台湾半导体经营绩效与股价之关系.pdf

Economic Management Journal November 2014, Volume 3, Issue 4, PP.63-70 The Performance of Taiwanese Semiconductor Industry and Stock Price 1 2# 3 Shu- You Syue , Yi-Chung Hsu , Meng-Fen Hsieh 1. Deparment of Finance, National Taichung University of Science and Technology, Taichung, Taiwan 2. Deparment of Public Finance and Taxation, National Taichung University of Science and Technology, Taichung, Taiwan 3. Deparment of Finance, National Taichung University of Science and Technology, Taichung, Taiwan #Email: hsuyichung@.tw Abstract 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: (1)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. Keywords: Semiconductor Industry; Data Envelopment Analysis; Super SBM; Investment Performance 台湾