燃油支出往往佔航空公司營運成本相當大的比例,而國際原油走勢亦牽 動整體經濟表現。一般來說,油價上漲造成航空公司成本提高導致獲利衰退, 但航空公司亦會提高票價、徵收燃油附加費作為因應。本篇研究以台灣國籍 兩大航空公司-中華航空與長榮航空作為航空產業研究對象,以西德州原油價 格、新加坡航空燃油價格及美元兌換新台幣匯率為解釋變數,探討上述三項 對航空業財務績效之影響。透過皮爾森相關係數法、迴歸分析法及獨立樣本t 檢定進行分析及探討,進一步分析兩家公司經營績效以提供投資者參考。 研究結果發現,兩家航空公司之財務績效皆與西德州原油價格或新加坡航 空燃油價格呈現負影響趨勢,燃油價格對兩家公司之股價淨值比卻為正影響 效果;而匯率對兩家航空公司之八項財務績效結果影響不大,顯示兩家航空 公司在匯率避險上操作,降低匯兌損益影響數。匯率波動走勢對兩家公司股 價淨值比則皆為負相關,且影響效果顯著。 進一步比較兩家國籍航空公司之實質財務績效。實證結果顯示,八項財務 績效指標中,中華航空七項財務績效指標落後於長榮航空,顯示長榮航空財 務績效較中華航空為佳。推論可能的原因是兩家公司飛航航線的不同、飛航 機型的選擇(如選擇較為省油的機型,即可相對降低燃油成本)、內控制度的健 全與企業管理方式皆會對經營績效造成影響。
The fuel cost is the major expenditure for most airlines. The trend of international oil price also significantly affects the economic performances all over the world. In general, higher oil price reduces airlines’ profit due to the increase of costs. To deal this dilemma, most airlines will advance the ticket price or charge fuel surcharge as compensation from passengers. This study chooses West Texas Oil Price (WTI), Singapore Jet Fuel Price (JET), and Exchange rate as the research variables and compares the financial performances between Taiwan’s top two civil airlines, China Airlines (CI) and EVA Airways (BR). In this research, Pearson correlation coefficient, Regression analysis, and Independent Samples t Test are conducted. The result shows both CI and BR’s financial performances are negative-related to WTI and JET, but their PB (Price to Book) ratios are positive-related to both oil prices. This research also found that Exchange Rate insignificantly affects the financial performances for both airlines. The Exchange Rate is negative-related to the PB ratios for both companies. Research also shows that BR leads in 7 of 8 financial performance indicators than CI. It represents BR is better than CI on average. Possible reasons might be inferred that flying route, aircraft type, internal control procedures and operating management, might affect the operating performances.