現在位置首頁 > 博碩士論文 > 詳目
  • 同意授權
論文中文名稱: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 [以論文名稱查詢館藏系統]
論文英文名稱:A Study on Analyzing the Effect of Financial Indicators for Competitive Superiority of Construction Industry from
Corporate Governance Viewpoint [以論文名稱查詢館藏系統]
院校名稱:臺北科技大學
學院名稱:管理學院
系所名稱:經營管理系碩士班
畢業學年度:102
出版年度:103
中文姓名:李太源
英文姓名:Tay-yuan Lee
研究生學號:101c22534
學位類別:碩士
語文別:中文
口試日期:2014-05-29
論文頁數:118
指導教授中文名:林鳳儀
口試委員中文名:謝金賢;陳國樑;蔡榮發
中文關鍵詞:財務預警公司治理德菲法層級分析法
英文關鍵詞:Corporate GovernanceDelphi MethodAHP Theory.
論文中文摘要: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。
論文英文摘要: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.
論文目次:目錄

誌謝詞 I
摘 要 II
Abstract III
目錄 V
表目錄 IX
圖目錄 X
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 2
1.3 研究範圍及限制 3
1.4 研究方法與流程 4
1.5 研究架構 4
第二章 文獻回顧 6
2.1.公司治理之意義與演進 6
2.1.1 財務指標定義 9
2.1.2 財務危機因素研究討論 10
2.1.3 財務預警因素實際使用之比較 15
2.2 營建財務因素分析之研究 15
2.2.1.修正式德菲法(Modified Delphi Method) 15
2.2.2 AHP 分析 (層次分析法)程序法研究 17
2.3 營建公司經營特性 22
2.4 綜合說明 25
第三章 研究設計 27
3.1 變數之選擇與衡量 27
3.2 研究設計與實施 30
3.2.1 研究方法 30
3.2.2 研究流程 32
3.2.3 評估模式 34
3.2.4 研究對象 35
3.2.5 資料處理方法 37
3.3 研究工具與資料分析方法 39
3.4 研究步驟 41
第四章 實證分析與研究 46
4.1 以財務觀點審視建築業之競爭力 46
4.2 資料處理方法 52
4.2.1 德菲法問卷設計和因素評選 54
4.3.問卷設計 57
4.3.1 問卷方式 58
4.3.2 焦點團體訪談 58
4.3.3 訪談過程 (德爾菲法應用) 61
4.4. AHP應用與分析 70
4.4.1 計算指標權重與計分方式 71
4.4.2 指標權重分析 75
4.4.3.影響公司經營各構面指標分析 79
4.5 各個構面之因素指標權重分析 81
第五章 結論與建議 85
5.1 結論 86
5.2 建議 88
參考文獻 89
中文部份 89
英文部份 91
附錄 94
附錄 A 94
附錄B 101
表目錄
表2-1 應用德菲法之研究主題內容........................................... 17
表2-2 應用層級流程分析........................................... 19
表2-3 應用層級分析法之研究主題內容........................................... 21
表3-1 非財務變數彙總表........................................... 28
表3-2 財務比率及計算方式........................................... 29
表3-3 修正式德菲法專家成員表........................................... 36
表3-4 非財務因素評估指標........................................... 42
表3-5 財務因素評估指標........................................... 43
表4-1 建築業與其他產業財務比率比較表.................. ... .........................47
表4-2 建築業近五年負債比率........................................... 48
表4-3 建築業歷年速動比率........................................... 49
表4-4 建築業歷年存貨週轉率........................................... 50
表4-5 本研究一致程度判別標準........................................... 52
表4-6 德菲法問卷構面及財務影響因素........................................... 53
表4-7 受訪專家屬性分析........................................... 54
表4-8 德菲法問卷專家屬性分析........................................... 55
