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    题名: 影響網通業者財務績效因素之研究
    Factors Affecting Financial Performance of Firms in Taiwan’s Communications Industry
    作者: 陶德芬
    Tao, Tefen
    贡献者: 于卓民
    Yu, Chwo-Ming J.
    陶德芬
    Tao, Tefen
    关键词: 財務績效
    創新力
    經營力
    市場力
    財務力
    員工生產力
    企業韌性
    策略型態
    Corporate Financial Performance
    Innovative Capability
    Operational Capability
    Marketing Capability
    Financial Capability
    Employee Productivity
    Corporate Resilience
    ESG
    Strategic Typology
    日期: 2021
    上传时间: 2021-03-02 14:25:24 (UTC+8)
    摘要: 本研究探討影響台灣網通業者財務績效的因素，以創新力、經營力、市場 力、財務力、員工生產力及企業韌性 (ESG, environment/ social/ governance) 六 項因素作為衡量指標，ROE、ROA、Tobin’s Q 作為績效指標。研究對象為 14 家上市櫃網通設備公司，資料期間自 2009 至 2019 年計 11 年。透過標準化後的 數據，進行同一公司之跨年分析和同一年之跨公司分析，探討各公司績效間之 差異變化。此外，根據 Miles & Snow 的策略型態架構，將各公司依策略類型分 類，以瞭解不同策略類型對績效的影響。
    研究結果顯示，績效是由數個能力組合產出的結果，企業必須至少要有一 項能力(因素)大幅超越同業，並以其它至少二項的能力互補協力，才能有優 異的績效表現。各因素對績效重要性的影響亦會隨時間推移而不同。代表企業 韌性的 ESG 評鑑結果有 50%及以上顯示與績效的正關聯性。另外，除 Miles & Snow 策略分類為反應者的公司外，無論防禦者、探索者、分析者公司都展現出 優異的績效。
    根據結果，本研究建議網通業者應至少建立一項強大的獨特能力，並輔以 至少二項的其它能力(多為經營力與財務力)，才能達到良好的財務績效;其次， 六項能力因素的養成和配置並非一成不變，須隨產業脈動趨勢，據以調適，以 維持組織之最佳績效。最後，宜以 top-down 策略式思維，將 ESG 發展主軸與 企業策略和業務發展方向結合，以擴展未來綠色循環趨勢下的潛在商機和增加 企業面對不確定風險時的韌性。
    The purpose of this study is to investigate the factors that affect firm financial performance in Taiwan’s communications industry. Six factors including innovative capability, operational capability, marketing capability, financial capability, employee productivity and corporate resilience (ESG, environment/ social/ governance) are used as measurement indicators, and ROE, ROA, and Tobin`s Q as performance indicators. The firms examined are 14 listed communications companies in TSE market, and the data cover from 2009 to 2019, in total 11 years. Through standardized data, cross-year analysis of the same company and cross-company analysis of the same year are carried out to examine the difference and change of the performance indicators of firms. In addition, the firms are classified based on Miles & Snow’s strategy typology to understand the impact of strategies on performance.
    The results show that performance is the result of a combination of several capabilities (factors). A firm should have at least one capability surpassing its peers, and use at least two other capabilities to complement each other in order to have excellent performance. The impact of each factor will also vary over time. The ESG evaluation shows a positive correlation of 50% or more with performance. In addition, except for companies classified as the Reactors, the Defenders, Prospectors, and Analyzers prove to have relatively excellent performance.
    Based on the results, this study suggests that Taiwan’s communications firms should establish at least one strong unique capability, supplemented by at least two other capabilities (mostly operational and financial capabilities) in order to achieve good financial performance. Secondly, the development and allocation of the six factors (capabilities) are not static and firms should adjust them based on the industry trends in order to maintain excellent performance. Finally, it is advisable to use a top-down strategic thinking to integrate the ESG’s development theme with corporate strategy and business development directions to expand potential business opportunities under the trend of green cycles and increase resilience in the face of uncertainty.
    參考文獻: Bosch-Badia, Maria Teresa (2010). Connecting Productivity to Return on Assets Through Financial Statements – Extending the Dupont Method, International Journal of Accounting and Information Management, 18 (2), 92-104.
    Chang, Chong-Chuo (2018). Cash Conversion Cycle and Corporate Performance: Global Evidence. International Review of Economics & Finance, 56, 568-581.
    Cheema-Fox, Alex, LaPerla, Bridget R., Serafeim, George, Wang, Hui (Stacie) (2020). Corporate Resilience and Response During COVID-19, working paper on SSRN.
    Conant, J.S., Mokwa, M.P. and Varadarajan, P.R. (1990), “Strategic Types, Distinctive Marketing Competencies and Organizational Performance: a Multiple Measures-based Study”, Strategic Management Journal, 11, 365-383.
    Hirschey, Mark and Weygandt, Jerry J. (1985). Amortization Policy for Advertising and Research and Development Expenditures, Journal of Accounting Research, 23 (1), 326-335.
    Miles, Raymond E. and Snow, Charles C. (1978). Organizational Strategy, Structure, and Process, NY: McGraw-Hill.
    Oh, Wankeun, and Park, Seungho (2015). The Relationship Between Corporate Social Responsibility and Corporate Financial Performance in Korea, Emerging Markets Finance & Trend, 51 (sup3), 85-94.
    O`Regan, N. and Ghobadian, A. (2006), "Perceptions of Generic Strategies of Small and Medium Sized Engineering and Electronics Manufacturers in the UK: The Applicability of The Miles and Snow Typology", Journal of Manufacturing Technology Management, 17 (5), 603-620.
    Peterson, Robert, and Jeong Jaeseok (2010). Exploring The Impact of Advertising ad R&D Expenditures on Corporate Brand Value and Firm-level Financial Performance, Journal of the Academy of Marketing Science, 38, 677-690.
    Singh, Manohar, and Faircloth, Sheri (2005). The Impact of Corporate Debt on Long Term Investment and Firm Performance, Applied Economics, 37, 875-883.
    Snow, C.C. and Hrebiniak, L.G. (1980), Strategy, Distinctive Competence, and Organizational Performance, Administrative Science Quarterly, 25, 317‐336.
    Tunio, Raza Ali, Jamalli, Riaz Hussain, Mirani, Aamir Ali, Das, Ghansham, Laghari, Mushtaque Ahmed, and Xiao Jin (2020). The Relationship Between Corporate Social Responsibility Disclosures and Financial Performance: A Mediating Role of Employee Productivity, Environmental Science and Pollution Research, 27, 39946-39957.
    Weber, James and Gladstone, Jeffrey (2014), Rethinking the Corporate Financial-Social Performance Relationship: Examining the Complex, Multistakeholder Notion of Corporate Social Performance, Business and Society Review, 119 (3), 297-336.
    Cisco Annual Internet Report (2018-2023) White Paper, Retrieved December 9 2020, from: https://www.cisco.com/c/en/us/solutions/collateral/executive-perspectives/annual-internet-report/white-paper-c11-741490.html
    5G IoT Market by Connection, Radio Technology (5G NR Standalone and 5G NR Non-Standalone Architecture), Range (Short- and Wide-Range IoT Devices), Vertical (Manufacturing, Energy & Utilities, Healthcare, Government), and Region – Global Forecast to 2025, Retrieved December 9 2020, from https://www.marketsandmarkets.com/PressReleases/5g-iot.asp
    描述: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    107932067
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0107932067
    数据类型: thesis
    DOI: 10.6814/NCCU202100184
    显示于类别:[經營管理碩士學程EMBA] 學位論文

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