財務績效指標之重要性分析研究 —以台灣化學工業上市公司為例—

The Importance of Financial Performance Index – A study of Publicly Listed Chemical companies in Taiwan

吳娟娟(Chuan-Chuan Wu)

指導教授 ： 簡俱揚

中原大學/商學院/會計研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200373

摘要

在全球經濟快速發展，國際競爭日趨激烈的同時，化學工業環境也產生巨大變化，如何升級轉型朝向高單價及高附加價值的方向發展，增加化工產品的需求，提升國際競爭力，已是目前刻不容緩的問題。財務績效的優劣，不僅顯示企業在經營上的好壞，更關係著企業未來的成長與發展。因此管理當局可藉由績效評估「鑑往知來」，預測未來企業的財務狀況與經營績效，更進一步謀求改善與突破，來增進企業的競爭力。而投資者及債權人可根據公司的財務績效如何，來作出明智且合理的投資與授信決策。本研究之研究目的分述如下：(一)萃取出化學工業的主要財務績效指標因素。(二)探討生技型公司與非生技型公司其不同的財務績效因素是否有顯著的影響存在。(三)將化學工業分成高績效群及低績效群。(四)探討不同績效群其財務績效指標差異的顯著與否。
本研究以財政部證券暨期貨管理委員會所核准，在台灣證券交易所上市的化學工業公司為取樣之標準，總共28家。共選取了22個財務比率，由於上市公司之財務報表均經會計師暨核簽證，其資料完整性高且準確較可作預測，因此本文所採用之財務比率可分為五大類。
本研究得到下列結論：
一、 本研究財務比率的選取，還是以具傳統財務報表分析及公開說明書將二十八家財務比率分為財務結構、償債能力、經營能力、獲利能力及成長力五大類。
二、 就台灣地區上市化學工業分成生技產業與非生技產業來分析財務因素，以單因子變異數分析來檢視生物科技公司對此五大類財務績效指標的影響如何，結建議目前已上市之化學工業產業應效法上櫃買賣中心之作法，將生化科技類型之公司獨立出來，成立「生化科技」類。
三、 將台灣上市之化學工業分成生技型產業與非生技型產業，可以看出兩類型的現金流量比率、利息保障倍數、總資產週轉率(次)、總資產週轉率(次)、研發費用率、稅後淨利成長率(%)、現金流量再投資比率其差異性達95%的顯著水準；而流動比率、速動比率、應收款項週轉率(次)其差異性達90%的顯著水準。
四、 藉由區分方法且根據主要五大類的財務因素比率種類，計算產業平均分數做為化學工業區分高、低績效族群之依據分群。各主要的財績效因素於不同的績效族群中，存在顯著的差異。本研究所得出之研究結果，可供為有意投資或經營化學產業者之參考；然仍應注意投資分散原則，避免投入所有的資金於此一產業。

關鍵字

財務績效 ； 指標 ； 化學工業

並列摘要

In parallel with rapidly world economic development and fierce competition in international community, the chemical industry is suffering enormous change. Thus, how to increase high unit price and added value products is urgently required to work out in order to increase the demand on chemical products and enhance the international competitiveness. The financial performance not only is an indicator of business operation, but also shows the future prospect of business. The management may estimate the prospective financial status and business performance by reviewing the past performance, thereby seeking for further improvement and breakthrough to increase the business competitiveness. Moreover, the investors and creditors will make rational and wise decision on investment and loan by referring to the financial performance. The study aims to: (1) extract the major financial performance indicators for chemical industry; (2) to identify whether various financial performance indicators impact clearly to biochemical and non-biochemical companies; (3) to divide the chemical industries into high performance and low performance groups; (4) to understand if any difference on financial performance indicators between different performance groups.

The sampling of the study is based on the chemical companies listed in Taiwan Stock Exchange, which are approved by the Securities and Futures Management Commission, Ministry of Finance, with 28 companies as specimens. The financial rate in 22 out of the specimens were selected due to the comprehensiveness and accuracy of these financial statements that were reviewed and audited by certified accountants. To this extent, the financial rate quoted in this study is divided into five categories.

The study comes to conclusion as follows:

1. The financial rate is selected according to the typical analysis on financial statements and prospectus of the 28 companies, and divides the financial rates into five areas, namely financial structure, solvency, management, profitability and growth.
2. In terms of analysis on financial factors of the listed chemical industries that are divided into biochemical and non-biochemical industries, the mono-factor variable analysis is applied to examine the impact of biochemical companies to the five financial performance indicators. It is suggested that the biochemical industries shall be separated from the listed chemical industries as the over-the-counter (OTC) does.
3. When dividing the listed chemical industries in Taiwan into biochemical and non-biochemical industries, up to 95% difference is found in the cash flow, protective interest multiplier, liquidity of total assets (times), R&D cost, growth rate of net worth after tax (%), reinvestment rate of cash flow, while 90% difference is seen in current ratio, quick ratio, liquidity of payments receivables (times).
4. Based on the classification and the five categories of financial factors, the average industrial scores are calculated and regarded as basis for division of high and low performance groups in chemical industries. The major financial indicators are found different in different performance groups. The potential investors and management of chemical industries may refer to the findings of this study to avoid putting all capitals in this industry under the principle of diversified investments

並列關鍵字

indicator ； chemical industry ； financial performance

參考文獻

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