應用資料包絡分析法整合財務分析比率評估台灣上市紡織業營運績效之研究

財務分析比率已沿用已久，然而此分析方法沒有統一標準，本研究擬以資料包絡分析法DEA(Data Envelopment Analysis)來整合財務比率，得出一個績效值。本研究以2007年台灣股票市場上市的46家紡織企業進行經營績效評估，以營業純益率、負債比率、流動資產、銷貨淨額、銷貨成本、營運活動現金流入、淨營運資金等七個指標為投入項。產出項為利息保障倍數、資產報酬率、股東權益報酬率、流動比率、應收帳款週轉率、存貨週轉率、銷貨總額等七個指標。結果顯示：位於效率前緣的紡織業計有28家，相對無效率之紡織業計有18家。在投入導向的定義之下，無效率產出的18家紡織業有資源浪費的現象，藉由差額分析，給予18家無效率個別公司不同的營運改善建議。除此之外，過去應用DEA法於績效評估的學者都只做一年的研究，本研究試著用視窗分析法做跨年績效總排名。針對2005年到2007年三年之間台灣股票市場上市的46家紡織企業進行經營績效評估。結果顯示：位於效率前緣之紡織業計有22家，相對無效率之紡織業計有24家。不論一般投資人或者企業經營者皆可以使用此效率值作為投資標的選擇與改進企業營運之參考。

關鍵字

資料包絡分析法；財務比率分析；紡織業；績效評估；視窗分析

並列摘要

Financial Ratio Analysis is applied for a long time, however, this analysis method has inconsistent shortcoming. This study integrates the Data Envelopment Analysis (DEA) with Financial Ratio Analysis how good performance is about 46 textile industries in Taiwan stock market in 2007. Net profit to sales, liabilities/assets ratio, current assets, net sales, costs of goods sold, operating cash inflow, net working capital were used as the input variables. Time interest eared ratio, return on total assets, return on stockholders’ equity, current ratio, account receivable turnover, inventory turnover ratio, total sales were used as the output variables. During the study period, 28 textile industries were determined to be efficient and 18 textile industries were found to be inefficient. This study offers some suggestions by Slack-Based Measure (SBM) model and slack analysis. Besides, the DEA researcher before usually did their thesis at a year long period. This paper wants to show a three-year rank during 2005 to 2007 by window analysis. No matter general investors or managers both could use this efficient value number for investment decision making and operation improving.