，市場力量與經營效率假說對綜合證券商的獲利能力皆被顯著的確認；董監事規模、股市繁榮、高業務風險與上市櫃皆有助於綜合證券商獲利能力的提昇。

Based on the 2005-2009 financial data of domestic integrated securities firms in Taiwan, the three-stage DEA is first used to evaluate the efficiency of the domestic integrated securities firms. Then, by treating efficiency as an independent variable, the OLS is utilized to investigate the determinants of the domestic integrated securities firms' profitability. The regression results from the profitability equation are consistent with the market power theory and the efficiency structure hypothesis. Factors, including board size, rising stock price index, higher business risk and listing on TSE(Taiwan Stock Exchange) or OTC(Over-the-Counter), are found to have positive impacts on the profitability of integrated securities firms.