| Summary: | 碩士 === 逢甲大學 === 經濟學所 === 100 === This study has two main purposes. (1) To analysis operational efficiency of the United States, Japan, and France Disneyland by Window-DEA and SFA model. (2) To estimate the external environmental factors impact on the operational efficiency of Disneyland by Tobit regression. The source of data and part references is from Disneyland published financial statements of the three countries. The period of data is from 2003 to 2011 June. The number of sample is 51.
Empirical evidence showed. (1) Disneyland is an efficient national corporations .In the Window-DEA model, the average efficiency is 0.954（Median 0.994). In the SFA model, the average efficiency is 0.951（Median 0.967). The two models’ results are similar. In the rank of average efficiency level, the most efficient one is the United States, and the worst efficient one is France. Japan’s efficiency is between them. (2) The results of Hypothesis test indicated that the mean and median of the technical efficiency level from Window-DEA and SFA models are significantly less than 1. In the cross-countries efficiency difference test, the level of technical efficiency has significant differences among the United States, Japan and France in Window-DEA model; In SFA model, the level of technical efficiency doesn’t show significantly different between Japan (TE_SFA^J) and France (TE_SFA^F). In the efficiency of the difference test, TE_W is significantly greater than TE_SFA, but there doesn’t exist significant difference in the average test. After the financial crisis, the level of technical efficiency in the Window-DEA model is no significant differences. In the SFA model, the level of technical efficiency is significant reduction. (3) The empirical results of Tobit regression showed that Disneyland operational efficiency is significantly affected by the external environmental factors. When the exchange rate reduced by 1% that can significantly increase TE_W about 0.095, but it doesn’t have effect on TE_SFA. The per capita income increases by 1% that can significantly increase the TE_W about 0.316 and TE_SFA about 0.19. After the financial crisis, the TE_W significantly decreased by 0.012, and the TE_SFA significantly decreased by 0.045. In external environmental factors, the per capita income has the greatest impact on Disney''s operational efficiency.
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