建設業在景氣循環中之經營績效評估

Performance Evaluation of the Residential Construction Industry in Economic Cycle

林英哲(Ying-Che Lin)

指導教授 ： 蔡榮發

國立臺北科技大學/管理學院/管理學院經營管理EMBA專班/碩士(2014年)

https://doi.org/10.6841/NTUT.2014.00011

摘要

在時代潮流、環境變遷、科技、網路與雲端快速發展、消費者需求變化下，各企業面對日趨激烈的競爭市場，應如何求生存?而國內建設業者規模多為中小企業型態，且舉債金額都相當的高。當前，受到美國次房貸、歐債危機、全球經濟蕭條、政府打房政策、土建融限縮、實價登錄、都市更新受阻、建地取得困難…等外在因素影響;如何了解過去產業在景氣循環中之策略、經驗與績效?找出標竿企業以為經營者，或做為銀行與投資者之參考。
本研究以1999到2012年間上市櫃營建公司為對象，採資料包絡分析法之CCR、BCC與其衍生模型SBM、Window、Malmquist Index與Network等進行縱橫斷分析，獲取各公司各年度之經營績效，投入縮減與產出擴張值以為調整策略方向與幅度之參考，與篩選出標竿公司以為學習之對象;同時對生產力變動與經營績效，以及土地開發與銷售建造之績效受景氣變動與政策變化之影響探討。
研究結果發現，(1)建設業之經營績效表現，受經濟景氣變化、政府政策改變、天然災害…等之影響相當大。(2)產業規模效率之表現相當高，因此財務槓桿的操控顯得極為重要。(3)規模效率隨景氣變動，業者應隨環境變化調整策略，以維穩健經營。(4)產業間競爭非常激烈，各廠商年度排序變化大，幾乎沒一家廠商可以永遠名列前茅。(5)土地開發與銷售興建之經營績效，受經濟景氣循環，政府政策與法令改變所影響。景氣回升時，表現同時達到有效率者約為不景氣時之兩倍。此時應可採取積極策略，但應考量避免週轉資金不足之風險。

關鍵字

建設業 ； 營建公司 ； 經營績效 ； 資料包絡分析法 ； BCC ； CCR ； SBM ； Window ； Malmquist ； Network

並列摘要

While under the serious influence of environmental movement, rapid development of technology, rapid application development in the area of network performance and cloud computing, and the changing of consumer needs, how can an enterprise survive in increasing violent competition market places? It is a crucial issue. Most of the domestic construction companies are incorporated in small to medium size with high debt ratio in their financing structures. The construction industry is suffering from extrinsic factors such as the crisis of U.S. subprime mortgages, the European debt crisis, the global economic depression, the regulatory changes of government policy on housing, the lending restrictions, public disclosure of real estate sales price, the difficulty of urban renewal, and difficulties in obtaining building site ... that influence performance. It is necessary to identify benchmark companies for builders, bankers, and investors to realize the past strategy, experience and performance of industry in economic cycle.
The study analyzed the static and dynamic performance of listed construction companies in Taiwan. Data was collected from those companies in the period of 1999 to 2012 and analyzed using traditional Data Envelopment Analysis(DEA), CCR and BCC, and extended model SBM, Window, Malmquist Index, Network, etc. In order to improve the operational performance according to the best-practices companies in the entirely industry, those inefficient companies could adjust their strategies based on the study results explored from reducing inputs or increasing outputs to ensure their viability in the market. In the meanwhile, the study discovered the influence of performance for productivity change, operating performance, and land development and build-and-sale in the economic cycle and policy transformation.
The study findings are listed as follows, (1) The operational performance of the entirely industry is greatly affected by the global economic changes, the government transformation programs, and natural disasters … etc. (2) Scale efficiency of industry is always higher than technical efficiency; therefore the manipulation of financial leverage is extremely important. (3) Scale efficiency of industry is varied with economic cycle; the builders must be superb at continually adjusting competitive strategy to sustain their competitive advantages. (4) The intensity of rivals among competitors in an industry is fiercely competitive; the rank of companies is changed annually, almost no one company can always be among the best companies under the environmental movement. (5) Performance of land development and build-and-sale is affected by the economic cycle, and the government transformation programs. The efficiency score of performance in economic recovery is twice as high as the recession. The builders should adopt proactive strategy in regard to capacity expansion, but also have to consider avoiding the turnover underfunded risk.

並列關鍵字

Construction Industry ； DEA ； BCC ； CCR ； SBM ； Window ； Malmquist ； Network

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