以EVA評估台灣自行車產業之經營績效

Abstract

本研究係以經濟附加價值(Economic Value Added, EVA)分析台灣自行車產業之經營績效，並以競爭策略三要件分析台灣自行車產業之經營策略。競爭策略三要件則為：策略定位、差異化及競爭態勢。 實證研究中，經濟附加價值之計算，為避免傳統會計處理產生之財務報表造成經營績效評估時之扭曲，需特別考慮計算時之調整項目；調整項目則包括稅後淨營業利益(NOPAT)、投入資本(Invested Capital)、加權平均資金成本率(WACC) 及各項重要約當權益(Equity Equivalents) 調整項目；本研究主要乃將經濟附加價值之計算，賦予明確定義並予以操作化，進而可分析經營績效與經營策略之相關性。 研究結果發現，台灣自行車產業之經營策略可分為三類：自有品牌之產銷、專業代工生產及自有品牌產銷與代工生產並存等三種經營策略。不同經營策略，的確在相同產業環境中，發現顯著不同之經營績效；另外，亦可得知，採用經濟附加價值評估經營績效，較傳統以財務報表資訊計算之評估指標，有顯著接近經濟實質之解釋力。

The study adopts Economic Value Added (EVA) method to evaluate the operation performance of bicycle industry in Taiwan. The study also analyzes the business strategies of the industry in business positioning, differentiating and competition attribution. Traditional accounting principles could produce distorted financial data while using those financial statements for performance evaluation purposes. In order to avoid these kind of distortion and misleading, adjustment items are needed when adopting EVA method. Adjustment items are such as Net Operating Profit After Tax (NOPAT), Invested Capital, Weighted Average Capital Cost (WACC), and Equity Equivalents. The study clearly identified the related adjustment items and make EVA calculation much more practicable. The study is mainly focused on EVA calculation and the relevance of business strategies and operation performance. In the end, the study found that the business strategies of Taiwan bicycle industry could be segregated into three types: Own Brand Production and Marketing, Professional Outsourcing Vendors, Both Own Brand Production and Outsourcing Vendors. The study found that different business strategies could make different operation performance obviously. Moreover, the study also found that using EVA for performance evaluation would gain the evaluation result in a much more rational way and close to the real economic situation than using the traditional indicators according to the traditional financial statements.