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  • 學位論文

以公司治理觀點探討財務指標 對建設公司競爭優勢之影響

A Study on Analyzing the Effect of Financial Indicators for Competitive Superiority of Construction Industry from Corporate Governance Viewpoint

指導教授 : 林鳳儀

摘要


在國家經濟發展過程中,營建業因其帶動許多關連產業的發展,提供社會無數的就業機會,而佔有相當重要的地位;然而,從2008年的金融風暴之後,營建業長期處在房地產不景氣的影響,並且面臨前所未有的衝擊,使得許多營建公司相繼發生財務困難。如2009年上櫃公司基泰營造公司發生退票情事,打入全額交割股。該公司每股淨值由10.94元,降為1.72元,還求售無門,可見財務危機對股價的破壞力。此可知,公司的管理者可藉由財務績效的衡量,瞭解公司產業的競爭力,且經由評估的成果作為未來經營決策之改進參考。 本研究乃以公司治理的觀點來探討營建公司之財務績效,以各公司之財務比率做為評估指標,並藉由問卷的方式來進行評估指標之選取,在選取指標的方法上採用德菲法(Delphi Method),並經由專家訪談,嘗試建立具有競爭優勢的公司的財務評選指標。此外並應用AHP 層級分析法訂定權重,以決定評選指標項目,提供業者制定決策之參考。 本研究選擇15位專家做為本研究之評估參考,研究結果發現,財務績效相對較不理想之公司,應多注重公司的推案策略,以及儘量減少財務槓桿之運用。此外,本研究利用公司治理之財務指標分析,認為建設公司為避免財務問題的發生,需從提升純益率及存貨週轉率,並降低負債比率著手,提高營業利益及稅後損益,降低負債總額,並確保存貨週轉率能有效的提高,對改善建設公司之財務體質有較大之效益。

並列摘要


The construction manufacturing plays a major role on the economic development in Taiwan. It brings more development of the relative industries and improves many jobs. The construction manufacturing had being made a great impact during 2009 financial crisis. Moreover, due to the depression of the real estate market, a lot of construction companies had got financial crises. In 2009, Kee Tai Properties, a construction company in Taiwan, had checks bounced. It had made its stocks slipping into the realm of full-cash delivery stocks. Before the crash, each net worth price of the company reached the highest price to NT.10.94 a share last year. Yet the shares were currently being quoted at NT.1.72 a share. Because many constructors did not realize their own financial performances, the assessment of the financial performances becomes an important issue for constructors. The managers can realize the use of resources of the company from the evaluation of the financial performance. The results of the assessment also can be the references for the improvement in the strategic decision. In this study, the financial performances of many construction corporations were researched with the aspect of the corporate governance. The financial ratios of each firm were used as its evaluation indices which sieved out through a succession of questionnaire. Delphi Method was the methods of selecting these indices. Afterwards, in order to evaluate the financial performance, the study modified the analysis method of measuring the relative effectiveness and the effectiveness variation of the organization. Moreover, the study was set by applying the AHP level analysis method, and got together with the Delphi expert interviews, the items of evaluation index were determined, a total of 48 items. 15 experts of the construction corporations were selected to be the evaluation subjects from this study. The results show that many firms which have unideal financial performance relatively under the depression of the real estate should pay more attention to the operation strategy of the company and reduce the application of the financial leverage as far as possible. And many firms, survived in the recession, were aggressive to seek any ways of resolution. The aim of the work is try to study the forecast of the financial ability of the construction companies.

參考文獻


討會,台北市:銘傳大學會計學系。
許溪南、歐陽豪與陳慶芳,2007,公司治理、盈餘管理與財務預警模型之建構,
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黃美瑄(2015)。應用「8十商業模式」探討 觸控面板廠商競爭策略之個案分析—以H公司為例〔碩士論文,中原大學〕。華藝線上圖書館。https://doi.org/10.6840%2fcycu201500326

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