表4-9 德菲法問卷評選結果(財務指標)........................................... 61
表4-10 德菲法問卷評選結果........................................... 63
表4-11 影響建設公司競爭優勢評選指標架構表.................................... 66
表4-12 說明評估尺度與意義........................................... 70
表4-13 評估排序範例........................................... 71
表4-14 影響競爭優勢財務因素指標權重表......................................... 71
表4-15 AHP 問卷調查結果指標權重分析........................................ 72
表4-16 第二層構面權重排序........................................... 74
表4-17 第三層指標權重排序........................................... 75
表4-18 第四層指標權重排序........................................... 76
表4-19 各類構面及指標項目權重排序........................................... 77






圖目錄

圖1.1 論文架構...........................................................................................5
圖3.1 研究流程圖......................................................................................33
論文參考文獻:參考文獻
中文部份
王石番,2009,傳播內容AHP分析法,台北:幼獅文化事業公司。
宋文娟 , 2001,「一種質量並重的研究法-德菲法在醫務管理學研究領域之應用」
李馨蘋, 2011,從公司治理之觀點看金融控股公司信用評等之影響因素
李建然與高惠松,2007,。會計師事務所人力資本與審計品質之關連性研究,
人力資源管理學報,第7卷第3期:45-64。
李作偉、劉彩華, 2010,上市公司財務危機預警的因素分析-實證研究
吳當傑, 2007, 公司治理理論與實務(二版)。台北:財團法人中華民國證劵
暨期貨市場發產基金會。
吳蕙真,2007,台灣集團企業財務預警模式-加入公司治理變數探討。東吳大
學商學院企業管理學系碩士論文。
吳姍穎,2007,公司治理對會計師選任與盈餘管理之影響。國立成功大學會計
學研究所博士論文。
吳芝嫻, 2009,以公司治理角度探討企業財務危機相關因素之研究。
林碩成,2009,應用德菲法與層級分析法探討影響企業內員工關係重要因素之研究,碩士論文,義守大學工業工程與管理學系碩士班
林楷勍,2010, 應用層級分析法於物流產業策略聯盟夥伴評選-以貨運業及零售業物流為例,碩士論文,清雲科技大學國際企業管理研究所
林思瑢,2001 ,以財務及非財務性指標評估建築投資業經營績效之研究
卓家慶,2005,會計師選擇與公司治理之探討,2005當前會計理論與實務研
討會,台北市:銘傳大學會計學系。
徐銘謙,2010,公司治理、家族企業、集團企業與財務危機之探討。國立中央
大學企業管理學系碩士論文。
施習恭,2010結合德菲法、層級分析法和資料包絡分析法求解台商導電橡膠業最佳廠址之研究,博士論文,中原大學系統與工程研究所,
郭家良,2007,層級分析法在醫院管理之應用,碩士論文,東吳大學企業管理學研究所。
鄧振源、曾國雄,1989「層級分析法(AHP)的內涵特性與應用(下)」,中國統計學
蔣昕妤,2010, 評選最佳國際展覽公司─ 德菲法與層級分析法之應用,碩士論文,世新大學傳播管理學研究所。
黃建華,2006,加入公司治理變數建構台灣上市上櫃公司之財務危機預警型。
東吳大學國際貿易學系金融組碩士論文。
黃振豊與呂紹強,2000,企業財務危機預警模式之研究-以財務及非財務因素
建構,當代會計。
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,
會計與公司治理。
鄭文英、蘇恩德、李勝榮與何慧清,2008,財務危機預警模式建構影響因素之預測能力整合分析,中華管理評論。
鄭祥和, 2007,公司治理與財務危機關連性之探討
陳彥光, 2008,房地產巿場預警系統之研究。
游昀玲, 2004,公司經營績效與代理問題對外部董監事聘任宣告效果影響之
研究
黃凱鈴, 2008,上市櫃公司建商之利潤力績效與房地產景氣關聯性之研究
劉俊男, 2006,「營建產業景氣指標與營建公司存活機率關係之研究
葉旻其, 2011,公司治理機制對企業績效與董監薪酬之影響。


英文部份
Amdres A. Jr. and Gardner C. Means (2007), “The Modern Corporation and Private property".
Agrawal (2006), “Financial Ratios and the Probabilistic Prediction of Bankruptcy”, Accounting Research
Amit and Livant(1998)“Failing Company Discriminiant Analysis”, Journal of Accounting Research.
