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標題: 網路股績效之衡量:以股東報酬率為概念之資料包絡分析法
Measuring Internet Stock Performance- A DEA Approach Based on ROE Ratio
作者: 王舜生
Wang, Shun-Sheng
關鍵字: Performance evaluation
Online Company
Data envelopment analysis (DEA)
Return on Equity (ROE)
出版社: 電子商務研究所
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摘要: 投資人在選擇投資標的時會對高績效的公司有較高的期望,所以本研究主要探討「是否投資人投資高績效的公司可以得到相對的高報酬」。雖然美國網路股在網路泡沫化之後仍吸引許多投資人,投資人卻始終擔心投資美國網路股的高風險。也就是因為風險較高,因此,更需要提供一個選股的方法給投資人,所以本研究認為美國網路股是一個值得研究的對象。本研究使用股東權益報酬率(ROE)的概念並以資料包絡分析法(DEA)來衡量27家網路公司的績效。本研究將資料包絡分析法分成兩步驟來衡量公司的績效。第一步驟衡量公司的營運績效,將營運績效分成營運效率與營運效果,衡量公司的營運績效。第二步驟衡量公司給予投資人的投資報酬,衡量每單位風險下所得到的報酬。本研究的最大貢獻是採用資料包絡分析法從管理者與投資人的角度去衡量公司的績效。對投資人而言,這是一個新的選股的方法。對管理者而言,這是一個新的績效評估方法。 研究結果顯示對網路產業而言,營運效果比營運效率對公司整體營運績效影響大。投資人投資高績效的公司可以得到高報酬,相反的,投資低績效的公司得到的報酬較低。
Investors pay more expectation to the high performance companies when they choose the investing target. The main topic of this research is to see “whether investing in companies with high financial performance can get a high return on investment or not”. After the “Internet bubble”, the U.S Internet stock market still appeals to numerous inventors. However, investors are still concerned about the high risk in investing in Internet stocks. Because of high risk, a stock selecting process for investors is needed. Therefore, the U.S Internet stock market is considered as a worthy research target. This research adopts the concept of Return on Equity (ROE) and Data Envelopment Analysis (DEA) to assess the performance of 27 U.S listed online companies. The DEA evaluation process is separated into two processes. Process 1 measures the operating performance of a company, and we use operating efficiency and effectiveness to see the operating performance. Process 2 measures how much return a company can generate for their investors. The main contribution of this thesis is to formulate a new DEA evaluation process for investors and managers. For investors, this is a new stock selecting strategy; for managers, it is a new performance evaluation process. The empirical results show that for the Internet industry, the effectiveness of a company is more important than operating efficiency. If investors invest in online companies with a high score in total efficiency, they can gain higher returns. If investors invest in companies with a low score in total efficiency, they gain lower returns.
其他識別: U0005-2506200713512800
Appears in Collections:科技管理研究所



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