台灣地區電子工業公司之財務績效特徵與差異

The Characteristic and Difference of Financial Performance among the Electronic Companies in Taiwan

10.6459/JCM.200903_6(1).0013

高子傑(T.C.Kao)；洪僖黛(H.T.Hung)；鄧文雋(W.J.Deng)

財務績效 ； 資料包絡分析法 ； 集群分析法 ； financial performance ； data envelopment analysis ； cluster analysis

危機管理學刊

6卷1期（2009 / 03 / 01）

115 - 126

繁體中文

在台灣經濟發展的過程中，製造業一直扮演著重要的角色，而電子工業在國內製造業更佔有舉足輕重的地位。爲了比較國內電子工業公司的財務績效特徵與差異，本研究首先運用資料包絡分析法之差額變數衡量模式構建電子工業公司之財務結構、償債能力、現金流量管理、經營效能、獲利能力、投資報酬、以及成長率等七類財務績效指標，再以此七類財務績效指標爲研究變數，應用多變量統計之兩階段集群分析法歸納企業群體之特徵。集群分析結果將36家公司區分爲四個集群，集群一之財務結構、償債能力、經營效能、獲利能力、以及投資報酬皆很差，是屬於財務績效較差的企業群體；集群二是屬於高績效的企業群體，其償債能力、現金流量管理、經營效能、以及投資報酬皆優於其他三個集群；而集群三是屬於財務結構良好且投資報酬佳，但現金流量管理、經營效能、獲利能力、以及成長率較差的企業群體；最後，集群四是屬於經營效能優良，但現金流量管理不佳且成長率遲緩的企業群體。

The electronic companies play an important role in the development of Taiwan's economic. To survive and to prosper in an ever-increasing competition environment, the companies must continually improve their performance, especially the financial performance. Based on the concept of data envelopment analysis, this study uses the slack-based measure model to evaluate financial performance of the electronic companies. Seven aspects, i.e. capital structure, liquidity, cash flow management, operating efficiency, profitability, return on investment, and growth are included in the model. For investigating the characteristic and the difference in these financial performances, two-stage cluster analysis is applied to classify the electronic companies. The companies are categorized into four clusters. Each cluster is characterized by different financial performances. But cash flow management, operating efficiency, and return on investment are three major aspects to classify the clusters.

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