日本郡是與台灣遠東新世紀之紡織業個案分析-從經營史、發展策略及財報分析觀點

Abstract

研究經營一百二十年的日本紡織企業「郡是」與經營一甲子的台灣「遠東新世紀」的經營史與發展策略，冀經由個案研究檢視及歸納這兩家長久經營企業的特質及成功因素之異同性。 企業的經營決策是因，財務報表是果。本研究的另一個目的是經由財報分析的觀點，比較兩個案公司經營策略的異同性所呈現的財務特質與績效。 1. 採百貨型態複合多角化發展的遠東新世紀，與技術相關集中多角化發展的郡是相較，至2015年遠東新世紀資產規模已達郡是的10倍、巿值達7倍；資金運用、人員生產力效率、營業活動獲利能力皆優於郡是；杜邦分析的投資報酬率亦優於郡是。唯研發費用支出及專利權申請件數，則為郡是優於遠東新世紀。 2. 本研究歸納日本百年紡織業郡是的財務指標及績效，相對於台灣紡織領導企業遠東新世紀，略遜一籌；不過郡是以堅實的研發實力為根基，營運百年以上且持續發展，遠東新世紀若效法郡是提升研發能量，本研究預期遠東新世紀亦有成為百年企業的實力。 3. 企業社會責任意識逐漸升高，遠東新世紀在企業社會責任的推動備受肯定。但因台灣在環境管理會計的推動尚在起步階段，未能像日本郡是提供系統化可比較的環境會計供財務量化分析。待遠東新世紀成為百年企業，40年後一定也會累積更先進且系統化的環境會計(或綠色會計)資訊供財務量化檢視。

This study aims at the managerial history and strategy of two textile enterprises: Gunze, a Japanese corporation with 120 years of history, and Far Eastern New Century (FENC), a Taiwanese one running for 60 years. This is to find out and compare the characteristics between these two long lasting enterprises, as well as their factors to success. For an enterprise, the strategy is the cause, and which leads financial statements. Another goal of my study is to find out the similarities and diversities of these two cases, from the view of Financial Analysis, see how the strategies lead to different financial quality and results. 1. Comparing FENC, developed with Conglomerate Diversification, with Gunze, gone along with Concentric Diversification, up to 2015, FENC has been 10 times larger than Gunze in financial asset size, and 7 times worthier in current market. No matter funds utilization, staff capacity, operating activities, or profitability, FENC always keep superior. Even its return on investment (ROA & ROE) analyzed by Dupont analysis also shows higher rate than Gunze. However, on R&D expenses and patent applications, Gunze performs better than FENC. 2. This research concludes a comparison result that Gunze, a century textile corporation in Japan, is inferior to FENC, the leading textile enterprise in Taiwan, in financial indicator and performance. Nevertheless, Gunze, based on its capability of researching and developing, has been running over one century. Should FENC learn from Gunze and enhance its R & D power, FENC might be expected to become a century enterprise as well. 3. The awareness of Corporate Social Responsibility (CSR) is increasing. FENC’s movement for CSR has been affirmed. However, the promotion of Environmental Accounting is still in its infancy. We are not able to offer systemized, comparable Environmental Accounting for the financial quantitative data analysis. Hopefully till FENC turns century enterprise, it might accumulate more advanced and systemized Environmental Accounting (or Green Accounting) data for the inspection of financial quantification in forty years.