泰國農業和食品業上市公司的經營績效評估和生產力變化之研究

The Performance Measurement and Productivity Change of Agro and Food Industry in Stock Exchange of Thailand

陳立鋒(Rapee Pongpanich)

指導教授 ： 彭克仲

國立屏東科技大學/國際學院/熱帶農業暨國際合作系/博士(2016年)

摘要

近年來，農產業與食品產業已逐漸影響泰國的農民，其產業亦扮演著提升泰國經濟的重要角色。農產業與食品學上市公司儼然已是決定農產品生產製造走向的決策者，而多數原物料也都送往其工廠進行製造生產。總體而言，上市公司是驅動農業的經濟主力，因此，上市公司的績效衡量在預測農產品的生產趨勢及獲利上是非常重要的。本研究目的在於以生產效率評估方法對上市的農業及食品產業的生產趨勢以及公司營運能力進行分析，並透過回顧企業部門的績效衡量與生產動力變數等相關文獻，對所研究變數擇定合適的研究方法。本文收集2011年至2015年間農業與食品產業的追蹤資料，並以情境相依資料包絡分析法評估決策單位的效率。文中採用情境相依資料包絡分析法中的吸引力(attractive)與進步力值(progress)，衡量上市公司的表現；同時，運用麥氏生產力指標(Malmqusit index)分析農產業與食品產業，在近五年內在證券交易市場上的生產變數進行分析。此外，利用Tobit迴歸分析出影響上市公司營運效率的影響要素。
經時證分析結果得到以個體層面分析農業及食品產業而言，調查顯示輸入與輸出變數具顯著影響。以固定規模報酬(CRS)中情境相依資料包絡分析法的衡量法(SBM)作為計算依據，透過10組決策單位歸類績效水平，本文呈現其中6組績效水平。從麥氏生產力指標的總結來看，研究發現，在2011到2015年間呈現追趕趨勢進而提高收益。根據Tobit迴歸分析，教育程度在兩個產業中皆能有效提升績效進而提高收益。
分析結果顯示，輸入與輸出變數在農業上具顯著影響。以固定規模報酬(CRS)中的情境相依資料包絡分析法計算，在9個上市公司中運用45組決策單位評估其績效水平，其中共呈現6組績效水平。從麥氏生產力指標綜觀農業，在2011到2015期間呈現遞減趨勢進而損失收益。依Tobit迴歸分析9間農業領域的上市公司，其結果顯示執行團隊人數對提高收益的影響。
從個體層面分析食品與冷飲產業，本研究以30間食品冷飲產業的上市公司作為研究分析，調查顯示輸入及輸出變數與自變數具顯著正相關。從固定規模報酬(CRS)中情境相依資料包絡分析，自30家上市公司共150組決策單位歸類其績效水平，結果呈現其中12組績效水平與68組決策單位較其他決策單位之表現更佳。從麥氏生產力指標綜觀食品與冷飲產業，2011到2015年之調查結果顯示，因技術變革衰退故呈現遞減趨勢進而損失收益。根據Tobit迴歸分析，其中教育程度對SBM績效有正面顯著影響。
此外，結合總體與個觀層面分析結果顯示，投入及產出變數與自變數為顯著正相關。透過情境相依資料包絡分析法計算，在39家上市公司中有195組決策單位歸類績效水平並以17組績效水平呈現，結果顯示其中6組較其他績效水平表現更佳。以麥氏生產力指標分析總體與個體層面，2011到2015年間之調查顯示，因技術變動衰退故呈現遞減趨勢進而損失收益。從Tobit迴歸分析結果來看，在農業以及食品產業中，其中教育程度對SBM績效有正面顯著的影響。
因此，本研究實證結果將有助於農民及政府了解農業生產力的趨勢，並且能使上市公司了解競爭對手的特色並藉以改善其組織。

關鍵字

農企業部門 ； 食品與飲料部門 ； 農業與食品產業 ； 情境相依資料包絡分析法 ； 上市公司 ； 證券交易

並列摘要

Nowadays, agro and food industry has influence on farmers in Thailand. This industry has important role to raise the growth of Thai economic. Listed companies of this industry play an important role in determining the type of agricultural products of manufacturers. Most of raw materials of agriculture will be sent to its manufactory. Overall, listed companies in this industry are the main driving force of the economy. The performance measurement of listed companies is an important tool for indicating the trend and yield of agricultural production. The main objective of this paper is to study the production trends and operational capabilities by using economic tools to analyze two sectors of the agro and food industry. This paper reviewed literatures on the performance measurement and productivity change of the business sector to obtain the relative variables and to determine the most suitable methodology. This paper is designed to use panel data of agro and food industry during the period of 2011 to 2015.The aim of this study is to propose the context-dependent DEA for evaluating the efficiency in Decision Making Units (DMUs). The context-dependent DEA is used to measure performance of listed companies by employing attractiveness and progress scores. The productivity change during the five year period of agro and food industry in the stock exchange market is investigated by Malmquist productivity index. Moreover, factors that affect the efficiency of operational listed companies are investigated by Tobit regression model.
According to the macro-level analysis of two sectors in agro and food industry, the findings showed that there were significant relationships exist between input and output variables. Based on the calculation of context-dependent DEA under CRS model, there are 10 DMUs were used to group the performance level and there were 6 performance levels were presented. As the summary of Malmquist productivity index, the findings indicated that there was apparent trend of catch-up term which led to earn more income during the years 2011-2015. According to the results of Tobit regression model of two sectors, a factor of education level had significantly increase the SBM efficiency scores both of two sectors.
Based on an agribusiness sector analysis, there were significant relationships exist between input and output variables. Based on the calculation of context-dependent DEA under CRS model, 45 DMUs of 9 listed companies were used to group the performance level. There were 6 performance levels were presented. As the summary of Malmquist productivity index in agribusiness sector, there was an apparent trend was diminishing which led to lose more income during the years 2011-2015. As the results of Tobit regression model of 9 listed companies in agribusiness sector showed that the number of chief executive had presented a positive impact on the slack-base measure efficiency scores.
Based on a food and beverage sector of micro-level, this research had been designed to summarize about the 30 listed companies analysis in food and beverage sector. As the findings, there were the input and output variables had positive correlations among independent variables. As the results of context-dependent DEA under CRS model showed 150 DMUs of 30 listed companies had been used to group the performance level. The results showed that there were 12 performance levels were presented and 68 DMUs that had highest performance level when considered with other DMUs. As the summary of Malmquist productivity index in food and beverage sector, these results implied that there was an apparent trend was diminishing which led to lose more income because technical change was declined during the years 2011-2015. According to the results of Tobit regression model, Education level was one importance factor that had positive impacts to the SBM efficiency scores.
Moreover, the combination of macro-level and micro-level analysis showed that there were input and output variables had also positive correlations among independent variables. As the calculation results of context-dependent DEA, there were 195 DMUs of 39 listed companies used to group the performance level and had 17 performance levels were presented. As the results, there were six DMUs that had highest performance level when compare with other DMUs. As the summary of Malmquist productivity index in macro and micro-level analyses, these results implied that there was an apparent trend was diminishing which lead to lose more income because there was too many reduction of technology used during the years 2011-2015. According to the results of Tobit regression model, there was education level was important factor that had positive impacts to the SBM efficiency scores of agro and food industry.
Therefore, the empirical results of this study can help farmers and government realize the trend of agricultural productivity and also help listed companies understand the character of competitors for leading to improvement their organizations.

並列關鍵字

agribusiness sector ； food and beverage sector ； agro and food industry ； context-dependent DEA ； listed company ； stock exchange

參考文獻

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