台灣上市網路製造業經營績效之研究

Abstract

本研究以台灣地區網路製造業業者為研究對象，利用因素分析模式萃取經營績效的主要構面。將公開說明書裡的十五個財務比率，簡化為三個評估因素，其可解釋變數總變異量達81.48%，利用此三個因素彼此相互獨立，便於簡化分析企業經營績效特性。 此三個主要因素構面為： 1. 營運效率因素 2. 獲利能力因素 3. 資產運用效率因素 友訊與合勤以自有品牌為其主要策略，智邦與國□以代工為其主要策略。不同的經營策略，不同的經營績效，但其資產總額、資本額與營業收入等，皆有相當鉅幅的成長。 由於他們都處於一個高度成長的產業，個別公司因素的差異，似乎不是那麼重要。由此觀之，廠商若能切入對的明星產業，在產業處於成長階段時，其內部的經營效率並不會阻礙企業的卓越成長。

This paper analyzed Taiwan's four public listed network equipment manufacturers’ operation performance. By using SAS factoring analysis this research narrowed down to three major factors from fifteen variables listed in public financial reports. These three independent factors cover up to 81.47% variance and can be used to explain performance index of these four companies. Three factors listed below: 1. Operation efficiency factor 2. Profit earning capability factor 3. Asset utilization efficiency factor Accton and Ambit are more focused on ODM business while D-link and ZyXEL are more focused on branded business. With different strategy and operation efficiency they all enjoyed high growth rate in capital, asset and revenue. Those four companies growth seemed irrelevant to their different operation efficiency due to they are all in a fast growing industry. In a fast growing industry if one company can position well and catch the industry trend then internal operation efficiency will not affect its fast growth.