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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/16526

Title: 應用財務比率評估航運業之獲利能力
A Study on Applying Financial Ratios to Evaluate the Profitability of Shipping Industry in Taiwan
Authors: Yu-Ta Chen
陳昱達
Contributors: NTOU:Department of Shipping and Transportation Management
國立臺灣海洋大學:航運管理學系
Keywords: 財務比率;獲利能力;航運業
financial ratios;profitability;shipping industry
Date: 2003
Issue Date: 2011-06-30T08:39:36Z
Abstract: 台灣為一海島,進出口物資,如:原物料、農產品、電子產品、民生物資等,極大部分以海運為主,故海運與經濟的發展形成相互依存的關係,所以我國航運業在國際貿易及經濟成長上扮演著重要的角色。 近年來受世界經濟景氣週期的影響及船舶不斷的大型化,航運業面臨了許多的競爭與危機。獲利是企業永續經營的不二法門,而影響獲利能力的因素有很多,例如:經濟景氣的榮枯、財務結構的好壞、員工的向心力與忠誠度、同業的競爭、潛在競爭者、企業的組織文化等,都是影響企業獲利能力的因素。但如何充分掌握財務資訊,以提高公司的獲利,達到永續經營乃是航運業所須面對的重要課題。 本研究目的為藉由財務比率與獲利能力之關連,評估影響上市航運業獲利的關鍵因素,以提供經營者或投資者做經營規劃及決策之參考依據。由於航運業具有需要龐大資本的特性,本研究亦以五十億資本為基礎,將其劃分大、小資本額航運業,比較其影響獲利的因素是否有顯著的差異性。 本研究係以「航業法」及經證期會核准在台灣證券交易所上市之航運公司為研究對象,總共十四家,研究期間為1997年至2002年底,共六年。各公司各選取十八項財務比率作為本研究的自變數,並以股東權益報酬率、營業利益佔實收資本比和稅前純益占實收資本比率三項獲利指標作為因變數。利用主成份分析、逐步迴歸分析進行實證研究。研究結果: 1、從財務報表所計算而得的十八項財務比率,經由主成份分析縮減為五個構面,分別為資產結構因素、短期償債能力及成長力因素、現金運用因素、運用資產效率因素和長期償債能力因素,此五個構面能解釋十八項財務比例的變異達84.352﹪,解釋力良好。 2、資產結構因素與獲利能力成負相關,其以固定資產對股東權益比為主,即資金之取得,自有資金的比率愈高,則獲利能力較差,此乃因自有資金的成本較借貸為高。 3、在現金運用因素方面,現金流量比愈高,表示擁有愈多的營業現金可供使用,償債能力強,也可增加公司的流動性。 4、在運用資產效率因素,首重總資產週轉率,航運業投資金額龐大,如果不能有效利用資產,將損失慘重。而總資產週轉率為測量企業是否充分利用總資產,減少閒置資產,增加獲利能力。
Developing international trade is the only way to help economy grow in Taiwan. According to 2003 statistics, ocean shipping plays an important role in economic development in Taiwan. In recent years, because of economic cycle and large size ships, shipping industry confront many competitions. The causes affect the profutability of shipping industry, include financial structure, employee’s loyalty, industry competitionors, and organization culture. Therefore , how to acquire financial information and increase company’s profitability are an important issue for shipping industry . The purpose of this study is to analyze the correlations between financial ratios and profitability, in order to provide reference to operations or investors for shipping inddustry. Based on the information of Taiwan stock Exchange Financial fact book, there were 14 shipping companies Eighteen financial ratios were used as ondependent variables. The Principle Component Analysis and step-wise Regression Method. The results are listed below: 1. Eighteen financial ratios from a financial statement were divided into five criteria. They were assets structure, short-term solvency and growth, applying cash, assets efficiency, and long-term solvency. All the criteria were within 84.352﹪of the total variance. 2. The assets structure and profitability correlated negatively. Primary financial ratios are property, plant, and equipment/stockholder’s equity. In other words, the more capital comes from stockholder’s equity, the less profitability is gained. The main reason is the cost of capital from stockholder’s equity is higher than loans. 3. In the respect of applying cash, the higher cash flows, the more working capital. Because it has strong solvency, and it can increase the cash flow of the company. 4. In the respect of assets efficiency, the most important factor is assets turnover ratio. Shipping industry usually has large amount of investment, thus a company must use its asset efficiently. Assets turnover is the indicator for a company to see its assets efficiency, unused assets, and profitability
URI: http://ethesys.lib.ntou.edu.tw/cdrfb3/record/#G0M91730016
http://ntour.ntou.edu.tw/ir/handle/987654321/16526
Appears in Collections:[航運管理學系] 博碩士論文

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