2008年爆發美國次級房貸危機，許多金融機構瀕臨破產的窘境，其中也包含證券業，而證券業在金融市場中又具有舉足輕重的地位。因此，本文的目的為基於資料包絡分析法(DEA)來探討金融海嘯後證券業之效率，採用兩階段DEA，包含營運階段和獲利階段。
本文整合BCG矩陣之概念，將兩階段DEA之效率值進行管理策略之劃分及策略軌跡之分析。為了驗證各階段之績效評估模型是否具有差異性，本文再透過無母數統計方法進行單一階段與多階段效率值之差異分析。此外，本文更藉由文獻上各環境變數來對決策單位(DMUs)分群，並檢定其效率是否有顯著差異，以瞭解金融海嘯後環境變數對證券業之效率影響。實證結果可提供證券業之管理階層評估其經營績效與獲利的表現，同時，本文亦提供證券業之決策者在金融海嘯後評估企業績效之工具。
The U. S. Subprime Mortgage Crisis in 2008 led to many financial institutions, in-cluding those of the securities industry, to be on the verge of bankruptcy. As the securi-ties industry has a pivotal position in financial markets, this study aims to use the Data Envelopment Analysis (DEA) to discuss the efficiency of the securities industry after the Financial Tsunami. The two-stage DEA covers the operational stage and the prof-it-making stage. In addition, this paper integrates the concept of the BCG matrix to categorize the efficiency values of the two-stage DEA by management strategy, and an-alyzes the strategy trajectory. Moreover, to verify whether there is any difference in the efficiency of various stages after the Financial Tsunami, the non-parametric statistical method is used to analyze the single-stage and two-stage efficiency values. Finally, de-cision making units (DMUs) are clustered according to environment variables in litera-ture, and the significant difference in efficiency is tested in order to understand the im-pact of environment variables on the efficiency of the securities industry after the Fi-nancial Tsunami. The empirical results can serve as reference for the securities industry to assess its operational performance and profit performance. In addition, this study provides a tool for securities industry decision-makers to assess business performance after the Financial Tsunami.
