運用財務比率鑑別企業競爭力—以台灣證券交易所資訊科技指數成分股為例

Abstract

中文摘要

台灣擁有強大且完整的半導體產業供應鏈，為國內科技產業在世界舞台發光發熱，帶來強大的靠山。透過技術研發、產能規模、產業群聚效應等競爭優勢，台灣科技產業實已累積諸多獨特之競爭優勢與企業價值。

過去關於企業競爭力散見於各文獻中，本文將企業競爭優勢給予操作性之定義為可以透過企業資源構型透視之，而得到之結論為杜邦公式所內含的財務指標可以有效區別企業競爭優勢與非競爭優勢，透過解構財務報表，可找出國內科技產業持續性競爭優勢。

本研究以台灣證券交易所與全球知名的指數編製金融機構英國FTSE(富時指數有限公司)合作發行的資訊科技指數成分股為樣本數，利用衡量財務績效之杜邦恆等式，並以因素分析作為研究方法，期透視台灣科技公司之企業競爭優勢。

依據相關文獻，本研究以資本投入報酬率與九大財務指標，包括應收帳款周轉率、應付帳款周轉率、存貨周轉率、研發費用率、管銷費用率、固定資產周轉率、折舊、稅率等外顯指標，進行因素分析，萃取出客戶關係、供應商關係、知識與內部管理、資產運用效能四大因素，透過上述因素歸納將協助觀察企業營運績效，鑑別其競爭優勢與非競爭優勢。而一家企業之競爭優勢，在於價值創造，建立企業本身之獨特核心價值，築起競爭者難以模仿的產業進入障礙。

關鍵詞：競爭優勢、營運績效、財務比率、證交所資訊科技指數、半導體產業

ABSTRACT

Having a strong and complete supply chain in semiconductor industry, Taiwan has been glinting in the world due to the strong back support of its domestic IT industry. In which the technology R&D, capacity scale, industry cluster effect have enabled many unique competitive advantages and business values to Taiwan IT industries.

Many other intangible business values did not directly reveal on the subject of financial statement other than business reputation, intangible asset and other minor subjects. However, these competitive advantages that implicitly contained behind the financial statement represent the core competitiveness of electronics industry in Taiwan, which is also the essence of this research – discovering the sustainable competitive advantages of domestic IT industries through interpretation of financial statement.

This thesis introduces TSEC Taiwan Technology Index Composition that is jointly issued by TSEC and world-known FTSE as samples, and uses Du Pont Equation for financial performance evaluation, with factor analysis introduced as research methodology to expect to oversee the competitive advantages of IT companies in Taiwan.

According to related literatures, this research follows return on invested capital and 9 major financial indices; including account receivable turnover ratio, inventory turnover ratio, R&D/sales ratio, expense rate, fixed assets turnover rate, depreciation, tax rate and other explicit indices to proceed factor analysis to extract customer relations, supplier relations, knowledge and internal management, performance of asset utilization 4 major factors, and based on what has summarized from above factors to help observe the business operation performance, to evaluate its competitive advantages and non-competitive advantages. According to the research, competitive advantages will bring continuous and better business performance, the competitive advantage of one business entity is all about creating values, to establish unique core values of enterprise itself, and to enable an entry barrier that keeps competitors away from imitating.

Keyword: Competitive Advantage, Financial Performance, Financial Ratio, TWSE Taiwan Technology Index, Semiconductor Industry