Andres,P.d., Vallelado, E. (2008). Corporate governance in banking: The role of the board of directors. Journal of Banking and Finance
Bhagat and Black, (2002 )“Composition and CEO Duality in Boards of Directors:An
International Perspective”, Journal of International Business Studies,tton, A. and J. C.
Beaver, W. H . (1966), “Financial Ratios as Predictors of Failure”, Journal of Accounting ,
Baker (1987), “Why Do Not Directors Rock the Boat?”, Harvard Business
Chang, C. (2009) . The Corporate governance characteristics of financially distressed firms evidence from Taiwan. The Journal of American Academy of Business,
Cooper, A. C. and A. Bruno (1977), “Success among High-Technology Firms”, Business Horizons.
Daily, Catherine M. and Dalton, Dan R. (2004), “Bankruptcy and Corporate Governance:The Impact of Board Composition and Structure”.
Donaldson, L., Davis, J.H. (1991.) Stewardship theory or agency theory: CEO governance and shareholder return. Australian Journal of Management,
Dedrick, J, & Kraemer, L. K. , “Asia's computer challenge”, New York:
International Creative Management, Inc. 2000。
Erkens, D., Hung, M. and Matos, P. (2009.) Corporate governance in the 2007-2008 financial crisis: evidence from financial institutions worldwide. European corporate governance institute (ECGI), Finance Working Paper.
Franks, J., Mayer, C.( 2001.) Ownership and control of German corporations. The Review of Financial Studies,14(4), 943-977.
Foreman, R. D. (2003). A logistic analysis of bankruptcy within the US local telecommunications industry. Journal of Economics and Business,
Gul, kin (2010), “Change in Financial Structure of Unsuccessful Industrial Corporations”.
Jeffery, W. G., and Robert, R. M. (2003). Early warning models in real time. Journal of Banking and Finance,
Jeong . (2004), “Alternative Models For Assessing the Financial Condition of Business in Greece”, Journal of Business Finance and Accounting,
Jensen, Michael C. and W. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure”, Journal of Financial Economics,
King and Shivdasani (2005), 3rd edition,Fundamentals of Corporate Finance,
Katz, R. (1982), “The Effects of Group Longevity on Project Communication and Performance”,Administrative Science Quarterly
Kesner, I. F. and D. R. Dalton (1987), “Composition and CEO Duality in Boards of Directors:An International Perspective”, Journal of International Business Studies,
International Perspective”, Journal of International Business Studies,
Kimberly, J. and M. Evvanisko (1981), “Oranizational Innovation:the Influence of the individual,
Morck and Shleifer (2008), “Predicting Business Failure:A MacroeconomicPerspective”, Journal ofAccounting, Auditing and Finance,
Muranda, Z. (2006). Financial distress and corporate governance in Zimbabwean bank .Corporate Governance, 6 (5), 643-654.
Mangel, Robert and Harbir Singh (1993), “Ownership Structure, Board Relationship and CEO Compensation in Large U.S. Corporations”, Accounting and Business Research,
Mensch (1984) , “Methodological Issues Related to the Estimation of Financial Distress
Muranda, Z. (2006). Financial distress and corporate governance in Zimbabwean
bank .Corporate Governance, 6 (5), 643-654.
Murry J. W. & Hammons, J. O., (1995 ) “Delphi: A versatile methodology for conducting qualitative research. ” The Review of Higher Education,。
Neal,T.L. and Riley, R.R. (2004. ) Auditor industry specialist research design.
Auditing: A Journal of Practice & Theory, 23(2),169-177.
Platt, H. D. and M. Platt (1990), “Developing A Stable Class of Predictive Variables:the Case of Bankruptcy Prediction”, Journal of Business Finance and Accounting, Innovations”, Academy of Management Journal,
Smith, Raymond F. and Arthur, H. Winkor (1930、1935), “Change in Financial
Structure of Unsuccessful Industrial Corporations”, University of Illinois, Bureau of Business Research.
Sánchez-Ballesta,J.P. and García-Meca, E. (2007). A meta-analytic vision of the effect of ownership structure on firm performance Corporate Governance : An International Review.
Saaty, T.L. 1990: How to make a decision: The Analytic Hierarchy Process. European Journal of Operational Research
論文全文使用權限:同意授權於2015-08-05起公開