在我國現今金融市場的商品種類及數量繁多，又資訊複雜化及投資人專業知識不足等情況之下，不動產投資信託共同基金為較適合投資人的投資工具。因為對REITs長期而言，除總報酬率高於各類型債券外還具有許多投資上的優點。而本研究鑑於共同基金經營效率評估之重要性，主要透過資料包絡分析法對REITs基金績效評估，希望能使得各投信公司能有效地對REITs基金作好績效管理。並藉由本研究之結果，可協助管理者和投資人有效地分配和運用資源，並提供經營績效改善之方向。 本研究以我國開放型REITs為研究對象，資料期間為自該基金成立至2007年底，先利用DEA中CCR與BCC模式衡量其相對效率，再以差額變數分析，說明各項投入變數與各REITs經營績效間投入、產出組合是否有投入過量之情況。另外再探討配息與不配息之情形，是否會對REITs之相對效率造成影響。最後再藉由Tobit複迴歸模型分析探討各變數對其相對效率的影響，找出可能的影響共同基金績效之因素。 由本研究實證結果發現，在效率分析上，各基金之整體技術效率、純粹技術效率及規模效率呈現出相對無效率的情形。而由差額變數分析得知，投入變數部份皆有須減少投入的情況，其中須滅少比例較多之投入變數為直接成本率。而無母數的魏氏-曼-惠特尼檢定方法結果表示各REITs不論是配息或者不配息之方式，因為未達顯著水準皆不具有顯著性，故在各相對效率上並無統計上的顯著差異。最後的Tobit迴歸分析結果顯示，基金規模與整體技術效率、純粹技術效率呈現顯著正向影響；經理費與整體技術效率、純粹技術效率及規模效率呈現顯著負向影響。經理費與原先預期符號相同；而配息或不配息對基金效率無顯著影響。 There are many kinds of financial instruments in Taiwan, not only under information complication, but also investor lacks on specialized knowledge situation, the REITs is a better tool for investor in investment. Generally speaking, the long-term returns of REITs are higher than those of bonds. Through this empirical results hopefully can assist the REITs authorities in providing improvement directions and effective utilization resources and let investors know what the actual REITs performances are during our research period. This research focuses on measuring the efficiency of open-ended REITs in Taiwan. First, the CCR and BCC models of DEA are employed to measure the relative efficiency of REITs, and then we explain whether any input variable has the input excessive situation through slack variable analysis. Moreover, we also investigate whether there are possible impact factors on the efficiency of the REITs in terms of Tobit regression model. Overall speaking, the technology efficiency, pure technical efficiency and scale efficiency of REITs are inefficient. The ratio of direct cost is the top one input variable which is needed to be reduced to certain level for efficiency improvement through our slack variable analysis. In addition, through non-parametric analysis method results indicate that there is no significantly difference between with and without interest distribution of the REITs performance in terms of relative efficiency. Finally, the Tobit regression results show that the fund size of the REITs has positive impact on the REITs efficiency; the management fee has negative impact on the other hand; and with or without interest distribution of the REITs has no impact on the REITs efficiency.
