- 學位論文
運用資料包絡分析法評估Windows相關企業之經營績效
The Application of the Data Envelopment Analysis on the Performance Evaluation of the Windows’s related enterprise
摘要
近幾年來，由於國內資訊電子產業的快速成長，電子業不僅已成為我國重要經濟成長來源之一，在股市之中亦是投資人注目的焦點。因此，如何藉由已公開財務報表資訊，尋找出經營績效良好的公司，進而擬定有效的投資策略，不僅成為投資人所關注的議題，亦是本研究目的之一。 資料包絡分析法(Data Envelopment Analysis, DEA)是一種線性規劃方法，可以同時考慮多項投入及多項產出來衡量被評估的單位。尤其，已公開財務報表資訊屬多投入及多產出，DEA法乃是相當客觀且公平性的分析工具，實務上經常應用DEA方法在評估公營或民營企業之相對效率上。為求排除人為主觀判斷，本研究之目的，主要以DEA法對「投資人選股流程」進行實證分析，探討建構新流程之可行性。 因此，本研究應用DEA法，以Windows相關企業為對象，針對十九家企業進行營運績效分析，研究期間自民國93年至95年止共計三年，主要分為兩個部份，第一部份以「年」為單位、第二部份以「季」為單位，各尋找出該期間內經營績效良好之公司。並以所選擇績效相對佳之公司為樣本，進行投資組合實際操作，以公開財務報表資訊為指標進行新流程之設計。以建構一套科學化、系統化、簡單化的投資決策模式，期許有效降低投資人的投資風險，達到獲利多元化之目標。 透過實證分析研究後，可得主要結論如下：藉由DEA法對於「投資人選股流程」實證分析，並以業界常使用之八項指標，包括：營業成本、資產總計、營業收入、營業利益、保留盈餘、每股淨值、本期淨利、每股盈餘等，進行績效分析，結果顯示績效相對佳的公司，在證券市場上亦有相對高的投資報酬率。
並列摘要
In recent years, electronics industry in Taiwan has become not only a growing index of Taiwan’s economy but also the focus industry of drawing investors’ attention in Taiwan’s stock market under the fast growth of our electronic and information technology industries. In view of this, this study is intended to focus on the topics that investors are interested in, how to find an enterprise with excellent performance by means of its disclosed financial statements and related information, and then develop an effective strategy of stock investment. Data Envelopment Analysis (DEA) is a linear programming approach that allows measuring Decision Making Units (DMUs) by means of the collected inputs and outputs. As the disclosed financial statements are included in inputs and outputs based information, they are generally considered as an effective and objective analysis tool. DEA approach is therefore widely used to assess relative efficiency within the public and private sectors. To eliminate the individual’s subjective judgment, this study aims at an empirical analysis of the process of investor’s stock picking by using DEA approach and further exploring the possibility of reforming the process. Utilizing Data Envelopment Analysis (DEA), this study has examined the relative efficiency of 19 Windows-related enterprises in electronic and information industry for three years from 2004 to 2006 on a yearly and seasonal basis to find out enterprises with excellent performance, and further undertaken a practical operation of stock purchase/sale based on those enterprises that were picked out. Finally, in virtue of the disclosed financial statements, a scientific and systematizing decision-making mechanism process for investor’s stock picking has been created to protect investors from loss in stock investment and make them have the optimal gains. Through DEA approach and the empirical analysis of the process of investor’s stock picking supported by enterprise’s eight examining indexes including operating cost、total asset、revenue、operating profit、retained earnings、BPS、net profit、EPS, this study concludes that enterprises with excellent performance will relatively create a higher return on investment for investors.