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題名 台灣證券業市場競爭度與創新之研究
Competition and Innovation in Taiwan Securities Industry
作者 陳世章
貢獻者 黃台心
陳世章
關鍵詞 台灣證券業
隨機共同邊界模型
關聯結構法
市場競爭度
創新
日期 2013
上傳時間 14-Jul-2014 11:32:32 (UTC+8)
摘要 為研究台灣證券業市場競爭度與創新之關係，本研究使用TEJ收集2001年至2012年台灣證券業共949筆之不平衡縱衡資料，以Huang et al. (2013)提出新Lerner指數、傳統Lerner指數及PCM等非結構法指數衡量市場競爭度；以Huang、Huang and Liu (2014) 所提出之新共同邊界模型以及Battese et al. (2004) 所提出之舊共同邊界模型衡量創新。若以不同模型衡量市場競爭度與創新，兩者可能呈U型或倒U型關係，但以估計出的市場競爭度帶入模型後，發現目前市場競爭度與創新在正相關之階段，符合逃避競爭假說。
參考文獻 [1]李文福, & 張佩茹. (2013). 台灣上市櫃證券商經營績效分析-一般化 Malmquist 生產力指數之應用. 經濟研究 (Taipei Economic Inquiry), 49(1), 89-134.\n[2]Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2002).Competition and innovation: An inverted U relationship (No. w9269). National Bureau of Economic Research.\n[3]Aghion, P., Harris, C., Howitt, P., & Vickers, J. (2001). Competition, imitation and growth with step-by-step innovation. The Review of Economic Studies,68(3), 467-492.\n[4]Aigner, D., Lovell, C. A. A., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. journal of Econometrics, 6(1), 21-37.\n[5]Battese, G. E., Rao, D. P., & O`Donnell, C. J. (2004). A metafrontier production function for estimation of technical efficiencies and technology gaps for firms operating under different technologies. Journal of Productivity Analysis, 21(1), 91-103.\n[6]Baumol, W. J. (1982). Contestable markets: an uprising in the theory of industry structure. American economic review, 72(1), 1-15.\n[7]Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European journal of operational research, 98(2), 175-212.\n[8]Blundell, R., Griffith, R., & Van Reenen, J. (1995). Dynamic count data models of technological innovation. The Economic Journal, 333-344.\n[9]Boone, J., Van Ours, J. C., & Van Der Wiel, H. (2007). How (not) to measure competition. Centre for Economic Policy Research.\n[10]Bos, J. W., Kolari, J. W., & van Lamoen, R. C. (2013). Competition and innovation: Evidence from financial services. Journal of Banking & Finance,37(5), 1590-1601.\n[11]Bos, J. W., & Schmiedel, H. (2007). Is there a single frontier in a single European banking market?. Journal of Banking & Finance, 31(7), 2081-2102.\n[12]Coccorese, P. (2009). Market power in local banking monopolies. Journal of Banking & Finance, 33(7), 1196-1210.\n[13]Cornaggia, J., Mao, Y., Tian, X., & Wolfe, B. (2013). Does banking competition affect innovation. Journal of Financial Economics.\n[14]Courchane, M., Nickerson, D., & Sullivan, R. (2002, May). Financial Innovation, Strategic Real Options and Endogenous Competition: Theory and an Application to Internet Banking. In Conference on Innovation in Financial Services and Payments, Federal Reserve Bank of Philadelphia.\n[15]Elyasiani, E., & Mehdian, S. M. (1990). A nonparametric approach to measurement of efficiency and technological change: The case of large US commercial banks. Journal of Financial Services Research, 4(2), 157-168.\n[16]Fernández de Guevara, J., Maudos, J., & Pérez, F. (2007). Integration and competition in the European financial markets. Journal of International Money and Finance, 26(1), 26-45.