航空客運業營運族群績效分析 - 以亞洲為例 -

Abstract

摘要 航空客運業營運策略族群，是指因營運策略不同，而產生不同經營形態的航空公司。在航空業的營運策略中，對於機場、機型、機艙、艙等、服務、運務、票務及航線等採取不同的經營模式，並且依所提供之服務內容可被區分為傳統航空、低成本航空等二大領域。 本研究產業為亞洲地區且有營運國際航線之航空客運業，對象為傳統航空及低成本航空，共計九家航空公司。研究資料取自Standard & Poor Compustat，以及Flightglobal (http://www.flightglobal.com)資料庫內容。 主要資源構型為：企業規模及顧客資產利用效率、內部管理及資產管理、內部開發及股東報酬等三個主要管理能力；而這些能力將航空公司分成三大族群：規模優勢型、運籌管理型、獲利能力型。以企業規模及顧客資產利用效率為競爭優勢的規模優勢型航空公司不論是機隊、航線、載客數及企業人數皆屬龐大相對提高經營成本，所以儘管可售座位公里數(ASK)和載客公里收益數(RPK)雖高，仍需更積極開源節流以創造較好的獲利績效；以內部管理及資產管理為競爭優勢的運籌管理型航空公司，營運收入的增加需藉由策略合作及資源的再發展與再利用，表示運籌管理型需要強化內部開發及外部創新的能力以提高每股盈餘(EPS)的價值；而以內部開發及股東報酬為競爭優勢的獲利能力型航空公司，謹遵守簡單化及降低成本的核心策略，以內部開發能力創造市場需求，使得股東權益報酬率(ROE)及總資產報酬率(ROA)的績效表現為三大族群之首，展現出最佳財報及最高的股東價值。

Abstract The operating strategic groups of the air transport industry refer to the airlines that have different operational modes due to various operational strategies. Among the operational strategies of airliners, different operational modes are adopted for the aspects of airports, airplane models, cabins, booking class, service, transportation business, ticketing service, and routes. Based on the contents, the operational modes of airliners can be divided into two types: traditional airliners and budget airliners. This paper selects nine Asian airliners that have international routes as the subject of study, including both traditional airliners and Low Cost Carrier. The data are sourced from the databases of Standard & Poor Compustat and Flightglobal (http://www.flightglobal.com). Major resource configurations consist of three managerial capabilities, namely, company scale and the efficiency of customer asset utilization, internal management and asset management, and internal development and shareholder compensations. Through the cluster analysis, this study classifies airliners into three groups according to the three capabilities: scale-advantaged type, managerial type, and profitability type. A scale-advantaged type airline has a larger fleet, more routes, higher passenger load ratio, and more employees, thus the operational cost is high. Hence, although those airliners have better ASK (Available Seat Kilometers) and RPK (Revenue Seat Kilometers), they still need to strive for more profits and control costs, in order to achieve better business performance. The managerial type airliners