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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/35397

Title: 上市運輸產業融資決策因素分析及航運公司實際融資策略分析
Factors on Financing Decision of Transportation Industry and Shipping Financing Strategy Analysis
Authors: Min-Bin Tsai
蔡旻儐
Contributors: NTOU:Department of Shipping and Transportation Management
國立臺灣海洋大學:航運管理學系
Keywords: 運輸產業;資本結構;融資決策;融資工具;層級分析法
Transportation industry;Capital structure;Finance strategy;Finance instrument;AHP
Date: 2012
Issue Date: 2013-10-07T02:54:44Z
Abstract: 運輸產業具有財務風險大、投資金額龐大、回收期間緩慢特性,是一資本密集的產業,且海運業及空運業具有國際性,使其易受到世界經濟景氣影響,當全球經濟低迷時,往往立即反映於運輸市場,因為消費者信心不足而導致運量下滑及運價下跌的現象。運輸產業必須維持一定規模之運輸設備以提供運輸完整服務,海運及空運之運輸設備價格昂貴,所需資金比其他產業都來的高,且擁有偏高之負債比例,設備的成本高低將直接影響企業每年所提列的折舊額及營業淨利,因此對於運輸產業來說,各企業在面對現今資訊流通快速且競爭非常激烈的環境下,如何考慮來自於整體市場、企業特性及資金市場中之眾多因素,規劃融資決策以供應運輸設備所需之大量資金,及未來應如何維持公司之資本結構使公司價值最大化,及選擇最符合企業之融資決策、且資金成本最低之融資工具以取得資金,為企業高階管理者面臨之重要課題。 本研究對象限定為我國之上市運輸產業,首先就國內外學者之文獻進行整理,並彙整成三個構面及十三項準則,運用層級分析法來了解企業面臨融資時所重視的因素,最後再藉由實際訪談了解海運產業之實際船舶融資策略。研究結果發現 一、 陸運產業最重視的準則為「成長性」、「資本結構」、「產業別」。海運產業最重視的準則為「利率水準」、「成長性」、「企業規模」。空運產業最重視的準則為「成長性」、「負債比例」、「市場景氣」。 二、 根據訪談結果顯示,定期航商與不定期航商之購船策略明顯不同,各航商對於二手船舶的看法也有所差異,資金需求來源也依照各航商的偏好而有不同的策略,對於解約船舶及延後交船也看法不一。
There are many financing characteristics on transportation industry, like high financing risk and capital-intensive. Shipping and Airline industry with the characteristics of internationalization, when the global economic downturn, often immediately reflected in the transport market. Transport industry must maintain a fixed scale of transportation equipment to provide complete transportation services, the equipment of ship and airplane are very expensive, and have a high debt ratio. Firms face drastic and quick environment, and how to considering the aspect of market, firm and Capital market, then choose a suitable finance instrument to meet the benefits of low capital cost and capital structure.   This study focus on listed transportation company, firstly reviews possible factors influencing finance from previous literatures, three dimensions and thirteen decision factors are employed to construct the AHP decision making hierarchy and via interview to understand the shipping industry of ship finance strategy. The results showed that: 1. The land industry is the most important criteria for "growth", the "capital structure", "Industry". The shipping industry is the most important criteria for "interest rates "," growth "and" firm scale ". The air industry is the most important criteria for "growth" and " debt ratio ", " market economy ". 2. According to the interview, the different from liner and tramp shipping of the ship acquisition strategy, and shipping companies have different strategies for the second hand ship, termination and delayed of the ship.
URI: http://ethesys.lib.ntou.edu.tw/cdrfb3/record/#G0019973014
http://ntour.ntou.edu.tw/handle/987654321/35397
Appears in Collections:[航運管理學系] 博碩士論文

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