以基本面財務指標分析全球航空產業持久性競爭優勢

Abstract

自1970年代末期美國開始解除航空管制，民營化航空公司逐漸興起並開展其經營版圖。至90年代初期歐洲達成開放天空協議之後，自由市場機制下航空產業隨即進入一個競爭的時代。過去40年間，種種外在環境變化所造成的影響關係到航空公司的存亡，例如總體經濟環境變動、政治因素與天災人禍。航空公司必須要展現其優秀的管理與經營能力去面對多變的市場挑戰。因此，本研究主要目為探討航空產業的經營現況及研究其持久性競爭優勢。

本篇論文採用Compustat 線上資料庫 (SIC code 4512) 航空產業為主要研究對象，Compustat資料庫提供各國上市公司的財務報表。根據Tang and Liou (2010) 研究指出，優勢績效起源於公司經營能力與其擁有的資源構型，因而產生持久性競爭優勢。透過拆解杜邦恆等式 (ROIC) 來研究其優勢績效的起源。研究方法採用「因素分析」與「集群分析」來探討航空整體產業現況與Top 100航空的優勢資源構型。研究結果發現「Fast Moving」族群在供應商與顧客端部分展現較佳的整合管理能力，並且擁有較低的存貨。同時它們多半注重載客率提升與提高資產利用率，因此創造出最佳績效。由於現今航空公司多半在現金管理上表現不佳，期望透過本篇研究結果提供有關業者一些經營管理層面的建議。

Since the United States has gradually deregulated their control to the aviation industry at the end of 1970’s, the world begins a sky competition. During the past 40 years, it seems that external environment highly affects the airlines’ profit, such as economic development, political issue, and nature disasters. Therefore, it needs managing capabilities to face all the challenges in the dynamic market. This research would try to figure out if there are any competitive advantages existing in the airlines industry.

The research samples adopt Compustat database (SIC code 4512), which provides the global listed firms’ financial reports. Based on the research from Tang and Liou (2010), it is believed that superior performance is generated from firm’s management capability and distinctive resource configuration. Several financial ratios are selected from Du-Pont formula to proceed in Factor analysis and Cluster analysis, which can see if any distinctive resource configuration exists. The result shows that “Fast Moving” group takes advantages in suppliers and customers, which reveals their integrated capabilities in the international market. Also, they focus on enlarging the load factor and having the better utilization of aircrafts, which might increase their competitive advantages. Since now most of the airlines are not good in cash management, it is hoped to provide some suggestion as the reference for the airlines in order to reach the sustainable competitive advantages.