- 學位論文
運用灰關聯分析探討台灣發光二極體產業之經營績效
An Application of Grey System on Evaluation of Business Performance in Light Emitting Diode Industry
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摘要
中文摘要 本論文以發光二極體（Light Emitting Diode；LED）產業為例，應用灰關聯分析法，分析台灣節能產業之經營績效。針對目前我國已上市櫃發光二極體產業共七家公司為研究對象，取樣期間自2004年至2010年。透過財務報表的十五項財務比率評估我國發光二極體公司年度經營績效排名，建立發光二極體公司經營績效評估模式，並作為投資大眾投資標的物之參考。實證結果顯示： 1.平均排名為第一名是佰鴻(3031)。經營績效次好為晶元(2448)。璨圓(3061)排名第三，億光(2393)排名第四，宏齊(6168)排名第五，而光磊(2340)表現皆為排名六或七名，平均排名列為第六名。自2004年至2010年之經營績效平均來看東貝(2499)除2009年表現最好列為第一名外，餘年度表現均呈下降情況，且有每況愈下情況，因此整體排名列為最後一名。 2.影響經營績效最重要之財務比率為利息保障倍數。 3.影響經營績效最重要的經營指標為償債能力指標。 4.供投資人參考之第一標的物為佰鴻(3031)，從頭到尾始終表現最好，平均排名為第一名，次好為晶元(2448)，其他依序為璨圓(3061)、億光(2393)、宏齊(6168)，最後為東貝(2499)較不建議投資者參考。 關鍵詞：經營績效、灰關聯分析法。
並列摘要
ABSTRACT In this thesis, we employ grey relation analysis to investigate the operating perfor investors mance of the Light Emitting Diode (LED) industry in Taiwan, which is energy-saving industry. Data covering the periods from 2004 to 2010, seven companies in light-emitting diodes industry that have been listed in the stock market are studied. In order to obtain annual management achievements of the LED companies, fifteen financial indicators which were obtained in the financial statement were examined. To provide a suggestion of the individual investors as they do the investments, this paper intends to build the evaluation model to assess the light emitting diode industry. The empirical findings are as follows : 1. On average, the places of the management achievements are: BRIGHT (3031) was the first; EPISTAR (2448) was the second; FOREPI (3061) was the third; EVERLIGHT (2393) was the forth; HARVATEK (6168) was the fifth; OPTOTECH (2340) was second to last; UNITYOPTO (2499) was the last. 2. The interest safeguard multiple is the most important financial ratios that affects the operating performance. 3. Debt-paying ability construction is the most important business indicator that affects the operating performance. 4. For the individual investors’ reference, the average ranking is as follows: BRIGHT(3031) was the first, whose performance is always the best from beginning to the end; EPISTAR(2448) was the second. As for places of others, FOREPI(3061), EVERLIGHT(2393), HARVATEK(6168) are in order. And the investors must avoid the company such as UNITYOPTO(2499) . Keywords：Management Achievements; Grey Relation Analysis
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