財務績效、風險衡量與董監經理人薪酬整合分析-以台灣食品產業為例

A Research of Financial Performance, Risk Measurement and Director Compensation：Take Food Industry in Taiwan for Instance

劉欣茹(Hsin-Ju Liu)

指導教授 ： 彭開瓊

共同指導教授 ： 吳克

健行科技大學/商學院/國際企業管理研究所/碩士(2012年)

摘要

食品產業為台灣經濟發展重要的民生工業之一。本研究以2010年台灣上市櫃共22家食品公司做為研究對象。研究目的包括有：第一，評估台灣上市櫃食品產業公司財務績效；第二，分析台灣上市櫃食品產業董監經理人薪酬；第三，研究台灣上市櫃食品產業公司風險值；第四，進行台灣上市櫃食品產業公司財務績效、董監經理人平均薪酬與風險值的整合分析；第五，針對2011年五月底台灣食品產業因起雲劑事件所受到之影響進行分析。
研究結果發現一、財務績效方面低績效群組若能減少投入變項中的員工人數(千)/股本，預估可增加14.20％的產出，中績效群組若能減少投入資產總額/股本，預估可增加2.74％的產出。二、董監經理人平均薪酬的部分，「高薪酬」群組的金額高於288萬；「中薪酬」群組的金額介於152萬至277萬之間；「低薪酬」群組的金額則小於124萬。三、風險值的分析，「高風險」群組的數值大於0.041；「中風險」群組的數值介於0.037~0.041之間；「低風險」群組的數值低於0.035。四、進行2010年食品產業財務績效、董監經理人平均薪酬與風險值整合時，發現味全公司是當年所有食品公司在綜合評量中表現最優秀者，代表其財務績效在同業中相對表現最好，且支付董監經理人薪酬較少，而投資人所承擔的風險較低，綜合評估是適合投資的公司；相對的，聯華公司則是最需積極改善者。五、台灣食品產業在2011年起雲劑事件的衝擊下，財務績效方面則普遍呈現負面的影響，特別是在於每股營業利益、稅後淨值報酬率、負債股東權益比的部分；分析風險值後發現，高風險群組風險值上升，顯示起雲劑事件對台灣食品產業中的高風險群組股價波動有明顯的影響。

關鍵字

食品產業 ； 財務績效 ； 董監經理人薪酬

並列摘要

Food industry is one of the important livelihood industries in Taiwan’s economic development. The study objects consisted of 22 publicly listed and OTC-listed food companies of Taiwan in 2010. The study purposes include: 1. Assess the financial performance of listed and OTC-listed companies from the Taiwan food industry. 2. Analyze the director compensation for listed and OTC-listed Taiwan food industries. 3. Study the company risk values of listed and OTC-listed Taiwan food industries. 4. Conduct integrated analysis on the average pay and risk values for the financial performance and director compensation from listed and OTC-listed Taiwan food industries.
The study discoveries showed that 1. With respect to financial performance, if the low-performance group can be reduced with the number of employees (thousands)/capital stock in the investment variables, an estimated output of 14.20% can be increased. If the medium-performance group can be reduced with total invested capital/capital stock, an estimated output of 2.74% can be increased. 2. With respect to the average director compensation, the amount of “high pay” group exceeded NTD 2.88 million, the amount of “medium pay” group fell between NTD 1.52 million and NTD 2.77 million, while the amount of “low-pay” group fell below NTD1.24 million. 3. Risk value analysis: The value of “high risk” group was greater than 0.041, the value of “medium risk” group fell between 0.037~0.041, while the value of “low risk” group fell below 0.035. 4. The integration of the financial performance and the average pay for director compensation from the 2010 food industries showed that Wei Chuan Corporation outperformed all food companies in the category of comprehensive evaluation in that year, indicating that its financial performance was relatively the best in the industries with relatively lower director compensation. The risks assumed by the investors were lower, qualifying the company as a company suitable for investment from the comprehensive evaluation. In contrast, Lian Hwa Foods Corporation needed improvement the most. 5. Under the impact of plasticizing agent event in 2011, the financial performance of Taiwan food industry generally showed negative impact, particularly on the operating profit per share, return on equity and debt/equity ratio. The analysis of risk values showed a rise in the risk value for high-risk group, indicating that the plasticizing agent had significant impact on the stock price volatility for the high-risk groups in Taiwan food industries.

並列關鍵字

Food Industry ； Financial Performance ； Director Compensation

參考文獻

參考文獻

一、中文文獻

1. 王順靜，「產業變革、技術創新與企業經營績效台灣觸控面板廠商個案財物五力分析」，臺北大學，碩士論文， 民國九十七年。

2. 王璇潔，「隨機化準蒙地卡羅模擬法在資產風險值估計上之探討」，淡江大學，碩士論文， 民國九十九年。

3. 史曾三貴，「以財務五力分析觀點探討金融海嘯後臺灣鋼鐵產業之發展及投資收益」，正修科技大學，碩士論文， 民國九十九年。