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博碩士論文 etd-0617113-150442 詳細資訊
Title page for etd-0617113-150442
論文名稱
Title
連鎖企業財務特徵及經營策略之探討—以台灣及香港上市櫃公司為例
A Study on the Financial Characteristics and Business Strategies of Chain Enterprises – The Case of Taiwan and Hong Kong Listed Companies
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
81
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2013-07-19
繳交日期
Date of Submission
2013-07-23
關鍵字
Keywords
主成分分析、獲利率、BCG成長/佔有率矩陣、自由現金流量、連鎖企業
free cash flow, profitability, principal component analysis, BCG growth/share matrix, chain corporation
統計
Statistics
本論文已被瀏覽 5842 次,被下載 174
The thesis/dissertation has been browsed 5842 times, has been downloaded 174 times.
中文摘要
服務業在全球經濟中所扮演的角色日益重要,而連鎖企業亦隨著服務業興起。有鑑於此,許多學者紛紛對連鎖企業進行研究。然而,過去文獻大多專注於探討連鎖企業的組織,甚少有學者以財務的觀點進行研究。因此,本文欲依連鎖企業之財務特徵,將公司進行分組,並探討產業別及其經營策略如何影響連鎖企業之組別。
本文之基礎乃建立於BCG成長/佔有率矩陣之上。我們以台灣及香港連鎖上市櫃公司的財務比率進行主成分分析,利用主成分分數之中位數將樣本分為明星、現金牛、狗、與問號等四組。分組後,本研究比較並分析各組財務比率的平均數,其結果顯示各組的財務特質及自由現金流量均符合其組別命名。除此之外,我們亦發現銷售成長率及成本控制能力是造成各組不同自由現金流量的主因。
從產業的角度來看,本文發現服裝連鎖企業有較高的成長率;相對地,電子零售商與加油站的成長率明顯較低。此外,眼鏡、手錶和珠寶公司多為「問號」,「明星」最能形容房仲服務公司,而旅遊及休閒設施公司則是「現金牛」。在公司的經營層面上,研究結果顯示公司的組別演化會受到產業成長率的影響。然而,即使連鎖公司為追求成長及獲利而選擇進入高成長產業,他們是否能轉化為較好的組別,則取決於公司是否能有效地把握市場的增長。本文亦發現,過度強調擴張及銷售成長最終可能導致嚴重的不良後果。因此,在追求成長的同時,公司亦應考慮整體策略的一致性,以確保財務及健全的發展。
Abstract
As the service and retail sectors become increasingly important in the global economy, many studies are conducted in the context of chain businesses. However, most of the literatures have focused on the issues of organization. There are few studies explore the field from financial perspective. In light of this, we aim to classify chain corporations with their financial characteristics. Then with the group classification, we investigate how different industries and business strategies affect chain corporations’ classifications
Building on BCG growth/share matrix, this study performs principal component analysis on four financial variables and divides the sample into four groups: stars, cash cows, dogs, and question marks. Group analyses confirm that the financial variables and the free cash flow/net sales ratio vary across groups and that each group is worthy of its name.
At a macro level, we discover that textiles and apparel retailers have high growth rate; on the contrary, consumer goods, electronics, and gas station companies are relatively mature. Furthermore, glasses, watches, and jewelry companies can be best described as question marks. Lastly, the property agency services could be classified as stars, and the tourism and leisure facilities can be characterized as cash cows.
At a micro level, our finding suggests that the market growth rate is one of the driving forces of group evolution. Companies may choose to operate in a fast growing industry, yet whether they can transform into better classifications depends on how effectively they capitalize the market growth. In addition, overemphasis on expansion may eventually lead to serious consequences, and thus strategic fitness is required for companies that seek growth and financial health.
目次 Table of Contents
1. INTRODUCTION 1
2. LITERATURE REVIEWS 5
2.1. MEASUREMENTS OF FIRM PERFORMANCE: PROFITABILITY AND LIQUIDITY 5
2.2. BCG’S GROWTH/SHARE MATRIX 6
2.2.1. Relative Market Share 6
2.2.2. Market Growth Rate 7
2.2.3. Classification of BCG Growth/Share Matrix 8
2.3. BCG MATRIX AND CUMULATIVE CASH FLOW 10
3. DATA AND METHODOLOGY 11
3.1. DATA COLLECTION 11
3.2. VARIABLES AND METHODOLOGY 12
4. EMPIRICAL RESULTS 15
4.1. DESCRIPTIVE STATISTICS 16
4.2. THE RESULT OF PRINCIPAL COMPONENT ANALYSIS 17
4.3. GROUP DEFINITION 20
4.4. GROUP ANALYSES 22
4.4.1. Means of Four Variables and Free Cash Flow/Net sales Ratio 24
4.4.2. The Drivers of Operating Margin, ΔNWC, Net Investment, and Growth 26
5. RESEARCH DISCUSSIONS AND IMPLICATIONS 31
5.1. IMPLICATIONS IN THE RETAIL INDUSTRIES 31
5.2. IMPLICATIONS IN THE RETAIL COMPANIES 35
5.2.1. Textiles and Apparel Industry: The Era of Fast Fashion 37
5.2.2. The Raising Question Mark: Daphne International Holdings Ltd. 39
5.2.3. The Falling Star: Esprit Holdings Ltd. 46
5.2.4. The Effect of Different Business Strategies 58
6. CONCLUSIONS 60
REFERENCES 65
APPENDIX A: THE FACTOR SCORE SCATTER PLOT OF STARS 70
APPENDIX B: THE FACTOR SCORE SCATTER PLOT OF CASH COWS 71
APPENDIX C: THE FACTOR SCORE SCATTER PLOT OF DOGS 72
APPENDIX D: THE SCATTER PLOT OF QUESTION MARKS 73
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