以財務指標分析國機國造相關公司-以漢翔公司為例

我國以國機國造、國艦國造及資訊安全等三大產業作為國防武器發展的重要目標，本研究透過文獻探討、蒐集，比較國內國防產業中國機國造領域相關公司財務數據，獲得以下結果：一、各國支出未受疫情等因素影響，經比較2020年與2019年，全球軍事支出成長2.6%，而我國軍事支出亦逐年提升，且配合國防自主政策的落實，近三年國內自製武器比例逐年提升，可預期國防產業市場增加。二、經比較國防產業與國機國造相關公司，其流動資產中變現性佳的資產占比較同業小，存貨相對比率高。三、國防產業中國機國造公司利息保障倍數較同業低，且應收款項週轉率低，顯示其現金回收慢，借款需以長期融資方式，以利資金週轉。四、國防產業中國機國造公司在不同產業類別的情形下，與同業比較的結果不同，研究資料顯示，電子業獲利較同業高，而航運業則較同業獲利低。最後，根據研究結果，提供軍事機關、武器研發量產單位與未來研究之參考。

關鍵字

國防產業；國機國造；財務分析

並列摘要

SINOMACH、National Shipbuilding and Information Security are important goal for the development of national defense weapons, this research explores and collects through literature, compare the financial data of related companies in the domestic defense industry in the field of SINOMACH, get the following results: First, military expenditures of various countries have not been affected by the epidemic and other factors, compare 2020 and 2019, global military spending grows 2.6%, Taiwan also glowing up, cooperate with the implementation of national defense independent policy, the proportion of domestic self made weapons has increased year by year in the past three years, the defense industry market can be expected to increase. Second, compare the SINOMACH company of defense industry, about current assets with good liquidity account for smaller shares than peers, but high inventory ratio. Third, the SINOMACH company of defense industry, interest coverage ratio is lower than peers, and low receivables turnover ratio, indicates slow recovery of funds, loan to be long-term financing is fine to capital turnover. Fourth, in the case of different SINOMACH company of defense industry categories, different results compared with peers, this research indicate the electronics industry has higher profits than its peers, but the shipping industry has lower profits than its peers. At last, according to the results of the study, reference for military agencies, weapon research and development organization.