\n[17]Frame, W. S., & White, L. J. (2004). Empirical studies of financial innovation: lots of talk, little action?. Journal of Economic Literature, 116-144.\n[18]Geroski, P. A., & Pomroy, R. (1990). Innovation and the evolution of market structure. The journal of industrial economics, 299-314.\n[19]Goldberg, L. G., Hanweck, G. A., Keenan, M., & Young, A. (1991). Economies of scale and scope in the securities industry. Journal of Banking & Finance,15(1), 91-107.\n[20]Hannan, T. H., & McDowell, J. M. (1984). The determinants of technology adoption: The case of the banking firm. The RAND Journal of Economics, 328-335.\n[21]Hayami, Y. (1969). Sources of agricultural productivity gap among selected countries. American Journal of Agricultural Economics, 564-575.\n[22]Huang, T. H., Hung, C. J., & Liu, N. H.(2014). A new approcah to estimating the metafrontier production function based on a stochastic frontier framework. Journal of Productivity Analysis \n[23]Huang, T. H., Liu, N. H. & Kumbhakar, S. C.(2013). Joint estimation of the lerner index and cost efficiency using copula methods.\n[24]Hunter, W. C., & Timme, S. G. (1991). Technological change in large US commercial banks. Journal of Business, 339-362.\n[25]Klevorick, A. K., Levin, R. C., Nelson, R. R., & Winter, S. G. (1995). On the sources and significance of interindustry differences in technological opportunities. Research policy, 24(2), 185-205.\n[26]Lai, H. P., & Huang, C. J. (2013). Maximum likelihood estimation of seemingly unrelated stochastic frontier regressions. Journal of Productivity Analysis, 40(1), 1-14.\n[27]Levin, R. C., Cohen, W. M., & Mowery, D. C. (1985). R & D appropriability, opportunity, and market structure: new evidence on some Schumpeterian hypotheses. The American Economic Review, 20-24.\n[28]Lins, M. P. E., Gomes, E. G., Soares de Mello, J. C. C., & Soares de Mello, A. J. R. (2003). Olympic ranking based on a zero sum gains DEA model.European Journal of Operational Research, 148(2), 312-322.\n[29]O’Donnell, C. J., Rao, D. P., & Battese, G. E. (2008). Metafrontier frameworks for the study of firm-level efficiencies and technology ratios. Empirical Economics, 34(2), 231-255.\n[30]Panzar, J. C., & Rosse, J. N. (1987). Testing for" monopoly" equilibrium. The journal of industrial economics, 443-456.\n[31]Scherer, F. M. (1967). Market structure and the employment of scientists and engineers. The American Economic Review, 524-531.\n[32]Schumpeter, J. A. (1942). Capitalism, socialism and democracy. Routledge.\n[33]Sklar, M. (1959). Fonctions de répartition à n dimensions et leurs marges. Université Paris 8.\n[34]Tsay, W. J., Huang, C. J., Fu, T. T., & Ho, I. L. (2013). A simple closed-form approximation for the cumulative distribution function of the composite error of stochastic frontier models. Journal of Productivity Analysis, 39(3), 259-269.\n[35]Tsutsui, Y., & Kamesaka, A. (2005). Degree of competition in the Japanese securities industry. Journal of Economics and Business, 57(4), 360-374.\n[36]Wang, K. L., Tseng, Y. T., & Weng, C. C. (2003). A study of production efficiencies of integrated securities firms in Taiwan. Applied Financial Economics, 13(3), 159-167.
