運用財務比率分析全球電信產業競爭優勢

Abstract

電信產業從早期各國保護的經營型態，隨著科技的進步及全球化的影響，逐漸從封閉的狀態走向整合的趨勢，2007年8月起金融海嘯爆發，至2008年連鎖反應擴大，引發全球性經濟蕭條，各國產業無一倖免，本研究從杜邦恆等式所解構出來的財務比率，透過因素分析統計方法，找出企業資源構型，再歸結出合適的策略群組，進而解讀隱藏於財務報表的產業競爭優勢。並以2008為分野，觀察金融海嘯前後各策略群組差異及群組間企業變動情形，可發現具不同競爭優勢之策略群組，隨著應變策略不同，經營績效高下立現。

Protected by government, telecommunication companies were con- sidered monopolies in early years. Nevertheless, it is observed that the telecom companies gradually embrace the trends of technology advance- ment and globalization. It can be seen that almost all companies were affected by the Financial Turmoil happened in Aug 2007 and the global recession that followed. Based on the Financial Indicators from Du Pont Identity, we found the Resource Configuration Model by factor analysis and thus concluded an applicable strategy group to identify the industry competitive advantages concealed from the financial statement.

A borderline in 2008 can be used to observe the differences in strategy groups and industry changes before and during the financial turmoil. The different performance arose in the different response strategy group with different competitive advantages.