近年來全球金融科技（FinTech）的發展越發迅速，金融科技公司展現出不錯的成長潛力。而各國政府也紛紛推出相關的政策目標和原則來應對這個趨勢，例如美國於2017年發布《金融科技政策框架》（A Framework for FinTech）白皮書，內容闡述了聯邦政府對於金融科技創新的政策原則及其對該領域發展的態度。基於以上議題，本研究建構了三步驟的整合式模型：第一個步驟是採用動態兩階段網路資料包絡分析法（Dynamic Two-stage Network Data Envelopment Analysis）評估美國上市金融科技公司2015年至2019年整體及技術和營運兩階段的效率表現；第二個步驟是使用衝擊反應函數（Impulse Response Function）探討《金融科技政策框架》白皮書對於公司動態效率的影響；第三個步驟則是運用敏感度分析（Sensitivity Analysis）比較各個變數對效率之影響程度。研究結果顯示，金融科技公司整體效率低下的主因是受到技術效率表現不佳的影響；且政府確實可透過政策的制定和正向的態度促進金融科技產業的發展。本研究之結果不僅可提供金融科技公司管理改善的方向，也能提供政府關於金融科技發展的建議。;In recent years, the global financial technology (FinTech) has developed rapidly, and FinTech companies have shown good growth potential. Governments of various countries have also promulgated relevant policy objectives and principles to respond to this trend. For example, the United States published the "A Framework for FinTech" white paper in 2017, which elaborated on the federal government’s policy principles for FinTech innovation and its attitude towards the development of the field. Based on the above issues, this study constructs a three-step integrated model. The first step is to use Dynamic Two-stage Network Data Envelopment Analysis to evaluate the overall efficiency, technology efficiency and operation efficiency of U.S. public FinTech companies from 2015 to 2019. The second step is to use the Impulse Response Function to explore the impact of the " A Framework for FinTech " white paper on the company’s dynamic efficiency. The third step is to use Sensitivity Analysis to compare the degree of influence of each variable on efficiency. The results show that the main reason for the overall inefficiency of FinTech companies is the poor performance of technology efficiency, and the government can indeed promote the development of the FinTech industry through policy formulation and a positive attitude. The results of this study can not only provide directions for improving the management of FinTech companies, but also provide government suggestions on the development of FinTech.
