| 摘要: | 在國家經濟發展過程中，營建業佔有相當重要的地位，因其帶動許多關連產業的發展，提供社會無數的就業機會；而今，營建業在長期房地產不景氣影響下，正面臨前所未有的衝擊，去年的金融風暴，使得許多營建公司相繼發生財務危機。究其原因，不外乎業者不知本身財務績效的好壞。因此，財務績效的評估對業者而言乃當前重要課題。公司的管理者藉由財務績效的衡量瞭解公司資源使用的情形，且經由評估的成果來作為未來經營決策之改進參考。 本研究乃以相對評估的觀點來探討營建公司之財務績效，以各公司之財務比率做為評估指標，並藉由問卷的方式來進行評估指標之篩取，在篩取指標的方法上分別採用模糊德菲法（Fuzzy Delphi Method）與灰色朦朧集（Grey Hazy Set）；而績效的評估方法，本研究修正Chang et al.（1995）所提出之方法，藉由資料包絡分析（Data Envelopment Analysis,DEA）觀念以評估組織的相對效能與效能變動，以及擴充運用Andersen & Peterson（1993）之超效率（Super Efficiency）和Doyle & Green（1994）的交叉效率（Cross Efficiency）。 本研究主要的結論有以下幾點： 一、 評估指標依建設公司與營造廠商有所差異，建設公司共計篩選出11項財務比率，營造廠商則篩選出10項財務比率。 二、 本研究參考Lovell&Pastor（1999）之文章，重新修正Chang et al.（1995）的相對效能公式，較其減少了一個變數與限制式，且並未喪失原先所能提供之資訊，簡化了運算之複雜度。 三、 本研究選擇31家上市上櫃建設公司做為評估對象，評估結果發現，在房地產景氣不佳的情況下，財務績效相對較不理想之公司，應多注重公司的推案策略，以及儘量減少財務槓桿之運用。此外，在績效變動分析方面，以上櫃公司之表現相對較理想，而87年底發生財務危機之公司，其績效衰退幅度最大。 四、 各公司87年之財務績效與88年的股價與報酬率有顯著的相關性存在；而不同公司的特性（規模大小、交易市埸別?上市上櫃）與會計制度（營收認列、利息資本化）對於財務績效無顯著影響；至於各公司之多角化（轉投資）對於財務績效則有顯著影響。 The construction manufacturing is at the important position on the way of the economic development in Taiwan. It brings along the development of the relative industries and many jobs. However, the construction manufacturing is being made a great impact so far, due to the depression of the real properties. Banking storm happened last year. A lot of construction companies had financial crises. The reason is constructors did not realize their own financial performance. So the assessment of the financial performance is an important task for constructors. The managers can realize the use of resources of the company from the evaluation of the financial performance. The results of the assessment also can be the references for the improvement in the strategic decision. In this study, the financial performance of the construction firm was researched with the aspect of the relative assessment. The financial ratios of each firm were used as its evaluation indices which sieved out through a succession of questionnaire. Fuzzy Delphi Method and Grey Hazy Set were the methods of selecting these indices. Afterwards, in order to evaluate the financial performance, the study modified the analysis method of measuring the relative effectiveness and the effectiveness variation of the organization, which was proposed by Chang et al. ( 1995 ) with the concept of the Data Envelopment Analysis. In addition, the Super Efficiency of Andersen & Peterson ( 1993 ) and the Cross Efficiency of Doyle & Green were expanded simultaneously. The conclusions of the study are listed as follows : 1. The evaluation indices are different between the building and construction company. 11 financial ratios were selected for the building firms as well as 10 ratios were for the construction firms. 2. With referring to article written by Lovell & Pastor ( 1999 ), the study modified the relative effectiveness formula of Chang et al. ( 1995 ) in order to decrease a variable and a constraint. Further, it doesn’t fail to provide its original information and simplify the complexity of calculation. 3. 31 listed and OTC ( Over-The-Counter ) building firms were selected to be the evaluation subjects. From the results of the evaluation, the firms which have unideal financial performance relatively under the depression of the real properties, should pay more attention to the operation strategy of the company and reduce the application of the financial lever as far as possible. Besides, the OTC firms behave more ideally by analyzing the performance variation. However, at the end of the year 1998, the performance recession of the firms that had financial crises reached the maximum. 4. The financial performance of each firm in 1998 correlates eminently with the stocks prices and rate of return in 1999. Moreover, the characteristics of various firms ( company size, trading market－listed and OTC ) and the accounting system hasn’t conspicuously affected the financial performance. However, the correlation between the diversification and financial performance is significant. |
