觀光產業財務績效與公司治理改善策略-以台灣上市櫃觀光類股為例

Improvement Strategies of Financial Performance and Corporate Governance: A Case Study of Taiwan's Tourism Industry

周玉琴(Yu-Chin Chou)

指導教授 ： 彭開琼

共同指導教授 ： 王啟秀

健行科技大學/管理學院/經營管理研究所/碩士(2012年)

摘要

本研究將針對臺灣11家上市櫃觀光公司進行財務績效與董監經理人酬勞分析，以資料包絡分析法評估各家公司財務表現，產出項為財務五力（收益力、安定力、生產力、活動力與成長力），投入項為資產總計/股本、營業費用/股本與營業成本/股本等三項；董監經理人則是使用圓餅圖分析各家公司薪資主要組成成份。研究目的共有四項，首先臺灣地區觀光類股財務績效的探討，分析財務績效高低組群間的差異；其次分析觀光類股董監經理人酬勞組成成份；第三為財務績效與酬勞關係建構肥貓捕貓器；最後財務績效改進方向與目標，以規範董監經理人酬勞之合理範圍。本文之研究結果對於衡量觀光類股績效提供一套評估方法，同時對於經營者之經營管理提供有用之參考資訊，對於消費者亦提供一套新的決策法則。
針對表現有待改進之公司，提供相關建議，在投入項與產出項的部分，有5家觀光公司應該改善資產總計/股本；沒有觀光公司需要調整營業成本/股本；有5家觀光公司需要調整營業費用/股本；而稅後資產報酬率、淨值成長率、負債比率、總資產週轉率與每股營業額等五項產出項皆有14家觀光公司需要進行修正，分別為96A、96B、96C、96G、96I、97B、97C、97D、97K、98A、98C、98D、98H、98D。對於肥貓胖貓建議方面，應該從提升財務績效與降低董監經理人酬勞兩方面進行。

關鍵字

財務五力 ； 資料包絡分析法 ； 董監經理人酬勞 ； 捕貓器

並列摘要

We focus on the analysis of financial performance and the compensation of board director, by using data enveloping method to evaluate each individual financial performance. There are five output items which including: profitability, stability, productivity, activity and growth force and the input items are total asset/stock share, operational expense/stock share and operational cost/stock. We also use pie chart to analyze the major salary component.
There are four objectives of this study: 1. Discussion of financial performance of the Taiwan tourism stock and analysis of the financial performance difference of the high and low group, 2. The major component of the compensation of board director, 3. To construct the financial compensation and reward relationship structure of catching fat cat, 4. The direction and goal of financial improvement, to regulate the reasonable region of the reward of board director. There is a set of methods to evaluate the tourism stock, not only providing useful information to the manager, but also decision rule to the consumers.
From the perspective of input/output, there are five tour companies must improve their total asset/share. No company needs to adjust revenue cost/share. Five companies need to adjust operation cost/share. From the points of the after tax reward of asset, the clean growth rate, debt ratio, the total asset turnover rate, there are fourteen companies need to be corrected, which are 96A, 96B, 96C, 96G, 96I, 97B, 97C, 97D, 97K, 98A, 98C, 98D, 98H, 98D. We suggest to cut fat cat by promoting financial performance and demoting the board director rewards.

並列關鍵字

Financial five forces ； data enveloping method ； Board director reward ； fat cat catching

參考文獻

參考文獻

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