本文以 2008 年至2011 年兩岸證券公司為樣本，探討中國大陸(14 家)與台灣(16 家)共計30 家證券公司作為研究對象，並以兩階段資料包絡分析法對樣本進行營運 效率及獲利效率。實證結果顯示大股東持股%不論在台灣、大陸與兩岸比較之營運 或獲利效率呈顯著正相關，表示大股東確實對公司由實質影響力。此結果與Yeh, Wang, and Chai（2010）大股東有更大的權利監控經理並且能降低公司籌資費用風 險有異曲同工之意。另外就台灣而言加入金控公司在營運與獲利效率皆呈顯著正 相關，充分表現台灣金控公司在台灣之舉足輕重。而大陸因開放時間就短，公司 成立的時間在營運與獲利效率皆呈顯著正相關，故公司成立時長短就成為一個重 要的因子。

In this paper, from 2008 to 2011 on both sides of securities companies as samples to explore the Chinese and and Taiwan selected total of 30 securities companies as the research object, and the two-stage data envelopment analysis of samples for operational efficiency and profitability efficiency. Empirical results show that the largest shareholder% both in Taiwan and mainland China operations or profit efficiency compared with the two sides positively correlated, which means that the company's largest shareholder is indeed the essence of influence. This result Yeh et al. 2010 major shareholders have greater rights monitoring company managers can reduce financing costs and risks would be similar meaning. Also for the purposes of financial holding companies in Taiwan to join the operational efficiency and profitability were highly significant positive correlation, the full performance of a significant financial holding company in Taiwan Taiwan. While the mainland due to the short opening hours, the company set up time in operating and profit efficiency were highly significant positive correlation, the length of time the company was founded has become an important factor.