台灣鋼鐵業經營績效之研究

The study of steel industry operation performance in Taiwan

陳素勤(Su-chin CHEN)

指導教授 ： 陳錦村

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2008年)

摘要

近幾年來受惠全球景氣好轉，使得鋼鐵市場需求轉趨強勁，各類鋼品單價翻揚趨勢明顯，在營收及獲利上皆有不錯表現，加上大陸經濟快速發展，更帶動像鋼鐵業這類傳統產業再度成為市場注目焦點。鋼鐵業在傳統產業中有「重工業之母」之稱，是現代經濟社會中不可或缺的原物料，亦為衡量一個國家工業生產的重要指標，常被視為國力的象徵。因此鋼鐵業經營績效的好壞，不僅關係到公司未來的生存及發展，而且對整個國家的經濟發展亦有重大的影響。
本文研究乃針對台灣上市櫃、興櫃鋼鐵公司之財務比率來進行研究，探討鋼鐵業經營績效與五大構面的關係，且依產品類別分四個群組，及鋼鐵製造流程將鋼鐵產業分上中下游三個群組，利用群組間差異分析來評估經營績效之優劣，期盼能提供給產、官、學界作為參考。 其次也藉由投資人的角度來觀察，企業基本財務資訊的變化與股票超額報酬率的關係，以進行鋼鐵業另一面向的分析。
研究結果顯示鋼鐵公司經營績效容易受景氣循環影響，經營模式必須快速反應，才能掌握市場先機。不斷創新及調整經營策略，以滿足客戶需求、創造公司價值，所以鋼鐵業經營績效的良窳，管理者扮演重要角色，須具備良好規劃與改善能力。對企業來說，可藉由績效評估來瞭解經營管理的成績與實力，進而謀求改善及增強企業競爭力；對債權人及投資者而言，可依據經營績效評估來預測未來股票超額報酬情形，以便做出明智且合理的投資決策。

關鍵字

關係人交易 ； 現金流量 ； 股權結構 ； 經營績效 ； 超額報酬

並列摘要

Due to the recovery of global economic in recent years, the demand of steel has become more stronger. The raise of price on steel is also obvious in all kinds and leads to high performance on profit for companies. Everyone focus on steel industry again because the rapid growth in China. Steel industry is the basic in traditional industry. It is indispensable material in this world. It is also an critical index to measure industry of a country. So the performance of industry will influence not only to a company but also to the economic of all country.

The content of this essay discusses financial ratio in Taiwan companies and finds the relationship between profit and five aspects in steel industry. The products are sorted
into four groups and three categories: upper stream, manufacturers and suppliers by manufacture process. We use the difference between groups to analysis operating profit. The result can be refered by industry, official and academic. We also want to see the relationship between variation of financial information and excess return of stock by investor’s viewpoint.

We found the performance of a steel company will be influenced by economic circle easily. A company needs to change the operating model quickly, so that it can comply with the movement of market. It is important that innovation and operation strategy can satisfy customer and create value by manager who has well schemed and improvement abilities. For company, we can use performance evaluation to understand the result of operating management, therefore we can find some ways to improve or raise competition of a company. For creditor and investor, they can predict the excess return in the future by evaluating operating performance and make the best investment policy.

並列關鍵字

Stock structure ； cash flow ； stake-holder transaction ； operation performance ； excess return

參考文獻

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