財務比率對企業績效及市場評價之解釋力分析－以蒙古國食品公司為例

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Title:	財務比率對企業績效及市場評價之解釋力分析－以蒙古國食品公司為例
Other Titles:	The Explaining Ability of the Financial Ratios on Business Performance and Market Value: Evidence on the Mongolia's Food Companies
Authors:	嵐朵 JAVZANDULAM, PAGMADULAM
Contributors:	企業管理學系管理科學碩博士班袁淑芳 YUAN, SHU-FANG
Keywords:	基本分析;財務比率;破產指數;蒙古國;相關性分析 Fundamental Analysis;Financial Ratio;Altman Z-score;Mongolian;Correlation Analysis
Date:	2019
Issue Date:	2022-02-22 15:03:04 (UTC+8)
Abstract:	財務報表分析為基本面分析的主要分析工具，藉由財務表現分析公司在經營績效的表現，如流動性分析、經營效率及負債比率等以探究公司的真實價值。另一方面，近期研究將重要的財務比率整合成破產指數(Z-SCORE)，藉此做為分析公司經營風險的指標。本研究目的即在分析不同的財務比率與破產指數之關聯性。以此做為判斷影響破產指數之重要指標。　　本研究以蒙古國食品業的5家領導廠場進行分析，檢測5家廠商在財務績效之差異性分析，並檢測各公司之財務比率與破產指數之關連性的差異。　　因此，Atar Urguu LC財務比率很高。這表明Atar Urguu的財務狀況是正確的。根據Kruskal Wallis測試，與Uvs Khuns LC，Darkhan Khuns LC和Khuvsgul Khuns LC相比，Atar-Urguu LC顯示出有意義的差異。財務比率與Altman Z-Score的五個交叉鏈接由五家公司組成，其中應收賬款周轉率，淨利潤率，總資產回報率（ROA），股本回報率（ROE）非常高，利潤率與市場對賬面比率。這些比率對公司的破產影響最大。檢查每家公司的財務比率和Altman Z-Score，Talkh Chikher LC的風險最小。對於其他公司，應收賬款比率，平均收款期和市賬率之比非常高。這些比率對公司的破產影響最大。　　Fundamental analysis is one of the methods to predict the true value for the listing company, in which analyzing the financial ratio appearing in the financial statement is the most commonly used way. Financial information is trying to explore the business value from different aspects such as liquidity, operating efficiency, solvency, profitability, etc. On the other hand, recent research has integrated important financial ratios into the bankruptcy index (Z-SCORE) as an indicator of the company's operational risk. The purpose of this study is to analyze the correlation between different financial ratios and the bankruptcy index. This is used to analyze the critical ratio impacted in the bankruptcy index.　　This study analyzes the five leading manufacturers in the Mongolian food industry, examines the differences in financial performance among these five manufacturers, and examines the differences between the financial ratios of the companies and the bankruptcy index.　　As a result, Atar Urguu LC financial ratio was high. This shows that Atar Urguu financial position is correct. According to the Kruskal-Wallis test, Atar Urguu LC shows a meaningful difference compared to that of those between Uvs Khuns LC, Darkhan Khuns LC, and Khuvsgul Khuns LC. The five cross-linking of the financial ratios and the Altman Z-score were comprised of five companies, which were very high in the Accounts receivable turnover, Net Profit margin, Return on Total Assets (ROA), Return on equity (ROE), Profit Margin ratio and market to book ratio. These ratios have the strongest impact on the company's bankruptcy. Checking the financial ratios and the Altman Z-score at each company, the Talkh Chikher LC had the least risk. For other companies, the ratio of accounts receivable ratio, average collection period and market to book ratio is very high. These ratios have the strongest impact on the company's bankruptcy.
Appears in Collections:	[Department of Business Administration, Master/Ph.D Program in Management Sciences] Disserations and Theses(Master and Doctoral Program in Management Sciences)

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