Efficiency Analysis of Securities Brokerages underFinancial Holding and Non-financial Holding

• Main Authors: Yi-Rung Hsieh, 謝憶榕
• Other Authors: Ho-Chyuan Chen
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/68022585282911266420

碩士 === 國立高雄第一科技大學 === 金融營運所 === 92 === Efficiency Analysis of Securities Brokerages under Financial Holding and Non-financial Holding Abstract This paper inspects the changes in the efficiency of securities brokerages under financial and non-financial holding structures in 2001 and 2002. The input includes assets, labor, and other operating factors, measured by dollar amount; whereas the output consists of revenues from brokerage, operation, and non-operation. Data Envelopment Analysis and Malmquist productivity index are used in this study. The data include 14 financial holding and 29 non-financial holding corporations. The analysis via Data Envelopment Analysis shows that in 2002 except for those under family control those securities corporations with financial holding structures do not get improvement in their operations. The technical and returns to scale efficiencies have not been found, reflecting the difficulties in the integration processes. As for the brokerages under non-financial structures, their performances have been the opposite. The analysis by Malmquist productivity index shows that the productivity of the brokerages under financial holding structures actually has weakened. The possible explanation may be flaws in the technical efficiency and allocation of resources. By contrast, those under non-financial structures indicate advances in their performance. The underlying cause may be the improvement of production technology. Overall, the results point out that the brokerages under financial holding structures have encountered difficulties in integration, causing losses in efficiency; whereas those with non-financial holding structures seem to find their niches when others are busy dealing with integration. Therefore, the brokerages with financial holding structures have performed worse than those without.