以財務比率分析台灣地區車用電子廠商之財務績效

Abstract

近年來受到石油價格不斷上漲與地球暖化等因素影響，節能與環境保護的議題受到全球矚目。汽車產業在年成長率逐漸停滯且強大的全球化競爭壓力之下，汽車廠商為求提高汽車產品的競爭力，讓車子更環保、節能且舒適使車子朝智慧化、數位化、電子控制化、人性化發展，使車的功能不再只侷限於交通運輸上，而更講究高精密性與環保性，車用電子的地位更加受到重視。 而汽車電子也被稱為繼電腦、通訊、消費性電子3C產品之後，聚集高科技技術為一體的新興產業。 本研究蒐集上市上櫃十一家車用電子廠商財務比率資料，資料期間為2004年至2007年。並參酌過去文獻資料，研究流程首先依據因素分析法中主成份分析法篩選各重要財務構面，再依照所萃取資訊取得其中重要因素包含償債能力指標、經營能力指標、獲利能力指標、現金流量指標，並計算各因素總變異的權重;並利用四構面作單因子變異數分析，主要看出各群組間是否有顯著的差異，並利用因素分析所得之四個因素構面，將此四個構面依其重要性，賦予不同的權重，來建立一財務績效評估模式並加以計算其排名。本研究藉由不同之分析方法，探討影響車用電子廠商經營績效之財務因素及其重要性，提供為車用電子廠商經營者與投資人的參考。

Energy saving and environment protection topics are becoming more relevant as result of rising fuel price and global warmth.In automobile electronics industry, the sales of automobile have declined gradually in annual growth and under the strong globalization competition pressure, the automobile manufacturer, in order to improve the competitiveness and to make mobile an energy saving and human-friendly transportation with intelligence, digital and electronic controlling system becomes the most important subject for manufacturers.Also, a more exquisite and environmental protecting fuction comes to be obligatory with automobiles. Automotive electronics, which acts as a new star in manufacturing industry, are receiving much concern and more competitive than computer, communication and all other consuming electronics. Finance reports from eleven listed automotive telematics companies aresubjected in this research, which are traced since 2003 until 2007. Based on releasedreferences, the industry is first divided into three categories inresearch procedure by Principal Component Analysis. Secondly, valuable factor including liquidity, management, earnings and cash flow ability are used to calculate the weight of Total Variation. Four categories are divided using One Way Anova, is used to examine the possible difference between groups. Four categories, which derive from Factor Analysis, are assigned different weights to set up a financial efficiency evaluation model and thus ranked. The object of this research is to use multiple analysis methods to provide a reliable reference for automotive telematics companies and investors by finding the important Financial parameters affecting the company efficiency.