| 摘要: | 台灣屬於海島型國家且位處於亞洲地區重要樞紐，多仰賴航運業從事進出口貿易以促進經濟發展，基此，航運業對台灣而言實屬重要。然而過去文獻多著重電子業或其他相關產業的研究，對航運業的著墨相對較少；再者，航運業是屬於需要龐大資金的產業，故波羅的海乾貨綜合運價指數與原油價格的變動，都將會影響航運業的營運利潤與成本。因此，希冀透過本研究能補強文獻上不足之處，並了解影響航運業績效的變因，以提供航運產業未來營運的參考方向。 本研究以16家航運業2002年1月至2012年12月之季資料為研究對象，透過縱橫資料分析法，探討波羅的海乾貨綜合運價指數、原油價格變動對台灣航運業績效之影響。本研究歸納六大績效，分別為財務結構、獲利能力、償債能力、成長潛力、現金流量及經營能力等。其中，台船、復航、遠雄港因資料不足，故不列入樣本。研究結果發現：波羅的海乾貨綜合運價指數變動將對影響廠商的獲利能力、與經營能力，原油價格變動將影響廠商的財務結構、獲利能力、償債能力、現金流量績效表現，長期資金適合率變動對廠商的財務結構、獲利能力、償債能力、現金流量以及經營能力等績效層面有所影響，固定資產對總資產比率變動將影響廠商的財務結構、獲利能力、償債能力、現金流量以及經營能力。至於匯率與利率變動，則對廠商的財務結構、償債能力、成長潛力、現金流量與經營能力績效層面有顯著影響。
Taiwan is an island country and is located in an essential position among Asia, mostly relies on import and export business to improve economy development. Therefore, the transportation industry plays an important role inTaiwan. However, compare with transportation, the past data shows more case studies in electronics industry or other related ones. Otherwise, transportation is the sort of industry that requires a huge amount of capital, hence, Baltic dry index and oil price would have impact on operating profit and cost of transportation. Consequently, bring up the data by this case study is strongly hoped. In addition to it, to learn the factor that controls performance of transportation for the reference for future operation. Objects of this case study are 16 shipping business, data from January 2002 to December 2012, by panel data, to discover Baltic dry index and WTI price to the performance of transportation in Taiwan. This case study sums up into 6 performances as below: Financial construction, Profitability, Debt-paying ability, Growth potential, Cash flow and Operating ability. Among these, due to the lack of data, CSBC and Trans Asia Airways and Farglory are not included as samples. Case study shows: Baltic dry index changes will have impact on vendors’ profitability and operating ability, while WTI price changes will influence their financial construction, profitability, debt-paying ability and cash flow; long term funds changes have impact on vendors’ financial construction, profitability, debt-paying ability and operating ability. As to the change of exchange rate and interest rate, they have significant impact on the performance of debt-ability, operating ability, profitability, cash flow. |
