績效評估、風險衡量與董監報酬整合分析-以台灣營建產業為例

本文以41家台灣上市櫃營建公司為研究對象，探討營建產業財務五力分析與財務績效、營建產業董監薪酬與營建產業風險值，並且透過九宮格與整合方塊做詳細探討。財務績效評估模式選用資料包絡分析法（Data envelopment analysis，DEA）計算多項投入與多項產出，求算決策單元之相對效率。本文進行財務五力分析時，選用收益力（稅後資產報酬率）、成長力（淨值成長率）、安定力（流動比率）、活動力（應收款項週轉率）與生產力（原始每股現金流量）等五種產出項目，資產總計（千）/營業額（千）、營業成本（千）/營業額（千）與營業費用（千）/營業額（千）為投入項目，分析各家營建公司財務績效；藉由風險值能夠瞭解各家營建公司之股價波動情形，採用變異數-共變異數、歷史模擬法與蒙地卡羅模擬法等三種方法，分析各家營建公司股價風險值；接著，本文彙整各家營建公司領取董監薪酬的概況，探討董監薪酬的組成架構；最後設計整合方塊，並找到整體表現較佳與較差的公司。本文將財務績效、董監薪酬與風險程度各分為高、中、低三種群組，藉由資料包絡分析法得知，財務績效表現在0至1之間，營建公司財務「高績效」的數值為1；財務「中績效」的數值介於0.68~0.98之間；財務「低績效」的數值小於0.66。在董監薪酬的部分，「高薪酬」的金額高於1696.7萬；「中薪酬」的金額介於856萬至1655.2萬之間；「低薪酬」的金額小於812.6萬。依據股價風險值得知，「高風險」的數值大於0.0639；「中風險」的數值介於0.0571~0.0627之間；「低風險」的數值低於0.056。整合方塊結果顯示，永信建（5508）的整體表現最為優異，該企業之財務績效表現相當突出，對於風險的控管能力相當良好，且董監薪酬相對於同業之間領取較少，就總合分析來看該企業相當值得投資；至於太子（2511）與冠德（2520）的整體表現有待加強，不論是財務績效、風險程度或是董監薪酬，相對同業平均水準而言，存在很大的改善空間。

關鍵字

風險值；財務績效；董監薪酬；整合方塊

並列摘要

This research aims at investigating as subjects the overall performances of 41 listed construction companies in TSE or OTC. Construction industry related literature, construction industry survey, construction industry financial performance, construction industry remuneration of directors and supervisors, construction industry value at risks and style box and integrated cube are analyzed as the sole proprietor of reference. Data envelopment analysis （DEA） is adopted to evaluate the financial efficiency of each construction company. There are three input parameters for each company. They are assets values/business turnover, operation prime cost/business turnover and operation cost/business turnover. The five financial forces are profitability（after return on assets）, growth（YOY%-Total Equity）, stability（Current %）, activity（A/R&N/R Turnover） and productivity （cash flow per share）.They are considered as output parameters. This research uses variance-covariance metrics, historical simulation and Monte Carlo simulation three methods to estimate Value-at-Risks of stock prices. This paper uses quantitative methods to calculate the compensation to directors and supervisors of construction companies. This paper also designs integration cube to evaluate the overall better performance and poor performance of each company. Financial performance, directors’ remuneration and value-at-risks are divided respectively into the high, middle and low three population groups. With the data from the envelopment analysis, we thus conclude that the high value of the financial performance of construction firms is 1; the financial performance in the values ranges between 0.3 ~ 0.66; the low value of the financial performance goes below 0.66. With regard to the remuneration of the board directors and supervisors, a high pay is higher than the 16.967 million NT; a middle pay ranges between 8,560,000 NT to 16,552,000NT; a low pay goes below 8,126,000 NT. iii From the risk of stock prices, we conclude that a high risk value goes above 0.0639; a middle risk value ranges between 0.0571 ~ 0.0627; a low risk value comes under 0.056. Those results show that the Yungshis Construction and Developent （5508）has the best business performance . Its financial performance has been outstanding and it also commands very good risk-control capabilities. The remuneration that the board directors and supervisors receive is the least among their counterparts. From the data obtained, this company is worth investing. Some companies should be enhanced in financial performance and risk level, such as the Prince Housing and Development（2511）and Kindom Innovative Housing（2520）.In terms of the financial performance and risk level, the business performance has much to be desired the remuneration that the board directors and supervisors obtain exceeds the average remuneration among their counterparts.