臺灣電子代工產業之財務結構分析與改善之道： 以個案公司為例

Abstract

臺灣電子代工產業經過半世紀的發展，由於產業不斷的成長與變遷，造成龐大的投資與營運資金需求，因此在評估競爭力時，公司財務結構的優劣變的越來越舉足輕重，如何妥善規劃及管理也成為經營者最重要的管理課題之一。 為了瞭解產業的績效標桿與最佳財務結構，本研究首先採用財務分析中之五力分析法探討產業的經營績效及趨勢，於搜集產業主要競爭廠商的財報資訊後，選擇29項常用之財務比率，以收益力、安定力、活動力、成長力、生產力等五個構面計算出三年內各財務比率之產業平均值，最大值與最小值，加以分析比較。 而為了進一步歸納出企業主管於未來調整財務結構時之決策參考，本研究由個案公司的角度分析其目前所處產業排名，再由獲利能力、營運資金、資本支出，與股東權益等四個管理面向探討財務結構的改善對策，做出短期與中期之執行建議，並依據建議結論推估出個案公司未來三年資產負債表可能發生的變化，證明其有效性。

After a half-century of development, continuous growth and changes have significantly increased the investment and working capital needs for Taiwan Original Design Manufacturers (ODMs). Therefore, when evaluating the competitiveness of ODM companies, we note that the health of their financial structures has become more critical. How to well plan and manage a company’s financial structures is emerging as one of the most important issues for managers. To determine the best practice and performance benchmarks of financial structures for companies in the ODM industry, this report measures the major players’ performance by examining research results compiled using the “Financial Five Forces” analysis method (five different aspects: profitability, stability, activity, growth and productivity). It selects 29 commonly used financial ratios to calculate the average, maximum, and minimum values of each ratio for analysis and comparison. To further develop a strategy reference guideline to assist related corporate managements’ future decisions regarding financial structure adjustments, this report uses a company case study to develop medium and long term execution suggestions from four angles–earning capability, working capital management, capital expenditure and shareholders’ equity–based on the research results of the Financial Five Force analysis. Finally, we simulate the case company’s balance sheet for the next three years to show the potential improvement and the effectiveness of suggestions.