隨機邊界法應用於營建公司成本效率及影響因子之研究

Abstract

營建業是一高現金流量的產業，在面對目前全球化競爭市場及獲利率壓縮的衝擊下，應如何去提高成本效率是一重要課題。本研究運用隨機邊界法衡量26家台灣上市上櫃大型營建公司的成本效率，迴歸模型是運用超越對數成本函數來衡量營建公司的成本無效率指標、設備成本、公司規模等關係。本研究結果顯示：(1)營建公司的成本效率尚有極大的改善空間；(2)適度的財務槓桿可增加及彈性資金的調度；(3)可採分包來降低成本；(4)公司規模越大成本效率較佳；(5)減少設備成本支出可提高成本效率；(6)建設公司的成本效率較佳。希望藉由本研究的成果可建議與促使營建業調整本身的經營與管理策略，改善其成本效率。

Construction firms require a large cash flow, thereby creating a significant financial leverage. Therefore, identifying a highly effective cost efficiency model is essential for construction firms, especially under the pressure of competition in today's global market. In this study, 26 Taiwan listed construction companies are examined using the Stochastic Frontier Analysis (SFA). By using the regression model and the translog cost function to evaluate the cost inefficiency, equipment cost, and firm scale. The main findings include: (1) the cost efficiency showed that there was still a room for improvement, (2) appropriate financial leverage increases cost efficiency and capital, (3) subcontracting reduces labour costs, (4) larger firms can be more cost efficient, (5) reducing equipment costs increases cost efficiency, and (6) real estate developers are more cost efficiency. It is hoped that through the findings of this study, we can help construction firms to strategically adjust the management of their firm and improve cost efficiency.