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題名 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貢獻者 于卓民
Yu, Chwo-Ming J.
陶德芬
Tao, Tefen關鍵詞 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 上傳時間 2-Mar-2021 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.html5G 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 資料類型 thesis dc.contributor.advisor 于卓民 zh_TW dc.contributor.advisor Yu, Chwo-Ming J. en_US dc.contributor.author (Authors) 陶德芬 zh_TW dc.contributor.author (Authors) Tao, Tefen en_US dc.creator (作者) 陶德芬 zh_TW dc.creator (作者) Tao, Tefen en_US dc.date (日期) 2021 en_US dc.date.accessioned 2-Mar-2021 14:25:24 (UTC+8) - dc.date.available 2-Mar-2021 14:25:24 (UTC+8) - dc.date.issued (上傳時間) 2-Mar-2021 14:25:24 (UTC+8) - dc.identifier (Other Identifiers) G0107932067 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/134049 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 107932067 zh_TW dc.description.abstract (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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究問題與目的 2第三節 研究流程與章節簡介 2第二章 文獻探討 5第一節 企業經營績效之衡量 5第二節 企業經營績效與ESG之關係 7第三節 Miles & Snow策略型態 10第三章 研究方法 14第一節 研究架構 14第二節 分析因素 17第四章 研究結果 23第一節 同一公司之跨年分析 23第二節 跨公司之同年分析 47第三節 ESG與公司績效之關係 57第四節 Miles & Snow策略型態分析 62第五章 結論與建議 73第一節 研究結論 73第二節 管理意涵 78第三節 研究限制和後續研究方向 79參考文獻 81 zh_TW dc.format.extent 1876431 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107932067 en_US dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) 創新力 zh_TW dc.subject (關鍵詞) 經營力 zh_TW dc.subject (關鍵詞) 市場力 zh_TW dc.subject (關鍵詞) 財務力 zh_TW dc.subject (關鍵詞) 員工生產力 zh_TW dc.subject (關鍵詞) 企業韌性 zh_TW dc.subject (關鍵詞) 策略型態 zh_TW dc.subject (關鍵詞) Corporate Financial Performance en_US dc.subject (關鍵詞) Innovative Capability en_US dc.subject (關鍵詞) Operational Capability en_US dc.subject (關鍵詞) Marketing Capability en_US dc.subject (關鍵詞) Financial Capability en_US dc.subject (關鍵詞) Employee Productivity en_US dc.subject (關鍵詞) Corporate Resilience en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Strategic Typology en_US dc.title (題名) 影響網通業者財務績效因素之研究 zh_TW dc.title (題名) Factors Affecting Financial Performance of Firms in Taiwan’s Communications Industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (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.html5G 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 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100184 en_US
