我國上櫃電子零組件類股的績效評估

Performance Evaluation of Component Firms in Taiwan OTC's Electronics Industry

莊梅英(Mei-Ying Chuang)

指導教授 ： 彭開瓊

健行科技大學/民生與設計學院/國際企業經營系碩士班/碩士(2020年)

摘要

本研究主要在探討台灣上櫃電子零組件公司的經營績效，利用資產報酬率 (ROA)、股東權益報酬率 (ROE) 和每股稅後盈餘 (EPS) 等三種財務指標，以五力分析法和等級排序評分法，同時並以年均報酬和夏普指標來進行財務與投資績效評估。研究期間從2014年到2018年為止，共計採用55家上櫃掛牌滿五年度的股票來進行分析。再經由實證研究後獲得重要結論為：
第一、發現在2018年度時，上櫃電子零組件公司的收益力、成長力和生產力等部分指標為近年來最佳的年度，而在獲利能力指標上表現最佳。另外，也發現上櫃電子零組件公司在收益力與成長力方面，存在產業短期的景氣循環現象。第二、在近五年度的數據顯示，上櫃電子零組件產業類股的股票表現會領先產業景氣的繁榮。第三、從財務績效表現的綜合評估結果，排序前十名的上櫃電子零組件股票，近五年平均ROA會超過9.87 %、ROE大於14.08% 和EPS高於2.75元，而年均報酬大於23.22%，績效較佳的公司在長期財務與投資績效遠優於上櫃市場表現。
最後，從本研究對於上櫃電子零組件公司所評估財務與投資績效的結果，發現部分優秀財務績效的公司在長期的股票投資績效表現上並非完全與經營績效的排名一致，造成的原因值得後續進一步加以探索。

關鍵字

上櫃電子零組件產業 ； 財務績效 ； 五力分析 ； 投資績效。

並列摘要

This study focuses on the performance evaluation of the component firms in Taiwan OTC's electronics industry, using three financial indies of the return on assets, return on equity, and earnings per share, with the five-force analysis method in financial analysis and rank order grading methodology, while also using the feuded with annualized return and Sharpe ratio to conduct financial and investment performance evaluations. During the study period from 2014 to 2018, a total of 55 OTC's stocks listed for full five years were analyzed, and the important conclusions obtained from the empirical study were:
First, find the profit power, growth power and productivity of the component firms in Taiwan OTC's electronics industry at the 2018 year existed some of the best indices in recent years, while the best performance on the profitability index. In addition, it has been found that the component firms in the profit power and growth power will have a short-term industry boom cycle phenomenon. Second, the latest five-year data show that the stock price performance of the OTC's electronic components industry stocks will lead the prosperity of the industry. Third, from the comprehensive evaluation results of financial performance, ranking the top ten stocks of electronic component from financial performance evaluations, the average ROA in the last five years was exceed 9.87%, ROE was greater than 14.08% and EPS was more than 2.75 NT/Share, and the average annualized return was greater than 23.22%, the better performing companies far outperformed the market in the long-term financial and investment performance.
Finally, from the results of this study on the financial and investment performance assessed by the OTC’s electronic component company, it is found that the better financial performance company, some companies' long-term investment performance is not exactly in line with the financial performance ranking, the cause is worth further exploration.

並列關鍵字

the Component Firms of OTC's Electronics Industry ； financial performance ； five-force analysis method ； investment performance.

參考文獻

1. 工研院IEK零組件研究部 (2013)。電子零組件產業綜論。證交資料，614，58-69。

2. 台灣經濟新報 (2006)。18、電子零組件相關產業。TEJ 信用風險評估專刊，專5，135-146。

3. 余耀順 (2016)。台灣百貨業之環保市場機能分佈以及財務績效評估。觀光與休閒管理期刊，4(1)，109-118。

4. 利怡玟 (2006)，台灣上市公司經營績效與股票報酬率之關聯性，朝陽科技大學會計所碩士版論文。

5. 巫明學 (2011)。電子零組件－被動元件產業。TEJ 信用風險評估專刊，專14，198-212。