國內上巿散裝航運公司財務績效評估之研究

Abstract

散雜貨運屬於資本密集產業，進入障礙高，其經營又受到政治、經濟、天候、港口擁擠、船噸供給和貨物需求等不確定因素影響，不但具有高度風險性，而且貨源不易掌握，船東通常面臨接近完全自由競爭巿場，經營不易，因故航商需了解本身的經營狀況，以便於掌握競爭優勢。本研究以國內六家上巿散裝航運公司為研究對象，選取17項財務比率為評估指標。依據五力分析架構，分別為收益力、安定力、成長力、活動力及生產力，利用單因子變異數分析、多重比較法和逐步區別分析對散裝航運公司進行財務績效評估。主要研究之結論說明如下：

1. 經由ANOVA檢定，除了成長力指標外，各家散裝航運公司在其他四項指標上均有顯著的差異性。

2. 以Scheffe 事後多重比較法探討各公司表現的差異，其結果顯示台航的績效表現最佳，益航的績效表現較差。

3. 經逐步區別分析結果顯示影響散裝航運公司財務績效的重要性程度依序為活動力指標、安定力指標及收益力指標。而成長力指標和生產力指標對於散裝航運公司的經營績效不具顯著性。

is study aims to evaluable financial performance of the 6 bulk shipping companies in Taiwan which sell stocks in the open market.The evaluation is conducted based on the five-force analysis framework, in which 17 financial indicators are selected as the appraisal standards. The five-force analyses are profitability, safety, growth, efficiency and productivity analysis, statistical methods such as 1-Way ANOVA and Multiple Range Test and stepwise discrimination analysis.Major findings of this study are as follows:

1.By 1-Way ANOVA , except growth indicators , the other four indicators are significantly difference for the bulk shipping firms.

2.By the Scheffe Multiple Range Test , the overall performance of Taiwan Line is ranked as the best. and FSC is the worst.

3.By stepwise discrimination, efficinency is the most influential factor,followed by safety and profitability .Growth and productivity are not significant for overall performance.