利用財務比率分析比較蒙古食品公司之財務績效

A Comparison of Financial Performance of Food Companies in Mongolia by Using Financial Ratio Analysis

卡莉翁(Khaliun Bibish)

指導教授 ： 洪仁杰 ； 黃文琪

國立屏東科技大學/國際學院/熱帶農業暨國際合作系/碩士(2015年)

https://doi.org/10.6346/NPUST.2015.00074

摘要

摘 要

藉由資產負債表與損益表項目關係之建立，分析其財務表現可以判別公司整體之財務體質是否健全。本研究利用財務比率分析探討2010-2014五年間兩家蒙古食品公司之財務績效。財務比率分析可用來比較相同產業不同公司之財務表現並評估歷年公司之財務狀況趨勢。此外，本研究並希望藉由財務比率分析提供蒙古食品企業公司未來成長之建議。
本研究分析兩家於蒙古證券交易所掛牌之食品企業公司財務績效。主要資料來源取自於Talkh Chiher 及 Atar Urguu兩家公司 2010-2014五年間之年報。藉由分析流動比率、資產管理比率、獲利比率、負債管理比率、杜邦模型、Altman Z 分數模型來探討財務績效。此外，本研究亦利用圖形分析比較比率分析之結果。
本研究結果顯示在流動性方面，Talkh Chiher 公司相對於Atar Urguu 公司表現較差；在資產資產管理方面，Talkh Chiher 公司表現亦較差，顯示其運用資產創造銷售之效率較差； 在財務槓桿方面，Talkh Chiher 較Atar Urguu 使用較高的財務槓桿，惟公司近年負債比率有下
降的現象；在獲利能力方面，Talkh Chiher 公司之平均淨利率為7%；而Atar Urguu 則約為6%。Talkh Chiher 公司自2010至to 2014獲利能力之表現略優於 Atar Urguu 公司。不過在毛利率方面，Atar Urguu 公司則優於 Talkh Chiher 公司。Atar Urguu 公司之毛利率平均為31% 而 Talkh Chiher 公司則為24%。在杜邦模型方面，兩家公司近年來之ROE均有下降現象。Talkh Chiher 公司之毛利率平均為17% 而 Atar Urguu公司則為9%。 Altman Z 分數模型顯示 Atar Urguu 公司落於破產危險區之外，但Talkh Chiher 在研究期間曾落在危險區，所幸2014年資料顯示已改善。
整體而言Atar Urguu 公司財務表現優於Talkh Chiher公司。 而Talkh Chiher 公司則應持續改善其經營狀況。
關鍵字: 財務表現、財務比率分析、杜邦模型、Altman Z 分數、食品公司、蒙古

關鍵字

財務表現 ； 杜邦模型 ； 財務比率分析 ； Altman Z 分數 ； 食品公司 ； 蒙古

並列摘要

Abstract

The financial performance identifies the overall financial health of the company by properly using the items of the balance sheet and income statement. This thesis analyzed the financial performances of two food companies in Mongolia for a five-year period from 2010 to 2014 by using financial ratio analysis. The financial ratio analysis is the comparison between two or more company’s performance in the same industry and evaluating tendency in the company’s financial situation over time. Furthermore, the aim of the study was to analyze the financial performance of food companies in Mongolia by using the financial ratio analysis in order to provide recommendations for their future growth.

The study covered two food companies listed on the Mongolian Stock Exchange. The main data was annual financial reports of Talkh Chiher and Atar Urguu food companies from 2010 to 2014. The study was based on secondary data from financial statements and the profile of the companies. In order to analyze financial performance, the liquidity ratios, asset management ratios, profitability ratios, market value ratios, debt management ratios, DuPont model, and the Altman Z score model were used. Those ratios are the most important factors for financial performance evaluation. The graphical analysis and comparisons were applied between two companies for measurement of all types of financial ratio analysis.
The results showed that in terms of liquidity, the Talkh Chiher company was in a bad liquidity position when compared to the Atar Urguu company. For asset management, the Atar Urguu company utilized its assets efficiently to produce sales, while the Talkh Chiher company was less efficient. For debt management, the Talkh Chiher company was more leveraged than Atar Urguu company in this study period. Talkh Chiher company had a large total liability compared to the Atar Urguu company. However, The Talkh Chiher company decreased in debt ratio in recent years. For profitability, the average net profit margin ratio of the Talkh Chiher company was 7% of its sales and Atar Urguu company was 6% of its sales. The Talkh Chiher company performed slightly better than Atar Urguu company from 2010 to 2014. However, the average gross profit margin of the Atar Urguu company was higher than Talkh Chiher company. The average gross profit margin of Atar Urguu company was 31% and Talkh Chiher company was 24%. For DuPont model, returns on equity of both companies have decreased in this study period. The average return on equity of Talkh Chiher company was 17% and Atar Urguu company was 9%. The Altman Z score model showed that the Atar Urguu company was out of the bankruptcy zone. The Talkh Chiher company was in the distress zone at the beginning of the study period, but this score increased for Talkh Chiher company from 2013 to 2014.
In conclusion, the Atar Urguu company performed better than the Talkh Chiher company in term of the financial ratios. The Talkh Chiher company has to continue striving to improve its operations.
Keywords: financial performance, financial ratio analysis, DuPont Model, the Altman Z score, food companies, Mongolia

並列關鍵字

financial performance ； financial ratio analysis ； DuPont Model ； the Altman Z score ； food companies ； Mongolia

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