| dc.contributor.advisor | 謝明華 | zh_TW |
| dc.contributor.advisor | Hsieh, Ming Hua | en_US |
| dc.contributor.author (Authors) | 蔣依倩 | zh_TW |
| dc.contributor.author (Authors) | Chiang, Anne | en_US |
| dc.creator (作者) | 蔣依倩 | zh_TW |
| dc.creator (作者) | Chiang, Anne | en_US |
| dc.date (日期) | 2008 | en_US |
| dc.date.accessioned | 14-Sep-2009 09:53:19 (UTC+8) | - |
| dc.date.available | 14-Sep-2009 09:53:19 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-Sep-2009 09:53:19 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0929330161 | en_US |
| dc.identifier.uri (URI) | https://ah.lib.nccu.edu.tw/item?item_id=32634 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營管理碩士班(IMBA) | zh_TW |
| dc.description (描述) | 92933016 | zh_TW |
| dc.description (描述) | 97 | zh_TW |
| dc.description.abstract (摘要) | 太陽能電池公司之財務表現分析 | zh_TW |
| dc.description.abstract (摘要) | The global warming issue becomes more severe in the past decade. In 2007, the former Vice President of United State Al Gore and the U.N.’s Intergovernmental Panel on Climate Change won the 2007 Nobel Peace Prize. The movie “An Inconvenient Truth”, which exposes the myths and misconceptions regarding global warming, won two Oscars. Al Gore said \"It is the most dangerous challenge we`ve ever faced, but it is also the greatest opportunity we have had to make changes.\" \r\nTo solve the problem, actions are taken. One of the most popular topics is the usage of renewable energy. Governments have aggressive investment plans in the renewable energy sector. Especially of those economic stimulus plans, we find that renewable energy investment plays a significant role. Taiwan government also has aggressive investment plans in the renewable energy sector. On April 23, 2009, Executive Yuan of Taiwan approved the proposal “Green Energy Industry Development Plan.” On June 13, 2009, Taiwan’s legislative Yuan passed in final reading a renewable energy bill aimed at spurring clean energy investment and reducing carbon dioxide emissions. \r\nSolar energy is one of the main streams of renewable energy technology development in Taiwan. Since the technologies applied in the production of solar cells and ICs are quite similar, Taiwan, being the world’s leading contract manufacture of IC, has the comparative advantage to develop the solar energy industry. \r\nThe aim of this thesis is to provide the solar energy industry and the general investing public in Taiwan the financial performance comparison of worldwide leading solar cell companies, and to provide more insight of their financing strategies and the solvency of each company. About 5 years ago, the solar energy industry in Taiwan started to boom. The high growth trend was the best prove of the situation. However, the financial crisis in 2008 caused a huge change. Companies those don’t have strong financial resources face serious challenges on their cash flow. Their solvency is weak. Most of the companies reported losses on the forth quarter of 2008. It remained the same on the first quarter of 2009. We found that Motech had the best financial performance in the past five years. Though it was not the No.1 in terms of production scale, but its financial performance was very