應用DEA評估上市公司績效之研究 -以食品業為例

Access the Performance of the Food Industry by using Date Envelopment Analysis

何峻瑋(Jyun-Wei He)

指導教授 ： 劉春初

長榮大學/管理學院/國際企業學系(所)/碩士(2013年)

https://doi.org/10.6833/CJCU.2013.00210

摘要

本研究以資料包絡分析法針對我國食品業上市公司2008~2012年進行績效評估，利用公司財務資料作為投入與產出，主要目的是在評估企業過去的財務狀況與經營結果，透過分析的結果，以瞭解上市食品業公司的經營績效，以做為上市食品公司經營者與投資人在經營與投資時的重要依據。
根據資料包絡分析法之CCR、BCC模式之2008分析結果來看，整體均達相對效率值為1之公司有佳格、聯華、大統益、天仁等四家公司，而技術效率為1，規模效率值小於1的公司有味全、大成、大飲、統一、台榮、興泰等六家公司，表示無效率來源為規模無效率，味全、卜蜂、愛之味、泰山、福壽、聯華食、黑松、宏亞之技術效率值與規模效率值均小於1，但技術效率均小於規模效率，表示其無效率主要來自於技術無效率，此表示可能是由於生產因素之配置不當並無法有效運用，導致資源浪費而提高生產的成本造成無效率，因此，建議其可透過管理改善之資源調度，並逐步擴展經營規模達相對有效率，而透過差額分析，大部分的廠商是由於固定資產運用效率不彰的問題，將選取效率值為1的作為投資組合，結果顯示，透過投資組合的投資報酬率高達22.18%，遠高於將所有食品業公司的投資報酬率13.82%，台灣食品市場已漸成熟，未來的趨勢將朝向高附加價值、強調品牌、產品分化等方向，在面對市場後的強大競爭下，如何協助創造產品價值、產業降低成本，進而發揮區域影響力將會是台灣食品產業未來努力的方向。

關鍵字

食品業 ； 績效評估 ； 資料包絡分析法

並列摘要

This paper conducts an assessment of the performances of public-stock food product manufacturing corporations in Taiwan in the period from 2008 to 2012 employing the data envelopment analysis method, which utilizes the respective corporate financial data for its input and output data. The primary objective of the paper is to assess the past financial status and business operating performances of the corporations, and through the analysis results obtained, understand the business performance of public-stock food product manufacturing corporations. Findings serve as valuable reference for the investment and business consideration of investors and operators of public-stock food product manufacturing corporations.

Based on the 2008 analysis results obtained under the CCR and BCC modes of the data envelopment analysis method, four corporations achieved a relative efficiency value of 1 in the overall category, namely, Standard Foods Corporation, Lianhwa Foods Corporation, TTET Union Corporation, and Ten Ren Tea Co., Ltd. On the other hand, six corporations achieved a technical efficiency value of 1 and a scale efficiency value less than 1, namely Wei Chuan Corp., DaChan Great Wall Group, Oceanic Beverages Co., Ltd., Uni-President, Tairoun Products Co., Ltd., and Shin Tai Industry Co., Ltd. The data indicated that this inefficiency could be traced to its scale inefficiency. Wei Chuan Corp., Charoen Pokphand Enterprise (Taiwan) Co., AGV Products Corp., Taisun Enterprise Co., Ltd., Fwusow Industry Co., Ltd., Lianhwa Foods Corporation, Hey Song Corporation, and Hunya Foods Co., Ltd. posted a technical efficiency value and a scale efficiency value less than 1, but the technical efficiency value was lower than the scale efficiency value, which means that their inefficiency could mainly be attributed to their technical inefficiency. This implies a possible improper allocation of production factors that impeded the effective optimization of these factors and resulted in the waste of resources, thereby raising the cost of production and leading to the inefficiency. Hence, it is recommended that the corporations improve their resource allocation through management and gradually expand the scale of operation to achieve relative efficiency. The gap analysis revealed that majority of the manufacturers selected the investment portfolio possessing an efficiency value of 1 due to the poor utilization efficiency of their fixed assets. The results manifested that rate of return on the investment portfolio reached as high as 22.18%, far higher than the rate of investment return (13.82%) of all food product manufacturing corporations. The food product industry of Taiwan is gradually gaining sophistication. The future industry trend veers towards high value-added product, emphasis on brands, and product differentiation. In face of the strong competition in the market, the focal points of future business endeavors of the Taiwan food industry shall include the assistance in creating product value and the reduction of production cost, thereby bringing its regional influential power into full play.

並列關鍵字

food industry ； performance assessment ； data envelopment analysis method

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