描述 碩士
國立政治大學
金融研究所
101352023
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101352023
資料類型 thesis
dc.contributor.advisor 黃台心zh_TW
dc.contributor.author (Authors) 陳世章zh_TW
dc.creator (作者) 陳世章zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 14-Jul-2014 11:32:32 (UTC+8)-
dc.date.available 14-Jul-2014 11:32:32 (UTC+8)-
dc.date.issued (上傳時間) 14-Jul-2014 11:32:32 (UTC+8)-
dc.identifier (Other Identifiers) G0101352023en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=75830-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融研究所zh_TW
dc.description (描述) 101352023zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 為研究台灣證券業市場競爭度與創新之關係，本研究使用TEJ收集2001年至2012年台灣證券業共949筆之不平衡縱衡資料，以Huang et al. (2013)提出新Lerner指數、傳統Lerner指數及PCM等非結構法指數衡量市場競爭度；以Huang、Huang and Liu (2014) 所提出之新共同邊界模型以及Battese et al. (2004) 所提出之舊共同邊界模型衡量創新。若以不同模型衡量市場競爭度與創新，兩者可能呈U型或倒U型關係，但以估計出的市場競爭度帶入模型後，發現目前市場競爭度與創新在正相關之階段，符合逃避競爭假說。zh_TW
dc.description.tableofcontents 誌謝 i\n摘要 ii\nABSTRACT iii\n目錄 iv\n圖目錄 vi\n表目錄 vii\n第一章 緒論 1\n第一節 研究背景 1\n第二節 研究目的與動機 4\n第三節 研究架構 6\n第二章 文獻回顧 8\n第一節 市場競爭度與金融創新之關係 8\n第二節 金融創新 10\n第三節 市場競爭度 12\n第三章 研究方法 15\n第一節 Lerner Index 15\n第二節 衡量金融創新 20\n第四章 資料來源與變數定義 26\n第一節 資料來源 26\n第二節 變數之定義 26\n第五章 實證分析 30\n第一節 市場競爭度 30\n第二節 證券業創新 38\n第三節 市場競爭度與創新之關聯性 41\n第六章 結論 46\n參考文獻 47\n附表 51zh_TW
dc.format.extent 5204471 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101352023en_US
dc.subject (關鍵詞) 台灣證券業zh_TW
dc.subject (關鍵詞) 隨機共同邊界模型zh_TW
dc.subject (關鍵詞) 關聯結構法zh_TW
dc.subject (關鍵詞) 市場競爭度zh_TW
dc.subject (關鍵詞) 創新zh_TW
dc.title (題名) 台灣證券業市場競爭度與創新之研究zh_TW
dc.title (題名) Competition and Innovation in Taiwan Securities Industryen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) [1]李文福, & 張佩茹. (2013). 台灣上市櫃證券商經營績效分析-一般化 Malmquist 生產力指數之應用. 經濟研究 (Taipei Economic Inquiry), 49(1), 89-134.\n[2]Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2002).Competition and innovation: An inverted U relationship (No. w9269). National Bureau of Economic Research.\n[3]Aghion, P., Harris, C., Howitt, P., & Vickers, J. (2001). Competition, imitation and growth with step-by-step innovation. The Review of Economic Studies,68(3), 467-492.\n[4]Aigner, D., Lovell, C. A. A., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. journal of Econometrics, 6(1), 21-37.\n[5]Battese, G. E., Rao, D. P., & O`Donnell, C. J. (2004). A metafrontier production function for estimation of technical efficiencies and technology gaps for firms operating under different technologies. Journal of Productivity Analysis, 21(1), 91-103.\n[6]Baumol, W. J. (1982). Contestable markets: an uprising in the theory of industry structure. American economic review, 72(1), 1-15.\n[7]Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European journal of operational research, 98(2), 175-212.\n[8]Blundell, R., Griffith, R., & Van Reenen, J. (1995). Dynamic count data models of technological innovation. The Economic Journal, 333-344.\n[9]Boone, J., Van Ours, J. C., & Van Der Wiel, H. (2007). How (not) to measure competition. Centre for Economic Policy Research.\n[10]Bos, J. W., Kolari, J. W., & van Lamoen, R. C. (2013). Competition and innovation: Evidence from financial services. Journal of Banking & Finance,37(5), 1590-1601.\n[11]Bos, J. W., & Schmiedel, H. (2007). Is there a single frontier in a single European banking market?. Journal of Banking & Finance, 31(7), 2081-2102.\n[12]Coccorese, P. (2009). Market power in local banking monopolies. Journal of Banking & Finance, 33(7), 1196-1210.\n[13]Cornaggia, J., Mao, Y., Tian, X., & Wolfe, B. (2013). Does banking competition affect innovation. Journal of Financial Economics.