由財務指標與非財務指標探討旅行社之經營績效

南華大學機構典藏系統 > 管理學院 > 旅遊管理學系(旅遊管理碩士班) > 博碩士論文-旅遊管理碩士班 > Item 987654321/24614

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题名:	由財務指標與非財務指標探討旅行社之經營績效
其它题名:	A Study of the Operating Performances of Travel Agencies Via Financial Indicators and Non-financial Indicators
作者:	徐惠珊 Hsu, Hui-Shan
貢獻者:	旅遊管理學系旅遊管理碩士班丁誌魰 Chih-Wen Ting
关键词:	經營績效;財務報表分析;旅行社 financial statement analysis;operation performance;travel agency
日期:	2016
上传时间:	2016-10-28 17:03:24 (UTC+8)
摘要:	本研究以圖形表達財務指標及非財務指標對臺灣上市上櫃旅行社經營績效之影響；在財務指標方面採用趨勢分析探討營業收入、營業毛利率、產銷量值分析、營業利益率（含用人費用、租金費用）、稅後淨利率（含利息支出、股利殖利率分析）、股東權益報酬率（含杜邦公式分析）；在非財務指標方面採用相關分析探討國人出國人次、國內主要觀光遊憩據點遊客人次、國內旅行社總家數，得到以下結論：1、當臺灣旅行社之預收團費大於預付團費時，易造成負債比率較高，此為行業特性；但預付團費若大於預收團費，建議投資者及消費者要留意預付團費金額是否有回收風險存在，並應注意企業現金流量是否會造成週轉不靈之現象。2、經研究發現，旅行社之整年度營業利益率、稅後淨利率與股利殖利率差異不大，建議投資者可觀察旅行社季報之營業利益率及稅後淨利率，以推估旅行社未來現金股利發放程度，並作為投資決策參考。3、整體而言，上市旅行社各項財務指標比上櫃旅行社來得穩健，投資者在作投資時可依個人風險承受度慎選投資標的物。4、管理當局應瞭解旅行社在稅後淨利率為何為幾近0％，甚至為負數之原因，俾能找出主因並加以輔導，讓投資者與消費者受到更多保障。5、圖形可以豐富研究的易讀性，建議後續研究者在作質性或量化研究時可利用圖形分析作為輔助研究工具。　　This research utilizes charts to present how financial indicators and non-financial indicators influence Tsec-Listed and OTC Companies. In terms of financial indicators, the trend analysis is utilized to probe into operating revenues, gross profit margin, production-sale-quantity-value analyses, operating profit margin (personnel expenses and rental expenses included), net profit ratio (interest expenses and dividend yield analyses included), and return on investment (the DuPont Formula analysis included). On the other hand, in terms of non-financial indicators, the correlation analysis is utilized to probe into the number of outbound travelers, the number of visitors to major tourist sites, and the total number of domestic travel agencies. This research draws the following conclusions: 1.When the unearned tour fees of the travel agencies in Taiwan are more than their prepaid tour fees, there is strong possibility of higher debt ratios, which is typical to this industry. However, if the prepaid tour fees are more than the unearned tour fees, it is suggested that both the investors and the consumers be on the alert not only for the potential risk of the returns on investment for the prepaid tour fees, but also for potential insufficient cashflow among these businesses. 2.It is found that there is little difference among the travel agencies’ operating profit margin, net profit ratio, and dividend yield of a year; as a result, it is suggested that investors observe travel agencies’ seasonal reports on operating profit margin and net profit ratio as a means to predict to what extent will these travel agencies pay their cash dividends, which in turn serves as a reference for investment decision making.3.On the whole, the financial indicators of listed travel agencies are more robust than those of OTC companies; investors can carefully choose their investment subject matters depending on how much risk they can bear when making investments.4.The regulating authorities need to understand why the net profit ratios of these travel agencies are close to or even below zero percent with a view to finding out the major causes and to providing these industries with guidance and consultation, which better protect both the investors and consumers.5.Charts enhance the readability of research; it is suggested that future researchers utilize chart analyses as supplementary research devices when they conduct qualitative or quantitative researches.
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