台湾半导体经营绩效与股价之关系

The Performance of Taiwan Residents Semiconductor Industry and Stock Price

本研究运用数据报络分析法（DataEnvelopmentAnalysis，DEA）之BCC模式与Super-SBM模式分析台湾上市柜Ic产业之公司的经营绩效，并透过传统回归模型（OLSModel）探讨经营绩效和公司财务绩效与投资人投资绩效之关系，进而提供投资人在选股上有一个客观的综合性指标作为参考。结果显示：经营绩效不论是对于公司财务绩效或投资人投资绩效表现，皆有显着的正面效果，换言之，投资人在选股时可以透过该指标，选择在该产业中经营表现较为突出的公司，以作为长期投资的依据；另外本研究也发现FamaandFrench（1992）提出之账面市值比效应确实存在于股票市场。

This study employed Data Envelopment Analysis （DEA） and Panel Data model Analysis to evaluate relationship between managerial performance and financial performance or Investment performance rewards of Taiwan＇s semiconductor industry from 2005 to 2012. We adopt two DEA methods BCC and Super-SBM model to evaluate the efficiency of semiconductor industry. The following empirical results are found： （1）the IC packaging and testing firms perform better than others; （2）small scale is one of the causes of inefficiency; and （3）Super-SBM model compare to BCC model can find the most efficient IC industry company.Then we conduct panel data approach with OLS model and the Super-SBM efficiency scores to analyze the relationship. Our two main findings are： （l）the earnings and return predictability from operating performance of corporate＇s fundamentals; and （2） book-to-market effect does exist in Taiwan stock market. Together these findings, we added quantitative investment criterion to find the relatively good stock for investors.