摘要
本研究應用二階段資料包絡分析法進行績效評估，以探討2011年~2015年上市、櫃數位遊戲公司在內部經營績效與外部市場績效的表現。結果顯示：研究期間上市、櫃數位遊戲公司的大規模企業與中小規模企業之間，不論內部經營績效或外部市場績效均在2015年才呈現顯著差異，且在大規模企業內部經營績效上因「規模效率(SE)」表現顯著較佳，以致「總效率(TE)」因而也顯著較佳；但在大規模企業外部市場績效上卻因「純粹管理效率(PME)」表現顯著較差，以致「總績效(TE)」因而也顯著較差。前者結論可由數位遊戲屬新興產業，開始逐漸產生規模經濟，或大規模企業較易募集資金，或消費者對大規模企業的產品較具信心等去理解；但後者却顯示大規模企業須透過各投入項(即營業收入淨額、加權專利數)不變下，進行各產出項(即TCRI信用評等、市場佔有率)的改善，以提升市場績效。
關鍵詞：二階段資料包絡分析法、數位遊戲公司、企業規模
JEL分類代號：L25，L86，M11
Abstract
In this study, Two-Stage Data Envelopment Analysis was used to evaluate the performance of listed digital games companies which were divided into the domestic market performance and the external market performance from 2011 to 2015. The results show that for both domestic market and external market performance, there is no significant difference between the large-scale enterprises and small and medium-sized enterprises in terms of operation performance until 2015. Moreover, in the domestic market performance of large-scale enterprises, "Total Efficiency (TE)" is significantly better due to the significantly better "Scale Efficiency (SE)". However, for the external market performance of large-scale enterprises, the "pure management efficiency (PME)" is significantly worse, resulting in "Total Efficiency (TE)" becoming significantly poorer. The former result is due to digital games being emerging industries and begin to gradually generate economies of scale, or large-scale enterprises are more likely to raise funds, or consumers are more confident about large-scale enterprises; the latter result shows that large-scale enterprises’ inputs (i.e. net revernue, weighted patents) remain unchanged, and their output (i.e. TCRI credit rating, market share) are improved in order to improve market performance.
Keywords：Two-Stage Data Envelopment Analysis, Digital Games Companies, Enterprise Scale