DEA모형에 의한 우리나라 증권사의 효율성에 관한 연구 -사이버 증권거래를 중심으로- (A Study on The Efficiency of The Korea Securities Companies With DEA- Based on Cyber Trading -)

서지정보

· 발행기관 : 대한경영학회
· 수록지 정보 : 대한경영학회지 / 16권 / 4호 / 1181 ~ 1209페이지
· 저자명 : 장경천, 임우진

초록

This study is an attempt to estimate the efficiency of korea cyber trading and find the possibility of the improved efficiency by analyzing the efficiency of securities in Korea, based on korea cyber trading with DEA(Data Envelopment Analysis), providing the positive data that can compare the relative efficiency difference among securities and the average efficiency among certain groups.
Furthermore, by means of Modified DEA (MDEA) model, the ranking of efficient securities was estimated, and the change of trend in korea cyber trading was analyzed based on the method of DEA/WINDOW. The average efficiency of securities in Korea showed 63.7% in CCR, 2002, and 69.2% in BCC model, which revealed about 30% of non-efficiency. The efficiency of DEA/WINDOW in the recent three years showed 68.4%.
T-test analysis was performed to find the average difference of Large securities and small-to-medium securities by the scale of capital , and brought about no significant difference. The result of examining the average difference between securities transferred from investment trust companies and securities showed 20.5% in the former and 70.3% in the latter in the difference of efficiency. And the result of examining the average difference between on-line professional securities and securities indicated 100% for on-line securities, which turned out to be efficient, and 65.0% for securities.
To conclude, the effective improvement strategy for variables of input and output for the non-efficient securities has been suggested.

영어초록

This study is an attempt to estimate the efficiency of korea cyber trading and find the possibility of the improved efficiency by analyzing the efficiency of securities in Korea, based on korea cyber trading with DEA(Data Envelopment Analysis), providing the positive data that can compare the relative efficiency difference among securities and the average efficiency among certain groups.
Furthermore, by means of Modified DEA (MDEA) model, the ranking of efficient securities was estimated, and the change of trend in korea cyber trading was analyzed based on the method of DEA/WINDOW. The average efficiency of securities in Korea showed 63.7% in CCR, 2002, and 69.2% in BCC model, which revealed about 30% of non-efficiency. The efficiency of DEA/WINDOW in the recent three years showed 68.4%.
T-test analysis was performed to find the average difference of Large securities and small-to-medium securities by the scale of capital , and brought about no significant difference. The result of examining the average difference between securities transferred from investment trust companies and securities showed 20.5% in the former and 70.3% in the latter in the difference of efficiency. And the result of examining the average difference between on-line professional securities and securities indicated 100% for on-line securities, which turned out to be efficient, and 65.0% for securities.
To conclude, the effective improvement strategy for variables of input and output for the non-efficient securities has been suggested.

참고자료

· 없음