我國觀光業上市櫃公司財務績效之研究

A Study on the Financial Performance of Publicly-listed Tourism in Taiwan

謝鎔聯(Peter Hsieh)

指導教授 ： 朱文增

國立臺灣師範大學/運動與休閒學院/運動與休閒管理研究所/碩士(2003年)

摘要

觀光休閒遊憩產業係結合旅館業、餐飲業、休閒遊憩業及旅行社等行業組成的綜合性服務產業。近年來雖然政府政策很重視我國觀光業，但歷經外在大環境的考驗，卻依然有統合開發等公司下市事件。相關產業在經營管理模式上，的確需要改善體質，以因應大環境變化的嚴酷考驗。
本研究旨在探討財務比率資訊以分析影響觀光業獲利因素，對內作為企業財務診斷及規劃之參考，對外作為投資者投資時之參考依據。
以台灣證券交易所分類之觀光業十一家股票上市上櫃公司為研究對象，研究期間從1996年至2003年止，共連續八年之財務比率資料，研究方法採主成份分析法萃取主成份，以多元逐步迴歸分析法進行影響變數的研究。
主要研究結果發現如下：
一、我國觀光業上市櫃公司的獲利能力與資金能力因素有顯著相關，此成份之解釋量占最大比重，表示其營業活動所創造的資金流量越高，營業費用相關成本越低，則獲利能力將提升。
二、包含存貨公司的獲利能力與資產運用因素及資金運用因素有顯著相關，此成份之解釋量占最大比重。顯示每單位資產能創造營收效率越高越好，發放現金股利不宜偏高和現金流量越高越好。
三、不含存貨公司的獲利能力與資產運用因素及資金運用因素有顯著相關，此成份之解釋量占最大比重，且為負相關。顯示相關產業之資產總額應該在擴張業務時也跟著膨脹，若資產總額太小，則擴張業務不宜太快。
關鍵字：觀光業、財務績效、財務比率

關鍵字

觀光業 ； 財務績效 ； 財務比率

並列摘要

The tourism is a multiple-service industry which integrates hotel service, food & beverage industry, recreation industry and travel agency. Although our government has been starting to emphasize tourism, we can still see that due to the weakness of economy, some companies, such as Tung-Ho Development Co. Ltd., were delisted from the stock market. Therefore, the tourism sector should improve the business model to face the challenges.
The objective of this study is to analyze the key factors that have significant correlations with profitability of domestically listed tourist companies. This research may even serve as companies’ financial review and investors’ investment guide.
The objects are 11 listed tourist companies as categorized by Taiwan Stock Exchange Corporation (TSEC). The study covers the period from 1996 to 2003, with collecting the companies’ financial ratio data of consecutive eight years. In this paper, the Principle Component Analysis is used to extract the principle components, and Step-wise Regression Method is applied to study variables.
Results of this study are as follows:
1.The profitability of listed tourist companies significantly correlates with their capital capability factor. The capital capability factor of this composition shares the greatest weighing. It shows that the profitability will increase when the cash flow is higher and the operating expense is lower.
2.The profitability of eight listed tourist companies which have inventories significantly correlates with their asset capability and capital capability factor. This factor of this composition shares the greatest weighing. It shows that the more revenue per unit can make and the higher the cash flow is, the better will be for the companies. It is not appropriate to issue too much dividend.
3.The profitability of three listed tourist companies which have no inventory significantly negative correlates with their asset capability and capital capability factor. This factor of this composition shares the greatest weighing. It shows that the companies should increase their total assets when the business is growing. If the assets of these companies are too small, the companies shouldn’t expand the business too fast.

並列關鍵字

Tourism ； Financial Performance ； Financial Ratio

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