探討食安事件對上市食品公司經營績效之影響

Abstract

從各項經濟數據顯示中可發現，臺灣近幾年已從2007年的金融風暴中逐漸穩定下來，對於各項生活品質的要求也提高，但食品安全事件仍頻繁發生，而涉入的食品公司更包含已上市的大型公司。在民眾越來越關心食品安全的議題下，加上政府針對食品安全的法規制定日趨嚴格，面對消費者與政府的監管，將如何影響上市食品公司的經營績效狀況，值得深入研究。 因此，本研究之研究目的包含分析上市食品公司之經營績效與影響其績效的因素。研究樣本是以2011年至2016年共計27家上市食品公司。透過資料包絡法分析經營效率後，再經由Tobit迴歸分析，觀察影響經營效率的可能因素。研究結果發現，上市食品公司中有88.89%未能充分利用資源，表示食品業的經營雖然相對穩定，但仍有進步的空間。行政院食品安全辦公室的成立對效率沒有顯著影響，而中上游與下游廠商的經營績效存在顯著差異。固定資產與大股東持股比對效率之影響呈現正相關，顯示上市食品公司若能增加廠房或設備等固定資產，而若大股東持股比提高，進而發揮監督公司的作用，將能提升效率。

In recent years, with the economic data found to be gradually stabilized, demands for quality of life have increased in Taiwan. However, food safety incidents still occur frequently, and the large listed companies are even also involved. With the increasing concern about food safety issue, in addition to the strict government regulations on food safety, how the supervision of consumers and the government will affect the operation efficiency of listed food companies is worth studying in depth. Therefore, the purpose of this study includes analyzing the efficiency of listed food companies and the factors that affect their performance. The sample of this study includes 27 listed food companies, and the period is from 2011 to 2016. After analyzing the efficiency using Data Envelopment Analysis, the Tobit regression analysis was also used to observe the possible factors that affected the efficiency. The results found that 88.89% of the listed food companies failed to make full use of resources, indicating that although the food industry's operations are relatively stable, and that there is still room for improvements. The establishment of the Office of Food Safety of the Executive Yuan has no significant effect on efficiency. However, there is significant difference in the performance of the upstream and downstream companies. The effect of the influence of fixed assets and the shareholding ratio of major shareholders is positive on efficiency. It indicated that if a listed food company can increase fixed assets, such as plant or equipment, will improve the efficiency of the company. If the shareholding ratio of major shareholders increased, then the company might be well-supervised that leads to efficiency improvement.