資本預算於水產養殖產業的應用

A Study of the Capital Budgeting Decision Methods in Aquaculture

曾耀賢(Yao-Hsien Tseng)

指導教授 ： 鎮明常

國立中正大學/管理學院/企業管理學系/碩士(2014年)

摘要

延續上世紀以來，企業均須面對全球化的性競爭與衝擊，而企業為了延續經營與生存，紛紛投入大量的金錢、推出各項投資計劃，讓自身的產業競爭能力升級，創造競爭優勢及公司價值極大化。然而資本投資所需資金甚鉅且影響深遠，因此決策之制定勢必更加審慎。根據國內相關研究顯示，大部份企業從事資本預算分析時，仍然普遍運用較簡單的分析技術，這顯然與學理之主張仍存有一段差距。
台灣的水產養殖產業，其年產值佔整個漁業的年產值比例呈現逐年增加的趨勢。而台灣水產養殖模式也正從傳統的水泥硬池或土池養殖模式，逐漸地走向科技化、集約化，並著重於防疫技術的提升。因此，「水產生物工廠」的養殖型態便油然而生。許多水產養殖營業體（公司或小農型態）便相繼投入大筆預算來擴廠經營、產業技術及設備升級，以期望能獲取可觀的利潤與報酬。而大部分的水產養殖業者從事資本預算分析時，仍然普遍運用較簡單的分析技術，如回收期間法（Payback Period Method，PP）。因此常導致業者於決策上過度主觀，也未考量到貨幣時間價值等影響因素。
本個案研究旨在於探討資本預算決策準則如何應用於水產養殖業的過程，並以資本預算的六項決策準則來進行分析，包含了有：回收期間法（Payback Period Method，PP）、平均會計報酬率法（Average Accounting Return，AAR）、淨現值法（Net Present Value，NPV）、內部報酬率法（Internal Return Rate，IRR）、獲利能力指數法（Profitability Index Method，PI）、修正內部報酬率法（Modified Internal Rate of Retun，MIRR），最後也探討了資本預算中形成互斥方案時，如何進行評估與決策。冀望透過以上決策準則的運用，能作為水產養殖業者於資本預算決策時的參考。

關鍵字

資本運算

並列摘要

Enterprises have confronted an increasing global competition and impact since 20 century; therefore, successful marketing strategies and investment plans count on the survival and development of a company, and also can further bring forth competitiveness enhancement and enterprisevalue maximization. The decision making, with great consequence for capital investment, is meant to be considerably cautious. Nevertheless, according to the domestic research demonstration, most companies are stilldependent upon a simple and crude method to make capital budget inpractice . It’s evidently against theoretical study .
The aquaculture to fishery industry ratio of annual production value inTaiwan is increasing year by year. Traditional concrete or soil pond farmingis progressively being replaced by intensive aquaculture farm technology,and it also focus on enhancing disease prevention. For this reason,high-tech aquaculture biology plants arise spontaneously, and from smallholder farmer to corporation, they make a large investment on expanding farm scale, upgrading technique and equipment to expect to gain a considerable margin of profit and reward. However, the budget plan is commonly created by a basic and inconsiderable method, ex: Payback Period Method. Such a decision model is excessively subjective, and lots of influencing factors (ex: time value of money) are all left aside.
This research attempts to investigate capital budgeting decision for aquaculture industry applications, and the analysis methods will be in accordance with six decision criterion of capital budgeting, including Payback Period Method (PP), Average Accounting Return (AAR), Net Present Value(NPV), Internal Return Rate(IRR),Profitability Index Method(PI), and Modified Internal Rate of Return(MIRR). In the last subject,we investigate how to make an assessment and decision while capital budgeting is incompatible. In short, I deeply hope to find the means to make efficient capital budget for aquaculture industry through this research.

並列關鍵字

capital budget

參考文獻

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