台灣輪胎產業經營績效之研究

Operating Performance of the Tire Industry in Taiwan

陳家倫(Jia-Lun chen)

指導教授 ： 謝德宗

國立臺灣大學/社會科學院/經濟學研究所/碩士(2012年)

https://doi.org/10.6342/NTU.2012.10553

摘要

台灣研究輪胎產業的論文數量並不多，大多與正新公司有關，且皆以探討成功因素或策略為主、少有實證方面的論文。從一些文獻上得知輪胎產業發展成功的因素為:
一、 技術水準:輪胎產業須不斷的投入研發費用來提升技術水準和產品品質。
二、 經濟規模:輪胎產業乃資本密集勞力密集產業，不論對原料供應商或著購買者皆必須具有談判採購優勢，所以必須具有相當經濟規模以降低成本。
三、 品牌行銷:輪胎產業零售市場遠大於組車市場，因此建立品牌與銷售管道也是重要的成功因素之一 。
綜合上述本研究以台灣5家輪胎上市公司，研究期間為2001~2011共計11年的110筆的半年報資料，研究經濟規模、研發密度、多角化程度、市場集中度、行銷密度對企業經營績效的影響，以及重要原物料價格油價、天然橡膠以及合成橡膠、經建會台灣景氣燈號，採用同時考量時間序列和橫斷面panel data 模型估計方法。希望藉由此研究找出影響台灣輪胎公司經營績效的因素。
實證結果發現，油價、天然橡膠及合成橡膠價格皆對股東權益報酬率、營利率以及毛利率影響是負相關。景氣指標和總資產皆對股東權益報酬率、營利率以及毛利率影響是正相關。另外行銷密度對於營利率是負相關，多角化程度對毛利影響是負相關的，其他則不顯著。

關鍵字

經濟規模 ； 研發密度 ； 行銷密度 ； 多角化程度 ； panel data

並列摘要

Only a few papers are dedicated to study the tire industry in Taiwan. Most of them are related to the Cheng Shin Tire Company. Furthermore, most of the related papers study their strategies and factors of success, but not from an empirical point of view. Sifting through the literature, we summarize success factors of the tire industry as follows:
1. Technology Level: The tire industry requires constant research and development input to technology level and thus product quality.
2. Economy of Scale: The tire industry is quite labor and capital intensive. Companies need to have negotiating and purchasing niche against raw material suppliers and customers. Therefore, they require substantial economy of scale to lower their cost of production.
3. Brand Name Marketing: For the tire industry, retail market is far larger than car assembly market. Therefore, it is imperative to establish a good brand name and marketing channels.
This study focuses on 5 tire companies listed on the Taiwan Stock Exchange. We use 110 biannual reports of those 5 companies in the period from 2001 to 2011, and study the influences of the following factors on business operational efficiency: economy of scale, research and development intensity, the degree of diversification, market concentration rate, marketing intensity, oil price and major commodity prices, natural and synthetic rubber prices, and CEPD’s Taiwan Business Indicators. We use both time series and panel data models to uncover factors that influence the operating efficiency of tire companies.
Our empirical results show that high oil price and natural and synthetic rubber prices are negatively correlated with return on equity, operating margin and profit margin, while business indicators and total assets are positively correlated with them. Furthermore, marketing intensity is negatively correlated with operating margin, and the degree of diversification is positively correlated with profit margin. Other results are not statistically significant.

並列關鍵字

Economy of scale ； Research and development intensity ； Marketing intensity ； Degree of diversification ； Panel data.

參考文獻

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