| Abstract: | 本研究係針對我國三家股票上市貨櫃航運公司及六家散裝航運公司為研究對象，因貨載屬性不同，將其分為兩組群進行營運效率之研究，並以2000年至2010年共計11年為研究期間。為解決每年樣本數相對少之問題，藉由視窗資料包絡分析法求得各航運公司之技術效率、純技術效率與規模效率後，再藉由中位數檢定各航運公司營運效率之差異。最後運用Tobit 迴歸模型，評估其他外在因素對效率的影響方向及程度。實證結果主要發現包括如下：一、在營運效率穩定性分析結果，在國內三家貨櫃航運公司中，以萬海航運表現最為穩定；在六家散裝航運公司中，則以益航航運表現最為穩定。二、在整體技術效率方面，以萬海航運為貨櫃航運公司中表現最佳；東森航運為散裝航運公司中表現最佳。在純技術效率方面，以萬海航運為貨櫃航運中表現最佳；益航航運為散裝航運中表現最佳。在規模效率方面，以陽明海運為貨櫃航運中表現最佳；東森航運則為散裝航運中表現最佳。三、依據Tobit 迴歸模型實證結果發現，匯率變動率與貨櫃航運公司之技術效率及規模效率呈現顯著之負向相關。其餘三項外在因素，亦即燃油價格變動率、全球經濟成長率及總艙位變動率等，和各項效率之間則無顯著相關。四項影響散裝航運之外在因素，亦即燃油價格變動率、匯率變動率、全球經濟成長率及總載重噸變動率等，和各項效率之間呈現無顯著相關。
The main purpose of this study is to evaluate the operational efficiency of three selected public container shipping companies as well as six bulk shipping companies. Since these two shipping industries are different in several aspects, the selected companies will be sorted into two sample groups for the study of operational efficiency. The period of this study is chosen from year 2000 to year 2010 with eleven consecutive years. In order to solve the problem with few sample sizes every year, Window – DEA application will be conducted to derive Technical Efficiency, Pure Technical Efficiency, and Scale Efficiency of these shipping companies. Meantime, the Median Test is conducted to find out the difference of operational efficiency among these shipping companies. Finally, the Tobit Regression is applied to evaluate the direction and the degree of influence by those outside factors which usually affect the shipping industry. The empirical results of this study are concluded as following：1.In the result of operational efficiency stability analysis, Wanhai is the best among three container shipping companies, and Firststeam Line is the best among six bulk shipping companies.2.For the comparison of performance in Technical Efficiency, Wanhai is the best among three container shipping companies, and Emic is the best among six bulk shipping company. In Pure Technical Efficiency, Wanhai also is the best among container shipping companies, and Firststeam Line is the best among bulk shipping company. In Scale Efficiency, Yang Ming Line is the best among container shipping companies, and Emic is the best among bulk shipping company.3.The result of Tobit Regression shows that the exchange rate of USD has significant negative effect to both Technical Efficiency and Scale Efficiency in container shipping companies, and the other three chosen factors, namely fuel price, world economy growth, and overall supply of capacity are insignificant with efficiencies. As for the four chosen factors which usually affect bulk shipping industry, namely fuel price, exchange rate of USD, world economy growth, and overall bulk tonnage supply are insignificant with efficiencies. |
