| Summary: | 碩士 === 國立雲林科技大學 === 財務金融系 === 107 === This study analyzes the operational efficiency of the 106-story Taiwan ETF in 2018. It used the three-stage network data envelopment analysis method to deeply explore the internal reasons that affect the overall efficiency, and divided the overall efficiency into management, resource management and portfolio management. Considering the similarities between business management and resource management, we combined them into alliance management. After distinguishing the risk management with higher risk, the weight of the intermediate resources is used to simulate the degree of risk difference, and the overall efficiency is checked. Finally, an internal resource imbalance indicator is established to measure the degree of risk difference.
The empirical results show that (1) the ETF ranked first in overall efficiency is the best performance, but the evidence shows that it is not fully efficient in other management processes. (2) After disassembling the overall efficiency, it is found that the ETFs ranked in front of the alliance efficiency are basically similar to the overall efficiency rankings, so the alliance efficiency and overall efficiency have an impact. (3) In the portfolio management and alliance management, it is found that the rankings of the two management efficiencies are different, indicating that the two efficiencies have no effect, but this is because the overall efficiency is the priority to consider the relationship between the efficiencies of the alliance. (4) When analyzing the efficiency of portfolio management, it is found that good portfolio management efficiency may have good overall efficiency; but good overall efficiency does not necessarily mean good portfolio management efficiency. (5) The Taiwan ETF does not have an internal resource imbalance, indicating that the alliance management risk is similar to the portfolio management risk.
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