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第六章 結論
本研究以共同邊界成本模型，估計台灣證券業 2001 年至 2012 年之創新指標 TGR，並且搭配數個非結構法市場競爭度指標，探討證券業市場競爭度與創新之 關聯性。目前市場競爭環境方面，本研究分別以結構法及非結構法加以衡量。在 結構法下，估計出目前前 4 大廠商市占率約為 32%；HHI 指數則約為 524。非結構 法下，PCM 目前約為 0.7955，隱含廠商變動成本佔總收入約為 80%；新 Lerner 指 數衡量市場競爭度估計出 2001 年至 2012 年我國證券業平均值約為 0.402 左右，表 示該產業為獨占性競爭市場。另外，新 Lerner 指數之估計值較傳統 Lerner 指數低，
且標準差較小。
創新方面則以新與舊兩種共同成本邊界模型衡量，發現若以新共同邊界模型 估計，可得到較高之 TGR 估計值，且標準差較舊共同邊界模型低。利用不同的共 同成本邊界模型以及競爭度指標，可以比較各種模型的差異性以及顯著性。
若將樣本按照金控與非金控分類，按傳統 Lerner 指數與 PCM 所估計出的結果，
金控與非金控所面臨的市場競爭度存在顯著的差異，但兩者的結論卻相反；而新 Lerner 指數檢定結果發現這兩群券商面對的市場競爭度無顯著差異。在創新方面若 以新共同邊界模型衡量，金控券商之創新顯著小於非金控券商；若以舊共同邊界 模型衡量兩者無顯著差異。
實證結果發現我國證券業市場競爭度與創新可能呈 U 型關係或倒 U 型關係，
但將所估計出的市場競爭度指標代入後，發現目前市場競爭度與創新均處於正相 關階段，符合逃避競爭假說。依上述實證結果，我國不必致力於推動金融控股公 司之設立，而可藉由開放更多證券商業務，增加市場競爭度，以刺激其產業創新。
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(0.422246) (0.519777)
PCM2 -0.2914* -0.39022**
(0.158578) (0.190695)
Lold 4.38239
(4.63929)
L2old -4.31047
(3.7455)
total asset 9.75E-09* 9.27E-09 6.87E-10 (5.65E-09) (6.75E-09) (4.96E-09)
Equity total asset / 0.262677 -0.63936 -0.44081 (0.4123) (0.5328) (0.561997)
average wage 2.65E-06 -2E-06 1.75E-07 (2.94E-06) (4.73E-06) (1.96E-06) Sargan 檢定 p-value 0.922 0.998 0.606 0.812