營建產業財務績效與風險值：奢侈稅前後比較

本文選取台灣經濟新報資料庫(TEJ)54家台灣上市櫃營建公司，以2010年7~12月與2011年7~12月為研究期間，探討營建產業財務績效、風險值，並且透過九宮格與整合方塊探討。財務評估模式選用資料包絡分析法(Data Envelopment Analysis, DEA)中麥氏指數(Malmquist Index, MI)探討各家營建公司的跨期財務績效表現，接著藉由風險值(Value at Risk, VaR)得出投資各公司每日的最大損失情形，最後將財務績效與風險值整合成九宮格圖形。本文將營建公司分成建設與非建設兩類，結果顯示，財務績效進步中，建設公司共40%、非建設公司共63%；財務績效衰退中，建設公司共60%、非建設公司共37%，績效方面建設公司退步的情形較大。實施奢侈稅後風險值下降的建設公司為17%，非建設公司僅8%，而風險值上升的建設公司為83%，非建設公司達92%，即大部分建設公司與非建設公司部分皆呈現風險值上升的情形。

關鍵字

奢侈稅；資料包絡分析法；財務績效；風險值；麥氏指數

並列摘要

According to Taiwan Economic Journal (TEJ) Database, This research aims at investigating overall performances of 54 listed construction industry companies in TSE or OTC, we select the second half-year of 2010 and 2011 to compare results. It explores financial performance, and value-at-risk. And, we analyze relationship between them. We use the data envelopment analysis (Data Envelopment Analysis, DEA) of Malmquist Index to analysis each construction & planning companies financial performance, and calculate Value at Risk (VaR) of them. We build style box of construction & planning companies with Malmquist Index and VaR to integrate performance of construction & planning companies. This study classifies construction & planning companies into two category, construction and non-construction. As the result, the performance in construction companies has a bigger recession. For the growth of financial performance, construction companies account 40%, while non-construction companies account 63%. For the decline of financial performance, construction companies account 60%, while non-construction companies account 37%. After practicing luxury tax, for the decline of Value at Risk, construction companies account 17% while non-construction companies account only 8%. For the rising of Value at Risk, construction companies account 83% while non-construction companies account 92%. There are the same pattern for rising of Value at Risk among construction companies and non-construction companies.