| Summary: | 碩士 === 樹德科技大學 === 金融系碩士班 === 105 === In this study, 20 electronics companies were selected from Yuanta Polaris Taiwan Top 50 Tracker Fund as examined units. The research period is from 2013 to 2015, which is divided into two stages. The first stage is using Data Envelopment method to select total assets, operating cost and fixed assets as input variables. Based on the operating income as output variable, the operating efficiencies are calculated for efficiency value analysis. The results show that there are still significant improvements in the average technical efficiency value of those 20 electronics companies. The Malmquist Productivity Index was used to study the average change in the overall situation during the research period. The results showed that the examined unit getting closer to constant returns to scale was gradually approaching the long-term optimal size and thus increasing the efficiency. In the second stage, Capital Asset Pricing Model was applied to find the best investment portfolio with the highest return and lowest risk for the previously selected companies of a technical efficiency. The return rate of each portfolio was then compared to Polaris Taiwan Top 50 Tracker Fund and the stock market index.
The results of this study are as follows:
1. The objective of this study, Inotera Memories, reached its technical efficiency and returns to scale for the three consecutive years during the study period. It shows that not only was the internal management performance good, but business operation as well as investment can also be adjusted with the economic fluctuations to the most suitable operation mode.
2. For the 20 electronics companies studied in this research, those who did not reach the scale efficiency were mostly with increasing returns to scale. This is to say that if the scale of operation is too small, it has to be adjusted and expanded to the optimum scale to enhance technical efficiency.
3. The results show that the capital asset pricing portfolio compared to 50 shares in Taiwan is no significant difference, but with the market index there are significant differences. But it is recommended that for the stocks in the stock market, multiple factors can be used for selection or serve as investment basis when buying and selling.
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