影響旅行業財務績效指標因素之研究－以台灣上市公司為例

The Factors Affecting Financial Performance Index in Travel Industry：A Study of Listed Companies in TSE

崔志鴻(Jhih-Hong Cuei)

指導教授 ： 蘇錦俊

義守大學/管理學院/企業管理學系/碩士(2016年)

摘要

近年來，國內旅遊業發展迅速，大量的外國觀光客，改變了台灣旅遊業的生態。因應環境的改變，業者在衡量經營績效時，已不能僅考量財務單一績效指標，尚須考慮其他非財務績效的衡量，旅行業者應尋求一套符合現代的績效評估系統，來取代傳統財務性績效評估系統之不足。
本研究旨在探討影響旅行業之財務績效指標與非財務績效指標各指標的權重。研究樣本資料選取在公開資訊觀測站之重大訊息，台灣經濟新報（TEJ）之旅行產業公司財務資料和其中所提之各公司股東會年報，以修正式德菲法、皮爾森相關及逐步迴歸分析了解各績效指標的重要性及影響。
本研究針對財務績效指標發現，總資產報酬率對股價和現金流量比呈正相關，對營業費用比呈負相關。現金流量比對總資產報酬率、銷售淨利率和員工生產力呈正相關，對營業費用比呈負相關。員工生產力和總資產報酬率對股價有正向影響並可預測其變化。總資產報酬率和員工生產力對現金流量比有正向影響。
本研究針對未來相關研究提出建議，未來研究可提升研究樣本數量，藉以改善研究結果之一般性與實用性、避免區域性問題，也可搭配質性研究，解決蒐集資料困難，並嘗試比較不同經營型態指標之差異。

關鍵字

績效指標 ； 修正式德菲法 ； 旅行業

並列摘要

The domestic travel industry is developing rapidly in recent years, huge amount of in-bound foreign tourists changes Taiwanese travel market. Because the changes of environment, the evaluation of travel agency can not only be considered the single financial performance indexes but also their non-financial performance indexes. The firms are required to develop a comprehensive measurement of their performance evaluation.
The purpose of research is to obtain each of financial indexes, non-financial performance indexes and weight of travel industry. The research sample is selected by the Market Observation Post System (MOPS), Taiwan economy journalism (TEJ) and each of annual report. Modified Delphi Method, Pearson correlation and stepwise regression were used to understand the importance and influence of the performance indexes.
The results suggest that return on total assets and cash flow ratio of stock prices was positive correlation , ratio of operating expenses were negatively correlated . cash flow ratio of return on total assets, sales margin and employee productivity is positively correlated to the ratio of operating expenses are negatively correlated. employee productivity and return on total assets ratio have a positive influence on the stock price. Furthermore, return on total assets ratio and employee productivity have a positive influence on cash flow ratio.
The suggestions for future research are provided as follows: increasing the number of research samples and improving the general and usability of research results to avoid regional issues. Solving the difficulties of collect data with Qualitative research and comparing between different patterns of index.

並列關鍵字

Performance Index ； Modified Delphi Method ； Travel industry

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