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    政大典藏 > College of Commerce > International MBA > Theses >  Item 140.119/38426


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/38426


    Title: 評航空業之財務表現
    A study on financial performance of airlines industry
    Authors: 黃慧芳
    Huang, Grace
    Contributors: 吳文傑
    Wu, Jack
    黃慧芳
    Huang, Grace
    Keywords: 財務表現
    Date: 2009
    Issue Date: 2010-06-15 16:24:45 (UTC+8)
    Abstract: 評航空業之財務表現
    Airline business is an industry of high profile, however, its profit performance has been well below average and highly instable compared with firms in other industries. In recently years, some unforeseeable events such as terrorist attacks in 2001, the outbreak of SARS of 2003 and doubled oil price since 2005, have made this business more difficult to survive in.

    Taiwanese airline companies, operating in the most fast-growing Asia Pacific market, are sharing the same risks and facing the same challenges as well. The two international operators in this small island are still able to survive, however, the financial results of both have been seriously deteriorated by record high oil price and other non-cyclical event for recent years. On the other hand, cross strait direct link is expected to help Taiwan airline industry gain altitude in the future.

    The objective of this study is to examine the financial performance for two major Taiwan airlines, China Airlines and EVA Airways during this period through financial ratio analysis instruments and to find out the main factors behind the results.
    Table of Contents
    List of Figures 3
    List of Tables 4
    Acknowledgements 6
    Abstract 7
    Chapter 1 Introduction 8
    1.1 Background 8
    1.2 Objective of the study 9
    1.3 Thesis structure 9
    Chapter 2 Overview of global and Taiwan airline industry 11
    2.1 Description of the industry 11
    2.1.1 Definition 11
    2.1.2 Key Characteristics 11
    2.2 Key industry trend 14
    2.3 Global market 23
    2.4 Taiwan airline industry 28
    2.4.1The characteristics of Taiwan airlines industry 28
    2.4.2 Market 33
    2.4.3 Financial Performance 37
    Chapter 3 Case profile 39
    3.1 China Airlines 39
    3.2 EVA Airways 50
    3.3 Comparison of two cases 61
    Chapter 4 Financial analysis 70
    4.1 Financial evaluation method 70
    4.1.1Ratio analysis 70
    4.1.2 Methodology of Morgan Stanley’s credit advisory 75
    4.1.3 Evaluation method developing by Wang long-Ju 79
    4.2 Ratio Analysis on case companies 80
    Chapter 5 Conclusion of the financial analysis 94
    Chapter 6 Limitation of this study and recommendations for further study 98
    Reference 100
    Reference: 【1】Andrew Fernow ,Christopher Smith,2003, Greater China Aviation Sector Report, Primasia Securities Group
    【2】Eugene F. Brigham,1989, Fundamentals of Financial Management, Dryden press publisher
    【3】Glenn Engel, Sheldon Wong and Abigail Bookman,2005, Transportation : Airlines, United States, Goldman Sachs Global Investment Research
    【4】Jamie Pratt,2003, Financial accounting In an Economic Context, John Wiley & Sons, Inc.
    【5】Morgan Stanley,2003, Discussion on Rating
    【6】Peter Negline, 2003,Taiwan Airlines, Initiations of Coverage, JP Morgan Investment Research
    【7】Rigas Doganis, 1991,Flying off Course: The Economics of International Airlines, Routledge.
    【8】Wong long-Ju,2001,The Comparative Analysis of Applying Different Indicator Types to the Performance Evaluation in Both Air lines and Highway Bus Companies, Journal of the Eastern Asia Society for Transportation Studies, Vol.4, No.1, pp.13-25.
    Description: 碩士
    國立政治大學
    國際經營管理碩士班(IMBA)
    92933009
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0092933009
    Data Type: thesis
    Appears in Collections:[International MBA] Theses

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