The Effect of Pre- and Post-Mergers on Efficiency and Productivity of Professional Securities Dealers: an Application of Data Envelopment Analysis
| Autor: | Yung-ming Chen, 陳永明 |
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| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 高階經營管理碩士在職專班(EMBA) 100 Merger is a dynamic process whereby two or more companies merge into one, aiming to increase its market share. In this study, we assessed the impact that mergers had on the performances of the domestic securities dealers, which are Polaris Securities, Fubon Securities, Capital Securities, Taiwan International Securities, KGI Securities and Capital Securities (the second wave of merger), over the past decade. The data covered the period from 1998 to 2011. The framework for the analyses is using Data Envelopment Analysis (DEA) and Malmquist Productivity Index (MPI) to investigate the impacts of mergers on the efficiency and the productivity growth, respectively. The result showed that (1) there is no great potential for the efficiency and the productivity improvements in the domestic securities dealers; (2) the merger process of Capital Securities (the second wave of merger) led to productivity improvements in the post-merger periods for the reasons that merged companies utilized their economies of scale to improve efficiencies. (3) mergers strengthen their market positions and market shares. These results are an asset to the less-explored field of the impact of mergers in securities dealers. The period of this study is too short to attain the true impacts of mergers on the efficiency and the productivity growth. We proposed that the follow-up studies ought to use the analysis data more than ten years. We expected that there is great potential for the efficiency and the productivity improvements in the domestic securities dealers. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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