اندازه گیری عملکرد شرکت های هلدینگ مالی تایوان :یک روش تجزیه بازده افزایشی
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Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Expert Systems with Applications, Volume 38, Issue 5, May 2011, Pages 5674–5679
Financial holding companies in Taiwan play an important role in the process of economic development. Facing the financial globalization and market liberalization, competition between financial holding companies is growing. In data envelopment analysis (DEA) studies, the efficiency measurement can have a two-stage structure. A common approach to the two-stage problem is to apply a standard DEA model separately in each stage; such approaches treat the stages in a two-stage process as operating independently of one another. Different from previous studies, this paper takes the series relationship of the two individual stages into account in measuring the profitability and marketability efficiencies of the Taiwan financial holding companies. It is found that the overall efficiencies of all financial holding companies are inefficient and the low efficiency score of the whole process is mainly due to the low efficiency score of the marketability process. Decomposing the overall efficiency into the component efficiencies helps a company identify the stage that causes inefficiency.
In Taiwan, the Financial Holding Company Act was signed into law. The Act permits banks, insurance companies, securities firms, and other financial institutions to affiliate under common ownership and offer their customers a complete range of financial services. Since the fences across among securities, insurance, and banking sectors have been removed, the operation modes and structures of the banking industry have changed. Facing the financial globalization and market liberalization, competition between financial holding companies is growing. Most bank efficiency studies employ only profitability efficiency (profit generating) evaluation, ignoring the market efficiency (market value increasing) in banking industry. While profitability efficiency is important for a financial institution, marketability efficiency is also critical given the fact that the real value of a financial institution should be ultimately defined by the current stock market (Luo, 2003 and Seiford and Zhu, 1999). This paper analyzes the profitability and marketability efficiencies of Taiwan financial holding companies. The efficiency index is useful for evaluating the impact of performance on financial holding companies and detecting the weak areas so that appropriate efforts can be devoted to improve performance. Data envelopment analysis (DEA), developed by Charnes, Cooper, and Rhodes (1978), is a well established nonparametric approach used to evaluate the relative efficiency of a set of comparable entities called decision making units (DMUs) with multiple inputs and outputs. Numerous DEA theoretical and application studies have been reported, such as Färe et al., 1994, Seiford, 1996 and Cooper et al., 2000. The efficiency performance of the financial industry has been a critical research stream that draws considerable attention from both academicians and policy makers (Aly et al., 1990, Bauer et al., 1998, Berger and DeYoung, 1997, Berger and Humphrey, 1997, Bhattacharyya et al., 1997, Bonin et al., 2005, Chiu and Chen, 2009, Elyasiani and Mehdian, 1990, Giokas, 2008, Havrylchyk, 2006, Kao and Liu, 2004, Kao and Liu, 2009, Liu, 2009, Luo, 2003, Miller and Noulas, 1996, Rezitis, 2008, Rezvanian and Mehdian, 2002, Seiford and Zhu, 1999, Sherman and Ladino, 1995, Valverde et al., 2007, Worthington, 2004, Yeh, 1996 and Yue, 1992). One type of DEA studies measures the efficiency via a two-stage structure where the first stage uses inputs to generate outputs that then become the inputs to the second stage. The second stage employs these outputs of the first stage as the inputs to produce its own outputs. For examples, Luo, 2003 and Seiford and Zhu (1999) measure the profitability and marketability efficiencies of US commercial banks via a two-stage DEA process, respectively. Their methods measure the profitability in the first stage using employee, assets and shareholders’ equity as inputs, and the outputs are revenues and profits. In the second stage for marketability, the revenues and profits are then utilized as inputs, while market value, total return on investments, and earnings per share are used as outputs. The efficiencies of the first stage, second stage, and the whole production process are calculated via three independent DEA models. Although they provide good ideas of performance evaluation for the financial institutions, they do not consider the relationship between the stages and the whole system. Different from previous studies, this paper adopts the method of Chen, Cook, Li, and Zhu (2009) to take the series relationship of the two individual stages into account in measuring the profitability and marketability efficiencies of Taiwan financial holding companies. Using the relational DEA approach to calculate the efficiencies are more meaningful. This study might help the financial holding companies utilize their resources effectively and improve their operating efficiency. The rest of this paper is organized as follows. We first introduce the approach of additive efficiency decomposition proposed by Chen et al. (2009).Then we have a brief description of Taiwan financial holding companies. Next, we calculate and analyze the efficiencies of the 14 financial holding companies in Taiwan, and finally, the results are discussed and some conclusions drawn from the discussion.
نتیجه گیری انگلیسی
In order to meet the world financial trend, Taiwan government has devoted to build up a stable and efficient management environment to attract global investors and financial institutions coming into the local financial markets. More important, a large number of Taiwan economics undertook massive liberalization of banking sectors to make them more productive and efficient. Financial holding companies play an important role in developing the island’s economy. The objective of efficiency measurement is to detect the weak areas so that appropriate efforts can be devoted to improve performance. In this study, we measure the efficiencies of the Taiwan financial holding companies using two-stage process where the outputs of the first stage are the inputs of the second stage. Different from previous studies, which treat the whole production process and the two individual stages as independent, this paper adopts the method of Chen et al. (2009) taking the series relationship of the two individual stages into account in measuring the profitability and marketability of the companies. The overall efficiency of the company is expressed as a weighted sum of the efficiencies of the two individual stages. The derived results show that the overall efficiencies of the 14 financial holding companies are inefficient. It implies that all the companies need to actively spur innovation and future growth by identifying and finding productive investment and appropriate management activities. In the first stage, the sub-process of profitability measurement, there are six companies are efficient. For the second stage, the sub-process of marketability measurement, there is only one company performs efficiently. In a statistical sense, the efficiency of the first stage is higher than that of the second stage. This indicates that the low efficiency score of the whole process is mainly due to the low efficiency score of the second stage, that is, the marketability efficiency. Financial holding companies should not only pursue profit earning but also put more resources and emphases on activities on generating market value. The ranks of the efficiency scores in the two individual stages reveal the source that causes the companies inefficiency of the whole process. Decomposing the overall efficiency into the component efficiencies helps a company identify the sub-process that causes inefficiency. The keener competition in financial markets has a huge impact on various kinds of operating risk encountered by financial institutions. In Taiwan, financial holding companies should carry on financial innovation and product differentiation to raise the competitiveness and the overall operation efficiencies. The present study might be able to provide some useful information for planning the associated activities to increase the competitiveness and enhance the management ability of the companies. This paper does not consider time series data. Since the efficiencies of financial holding companies may change over time, one can track the profitability and marketability efficiencies in different time periods to offer policy implications on how to enhance the company performance over time. In the future study, one may apply the appropriate method of Malmquist productivity index for the two individual stages and the whole system to benchmark the efficiency performance over a certain period.