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Author: 李秋星
Le - Thi Thu Tam
Thesis Title: 影響企業績效之因素探討:營建業之實證分析
Factors that Affect Firm Performance:An Empirical Results of Construction Industry
Advisor: 張光第
Guang-Di Chang
Committee: 張順教
Shun Chiao Chang
林維熊
Wei Shong Lin
Degree: 碩士
Master
Department: 管理學院 - 管理研究所
Graduate Institute of Management
Thesis Publication Year: 2010
Graduation Academic Year: 98
Language: 英文
Pages: 33
Keywords (in Chinese): 企業績效建築業財務比率Z score模型
Keywords (in other languages): Firm performance, construction industry, financial ratios, Z-score model
Reference times: Clicks: 335Downloads: 4
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  • 本研究探討1998~2008年北美48家建設公司之營運績效。研究目的為尋找流動性與槓桿因子對績效之影響。本篇研究使用財務比率分析與複回歸模型,針對倒閉與未倒閉之兩組樣本作推論。財務比率包含:流動比率、速動比率、營運資本周轉率、債務權益比、債務比率、資產周轉率、資產報酬率、股東權益報酬率、以及每股自由現金流量。實證結果顯示上述因子可顯著解釋企業績效的變異,以提供經營者以財務比率衡量企業營運績效之參考基礎。


    This research examines the financial performance of 48 construction firms from the region of North America over the period of 1998-2008. The primary objective is to identify critical factors of liquidity and leverage categories that potentially affect firm performance. The research methodology relies on financial ratios analysis and multiple linear regression for fail group and un-fail group to draw meaningful conclusions. The following financial ratios are used for developing the model: Current ratio, quick ratio, working capital turnover, debt-to-equity ratio, debt ratio, asset turnover, return on assets, return on equity and free cash flow per share. Results indicate that a significant variance in firm performance is explained by these variables. The finding of this research provides managers a basis vision to evaluate their firms’ financial health in relation to its impact on firm performance.

    AbstractI 中文摘要II ContentsIII Section 1: Introduction1 Section 2: Literature Review4 2.1 Determinant of Bankruptcy4 2.2 Financial Indicators6 2.2.1 Liquidity7 2.2.2 Leverage8 2.2.3 Profitability9 Section 3: Data and Methodology11 Section 4: Statistic Analysis14 4.1 Descriptive Statistics14 4.2 Results of the Correlation Matrix16 4.3 Results of the Multiple Regression17 4.3.1 Fail Group17 4.3.2 Un-fail Group19 Conclusion23 References25 Appendix28

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