本研究主要探討國內銀行業與證券業之效率。進一步比較在金控與非金控架構下之經營績效，樣本期間為2001至2011年。採用Huang, Huang, and Liu（2012）所發展之隨機共同邊界模型（HHL模型），設立隨機邊界迴歸模型推估共同成本邊界，以期真實反映廠商之效率表現。實證結果顯示：金控銀行在經營效率上發揮經營綜效，其表現確實略優於非金控銀行，但兩者間差距不大；非金控證券明顯優於金控證券，值得注意的是，此產業在經營上有衰退的趨勢。此外，本文也映證HHL模型在估計TGR上確實比起以往使用的數理規劃法，較能捕捉廠商之特性，能提供更有效的估計值。

This study aims to discuss the operating performance of Taiwan’s commercial banks and securities firms. Furthermore, efficiency comparisons among financial holding companies subsidiary and non-financial holding company, using a new two-step stochastic frontier approach（HHL Model）to estimate meta-cost frontier, over the period 2001-2011,and expect to reflect the firm’s reality performance. The empirical results show that banks holding company yield synergy, and the management ability is slightly better than non-financial holding banks, but the efficiency of independent securities firms is significant better than financial holding companies subsidiary, and also find that existence recession of securities industry. Otherwise, this study appears to support the HHL Model is useful than programming techniques, because it enables the statistical inferences to be drawn, and provides more efficiency estimations.

目錄
 第一章　緒論	1
第一節 研究背景與動機	1
第二節 研究目的	3
第三節 研究範圍與限制	4
第四節 研究架構與流程	4
 第二章　文獻探討	6
第一節 銀行	6
第二節 證券公司	8
第三節 共同邊界（meta-frontier）	9
第四節 論文評述	10
 第三章　研究方法	11
第一節 隨機共同邊界模型（HHL模型）	11
 第四章　資料蒐集與變數定義	16
第一節 銀行	16
第二節 證券業	19
 第五章　實證結果分析	21
第一節 銀行業	21
第二節 證券業	26
 第六章　結論與建議	33
第一節 結論	33
第二節 未來研究建議	34
 參考文獻	35
 附錄	38

表目錄
表 1-1. 2011年各產業實質生產毛額及占國內生產毛額 (GDP) 之比率 .................. 2
表 4-1. 平減後各要素之樣本統計量(銀行業) ............................................................ 18
表 4-2. 平減後各要素之樣本統計量(證券業) ............................................................ 20
表 5-1. 銀行業金控、非金控每年平均效率估計 ...................................................... 22
表 5-2. 銀行業金控非金控個別技術效率、技術缺口比率及共同邊界效率差異檢定彙總 ................................................................................................................... 25
表 5-3. 證券業金控、非金控每年平均效率估計 ...................................................... 27
表 5-4. 證券業金控非金控個別技術效率、技術缺口比率及共同邊界效率差異檢定彙總 ................................................................................................................... 30
表 5-5. 台灣券商每股稅後盈餘(EPS)的表現 ............................................................. 30
表 5-6. HHL、LP與QP之TGR比較（銀行業） .................................................... 32
表 5-7. HHL、LP與QP之TGR比較（證券業） .................................................... 32

圖目錄
圖 1-1. 金融與保險業比重 ............................................................................................ 2
圖 1-2.本研究之流程圖 .................................................................................................. 5
圖 5-1. 銀行業金控v.s非金控技術效率之趨勢圖 .................................................... 23
圖 5-2. 銀行業金控v.s非金控技術缺口比率之趨勢圖 ............................................ 23
圖 5-3. 銀行業金控v.s非金控共同邊界技術效率之趨勢圖 .................................... 24
圖 5-4. 本國銀行覆蓋率及逾放比率 .......................................................................... 26
圖 5-5. 證券業金控v.s非金控技術效率之趨勢圖 .................................................... 28
圖 5-6. 證券業金控v.s非金控技術缺口比率之趨勢圖 ............................................ 28
圖 5-7. 證券業金控v.s非金控共同邊界技術效率之趨勢圖 .................................... 29
圖 5-8. 集中市場總成交值(億元) ................................................................................ 31

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