為研究台灣證券業市場競爭度與創新之關係，本研究使用TEJ收集2001年至2012年台灣證券業共949筆之不平衡縱衡資料，以Huang et al. (2013)提出新Lerner指數、傳統Lerner指數及PCM等非結構法指數衡量市場競爭度；以Huang、Huang and Liu (2014) 所提出之新共同邊界模型以及Battese et al. (2004) 所提出之舊共同邊界模型衡量創新。若以不同模型衡量市場競爭度與創新，兩者可能呈U型或倒U型關係，但以估計出的市場競爭度帶入模型後，發現目前市場競爭度與創新在正相關之階段，符合逃避競爭假說。

[1]李文福, & 張佩茹. (2013). 台灣上市櫃證券商經營績效分析-一般化 Malmquist 生產力指數之應用. 經濟研究 (Taipei Economic Inquiry), 49(1), 89-134.
[2]Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2002).Competition and innovation: An inverted U relationship (No. w9269). National Bureau of Economic Research.
[3]Aghion, P., Harris, C., Howitt, P., & Vickers, J. (2001). Competition, imitation and growth with step-by-step innovation. The Review of Economic Studies,68(3), 467-492.
[4]Aigner, D., Lovell, C. A. A., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. journal of Econometrics, 6(1), 21-37.
[5]Battese, G. E., Rao, D. P., & O'Donnell, C. J. (2004). A metafrontier production function for estimation of technical efficiencies and technology gaps for firms operating under different technologies. Journal of Productivity Analysis, 21(1), 91-103.
[6]Baumol, W. J. (1982). Contestable markets: an uprising in the theory of industry structure. American economic review, 72(1), 1-15.
[7]Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European journal of operational research, 98(2), 175-212.
[8]Blundell, R., Griffith, R., & Van Reenen, J. (1995). Dynamic count data models of technological innovation. The Economic Journal, 333-344.
[9]Boone, J., Van Ours, J. C., & Van Der Wiel, H. (2007). How (not) to measure competition. Centre for Economic Policy Research.
[10]Bos, J. W., Kolari, J. W., & van Lamoen, R. C. (2013). Competition and innovation: Evidence from financial services. Journal of Banking & Finance,37(5), 1590-1601.
[11]Bos, J. W., & Schmiedel, H. (2007). Is there a single frontier in a single European banking market?. Journal of Banking & Finance, 31(7), 2081-2102.
[12]Coccorese, P. (2009). Market power in local banking monopolies. Journal of Banking & Finance, 33(7), 1196-1210.
[13]Cornaggia, J., Mao, Y., Tian, X., & Wolfe, B. (2013). Does banking competition affect innovation. Journal of Financial Economics.
[14]Courchane, M., Nickerson, D., & Sullivan, R. (2002, May). Financial Innovation, Strategic Real Options and Endogenous Competition: Theory and an Application to Internet Banking. In Conference on Innovation in Financial Services and Payments, Federal Reserve Bank of Philadelphia.
[15]Elyasiani, E., & Mehdian, S. M. (1990). A nonparametric approach to measurement of efficiency and technological change: The case of large US commercial banks. Journal of Financial Services Research, 4(2), 157-168.
[16]Fernández de Guevara, J., Maudos, J., & Pérez, F. (2007). Integration and competition in the European financial markets. Journal of International Money and Finance, 26(1), 26-45.
[17]Frame, W. S., & White, L. J. (2004). Empirical studies of financial innovation: lots of talk, little action?. Journal of Economic Literature, 116-144.
[18]Geroski, P. A., & Pomroy, R. (1990). Innovation and the evolution of market structure. The journal of industrial economics, 299-314.
[19]Goldberg, L. G., Hanweck, G. A., Keenan, M., & Young, A. (1991). Economies of scale and scope in the securities industry. Journal of Banking & Finance,15(1), 91-107.
[20]Hannan, T. H., & McDowell, J. M. (1984). The determinants of technology adoption: The case of the banking firm. The RAND Journal of Economics, 328-335.
[21]Hayami, Y. (1969). Sources of agricultural productivity gap among selected countries. American Journal of Agricultural Economics, 564-575.
[22]Huang, T. H., Hung, C. J., & Liu, N. H.(2014). A new approcah to estimating the metafrontier production function based on a stochastic frontier framework. Journal of Productivity Analysis
[23]Huang, T. H., Liu, N. H. & Kumbhakar, S. C.(2013). Joint estimation of the lerner index and cost efficiency using copula methods.
[24]Hunter, W. C., & Timme, S. G. (1991). Technological change in large US commercial banks. Journal of Business, 339-362.
[25]Klevorick, A. K., Levin, R. C., Nelson, R. R., & Winter, S. G. (1995). On the sources and significance of interindustry differences in technological opportunities. Research policy, 24(2), 185-205.
[26]Lai, H. P., & Huang, C. J. (2013). Maximum likelihood estimation of seemingly unrelated stochastic frontier regressions. Journal of Productivity Analysis, 40(1), 1-14.
[27]Levin, R. C., Cohen, W. M., & Mowery, D. C. (1985). R & D appropriability, opportunity, and market structure: new evidence on some Schumpeterian hypotheses. The American Economic Review, 20-24.
[28]Lins, M. P. E., Gomes, E. G., Soares de Mello, J. C. C., & Soares de Mello, A. J. R. (2003). Olympic ranking based on a zero sum gains DEA model.European Journal of Operational Research, 148(2), 312-322.
[29]O’Donnell, C. J., Rao, D. P., & Battese, G. E. (2008). Metafrontier frameworks for the study of firm-level efficiencies and technology ratios. Empirical Economics, 34(2), 231-255.
[30]Panzar, J. C., & Rosse, J. N. (1987). Testing for" monopoly" equilibrium. The journal of industrial economics, 443-456.
[31]Scherer, F. M. (1967). Market structure and the employment of scientists and engineers. The American Economic Review, 524-531.
[32]Schumpeter, J. A. (1942). Capitalism, socialism and democracy. Routledge.
[33]Sklar, M. (1959). Fonctions de répartition à n dimensions et leurs marges. Université Paris 8.
[34]Tsay, W. J., Huang, C. J., Fu, T. T., & Ho, I. L. (2013). A simple closed-form approximation for the cumulative distribution function of the composite error of stochastic frontier models. Journal of Productivity Analysis, 39(3), 259-269.
[35]Tsutsui, Y., & Kamesaka, A. (2005). Degree of competition in the Japanese securities industry. Journal of Economics and Business, 57(4), 360-374.
[36]Wang, K. L., Tseng, Y. T., & Weng, C. C. (2003). A study of production efficiencies of integrated securities firms in Taiwan. Applied Financial Economics, 13(3), 159-167.