\n[14]Courchane, M., Nickerson, D., & Sullivan, R. (2002, May). Financial Innovation, Strategic Real Options and Endogenous Competition: Theory and an Application to Internet Banking. In Conference on Innovation in Financial Services and Payments, Federal Reserve Bank of Philadelphia.\n[15]Elyasiani, E., & Mehdian, S. M. (1990). A nonparametric approach to measurement of efficiency and technological change: The case of large US commercial banks. Journal of Financial Services Research, 4(2), 157-168.\n[16]Fernández de Guevara, J., Maudos, J., & Pérez, F. (2007). Integration and competition in the European financial markets. Journal of International Money and Finance, 26(1), 26-45.\n[17]Frame, W. S., & White, L. J. (2004). Empirical studies of financial innovation: lots of talk, little action?. Journal of Economic Literature, 116-144.\n[18]Geroski, P. A., & Pomroy, R. (1990). Innovation and the evolution of market structure. The journal of industrial economics, 299-314.\n[19]Goldberg, L. G., Hanweck, G. A., Keenan, M., & Young, A. (1991). Economies of scale and scope in the securities industry. Journal of Banking & Finance,15(1), 91-107.\n[20]Hannan, T. H., & McDowell, J. M. (1984). The determinants of technology adoption: The case of the banking firm. The RAND Journal of Economics, 328-335.\n[21]Hayami, Y. (1969). Sources of agricultural productivity gap among selected countries. American Journal of Agricultural Economics, 564-575.\n[22]Huang, T. H., Hung, C. J., & Liu, N. H.(2014). A new approcah to estimating the metafrontier production function based on a stochastic frontier framework. Journal of Productivity Analysis \n[23]Huang, T. H., Liu, N. H. & Kumbhakar, S. C.(2013). Joint estimation of the lerner index and cost efficiency using copula methods.\n[24]Hunter, W. C., & Timme, S. G. (1991). Technological change in large US commercial banks. Journal of Business, 339-362.\n[25]Klevorick, A. K., Levin, R. C., Nelson, R. R., & Winter, S. G. (1995). On the sources and significance of interindustry differences in technological opportunities. Research policy, 24(2), 185-205.\n[26]Lai, H. P., & Huang, C. J. (2013). Maximum likelihood estimation of seemingly unrelated stochastic frontier regressions. Journal of Productivity Analysis, 40(1), 1-14.\n[27]Levin, R. C., Cohen, W. M., & Mowery, D. C. (1985). R & D appropriability, opportunity, and market structure: new evidence on some Schumpeterian hypotheses. The American Economic Review, 20-24.\n[28]Lins, M. P. E., Gomes, E. G., Soares de Mello, J. C. C., & Soares de Mello, A. J. R. (2003). Olympic ranking based on a zero sum gains DEA model.European Journal of Operational Research, 148(2), 312-322.\n[29]O’Donnell, C. J., Rao, D. P., & Battese, G. E. (2008). Metafrontier frameworks for the study of firm-level efficiencies and technology ratios. Empirical Economics, 34(2), 231-255.\n[30]Panzar, J. C., & Rosse, J. N. (1987). Testing for" monopoly" equilibrium. The journal of industrial economics, 443-456.\n[31]Scherer, F. M. (1967). Market structure and the employment of scientists and engineers. The American Economic Review, 524-531.\n[32]Schumpeter, J. A. (1942). Capitalism, socialism and democracy. Routledge.\n[33]Sklar, M. (1959). Fonctions de répartition à n dimensions et leurs marges. Université Paris 8.\n[34]Tsay, W. J., Huang, C. J., Fu, T. T., & Ho, I. L. (2013). A simple closed-form approximation for the cumulative distribution function of the composite error of stochastic frontier models. Journal of Productivity Analysis, 39(3), 259-269.\n[35]Tsutsui, Y., & Kamesaka, A. (2005). Degree of competition in the Japanese securities industry. Journal of Economics and Business, 57(4), 360-374.\n[36]Wang, K. L., Tseng, Y. T., & Weng, C. C. (2003). A study of production efficiencies of integrated securities firms in Taiwan. Applied Financial Economics, 13(3), 159-167.zh_TW