| Summary: | 碩士 === 中國文化大學 === 財務金融學系 === 103 === The U. S. Subprime Mortgage Crisis in 2008 led to many financial institutions, in-cluding those of the securities industry, to be on the verge of bankruptcy. As the securi-ties industry has a pivotal position in financial markets, this study aims to use the Data Envelopment Analysis (DEA) to discuss the efficiency of the securities industry after the Financial Tsunami. The two-stage DEA covers the operational stage and the prof-it-making stage. In addition, this paper integrates the concept of the BCG matrix to categorize the efficiency values of the two-stage DEA by management strategy, and an-alyzes the strategy trajectory. Moreover, to verify whether there is any difference in the efficiency of various stages after the Financial Tsunami, the non-parametric statistical method is used to analyze the single-stage and two-stage efficiency values. Finally, de-cision making units (DMUs) are clustered according to environment variables in litera-ture, and the significant difference in efficiency is tested in order to understand the im-pact of environment variables on the efficiency of the securities industry after the Fi-nancial Tsunami. The empirical results can serve as reference for the securities industry to assess its operational performance and profit performance. In addition, this study provides a tool for securities industry decision-makers to assess business performance after the Financial Tsunami.
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