The Relationship of Onshore and Offshore High-yield Bond Fund’s Technical Efficiency and Managers’ Characteristics Analysis – Application of Bounded-variable and Meta-frontier DEA Model

• Main Authors: Tsai, Ming-Chin, 蔡明瑾
• Other Authors: Shiau, Chin-Du
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/dn4q82

碩士 === 東海大學 === 高階經營管理碩士在職專班 === 101 === The purposes of this study are: (1) To analyze onshore and offshore high-yield bond fund’s technical efficiency by the application of the Bounded-variable DEA model as the references for investment management companies to improve their performance, (2) To analyze onshore and offshore high-yield bond fund’s technical efficiency (TE), Technical Gap Ratio (TGR) and Metafrontier Technical Efficiency (MTE) by the application of the Meta-frontier DEA model for investors references to buy high-yield bond funds, (3) To analyze the relationship between onshore and offshore high-yield bond fund technical efficiency and managers' characteristics by the application of Tobit regression model to be the references for human resource management of financial management companies. The empirical results of the application of the Bounded-Variable DEA show that： (1) Onshore high-yield bond funds’ TE is significantly higher than offshore high-yield bond funds’ TE, (2) There is no significant influence among onshore high-yield bond funds’ TGR and offshore high-yield bond funds’ TGR, (3) Onshore high-yield bond funds’ MTE is significantly higher than offshore high-yield bond funds’ MTE. The empirical results of the application of the Tobit regression model show that： (1) The fund manager’s seniority and MBA degree have no significant influence on high-yield bond fund’s TE, TGR and MTE, (2) The economic growth rate has the significant negative effect on high-yield bond fund’s TE, TGR and MTE, (3) The exchange rate has the significant positive impact on high-yield bond fund’s TE and MTE, (4) The yields paid or not has the significant negative effect on high-yield bond fund’s TE and MTE.