outstanding. Even with conservative debt leverage, it still outperformed. \r\nHowever, we see some opportunities even in downturns. So far the industry is subsidized by governments. Along with the decrease of average sell price of solar energy products, we believe the grid parity will be reached sooner. When it reaches grid parity, the demand will increase dramatically for the following decade. Companies those can survive the financial crisis and economy downturns would be the final winners. | en_US |
| dc.description.abstract (摘要) | CHAPTER 1. INTRODUCTION 9\r\n1.1 RESEARCH MOTIVE 9\r\n1.2 RESEARCH OBJECTIVE 12\r\nCHAPTER 2. REVIEW OF LITERATURE 15\r\n2.1 FINANCIAL STATEMENT ANALYSIS 15\r\n2.2 PREVIOUS RESEARCH 16\r\nCHAPTER 3. RESEARCH METHODOLOGY 17\r\n3.1 SELECTED COMPANIES 17\r\n3.2 FINANCIAL STATEMENT ANALYSIS LIMITATIONS 20\r\nCHAPTER 4. COMPANY PROFILES 21\r\n4.1 COMPANY PROFILE – Q-CELLS SE 21\r\n4.2 COMPANY PROFILE – SUNTECH POWER HOLDINGS CO., LTD. 29\r\n4.3 COMPANY PROFILE –MOTECH INDUSTRIAL INC. 36\r\n4.4 COMPANY PROFILE –SUNPOWER CORPORATION 44\r\n4.5 COMPANY PROFILE –E-TON SOLAR TECH. CO., LTD. 50\r\nCHAPTER 5. FINANCIAL PERFORMANCE ANALYSIS 57\r\n5.1 PERCENTAGE CHANGES ANALYSIS 57\r\n5.1.1 Percentage Changes in Net Sales 57\r\n5.1.2 Percentage Changes in Gross Profit 59\r\n5.1.3 Percentage Changes in Net Income 61\r\n5.2 TREND PERCENTAGES ANALYSIS 62\r\n5.2.1 Trend Percentages in Net Sales 63\r\n5.2.2 Trend Percentages in Gross Profit 64\r\n5.2.3 Trend Percentages in Net Income 65\r\n5.3 RATIO ANALYSIS AND OTHER MEASUREMENTS 67\r\n5.3.1 Measurement of Short-term Liquidity 67\r\n5.3.2 Measurement of Long-term Credit Risk 73\r\n5.3.3 Measurement of Profitability 75\r\n5.4 FINDINGS 81\r\nCHAPTER 6. CONCLUSION 84\r\n6.1 LIMITATION OF THE STUDY 84\r\n6.2 CONCLUSION 84\r\n\r\nTABLES AND FIGURE\r\nTABLE 1: FUND FOR RENEWABLE ENERGY INVESTMENT 10\r\nTABLE 2: TOP 10 SOLAR CELL MANUFACTURES WORLDWIDE IN 2008 13\r\nTABLE 3: SELECTED SOLAR CELL COMPANIES 17\r\nTABLE 4: MEASURES OF SHORT-TERM LIQUIDITY 18\r\nTABLE 5: MEASURES OF LONG-TERM CREDIT RISK 19\r\nTABLE 6: MEASURES OF PROFITABILITY 19\r\nTABLE 7: BALANCE SHEET OF Q-CELLS SE 26\r\nTABLE 8: INCOME STATEMENT OF Q-CELLS SE 27\r\nTABLE 9: FINANCIAL RATIOS OF Q-CELLS SE 28\r\nTABLE 10: BALANCE SHEET OF SUNTECH 32\r\nTABLE 11: INCOME STATEMENT OF SUNTECH 34\r\nTABLE 12: FINANCIAL RATIOS OF SUNTECH 35\r\nTABLE 13: MOTECH’S SOLAR CELL CAPACITY AND OUTPUT 38\r\nTABLE 14: BALANCE SHEET OF MOTECH 39\r\nTABLE 15: INCOME STATEMENT OF MOTECH 42\r\nTABLE 16: FINANCIAL RATIOS OF MOTECH 43\r\nTABLE 17: BALANCE SHEET OF SUNPOWER 46\r\nTABLE 18: INCOME STATEMENT OF SUNPOWER 48\r\nTABLE 19: FINANCIAL RATIOS OF SUNPOWER 49\r\nTABLE 20: BALANCE SHEET OF E-TON 52\r\nTABLE 21: INCOME STATEMENT OF E-TON 55\r\nTABLE 22: FINANCIAL RATIOS OF E-TON 56\r\nTABLE 23: PERCENTAGE CHANGES IN NET SALES 58\r\nTABLE 24: PERCENTAGE CHANGES IN GROSS PROFIT 59\r\nTABLE 25: PERCENTAGE CHANGES IN NET INCOME 61\r\nTABLE 26: TREND PERCENTAGES IN NET SALES 63\r\nTABLE 27: TREND PERCENTAGES IN GROSS PROFIT 64\r\nTABLE 28: TREND PERCENTAGES IN NET INCOME 65\r\nTABLE 29: MEASURES OF SHORT-TERM LIQUIDITY 68\r\nTABLE 30: CURRENT RATIO AND QUICK RATIO 68\r\nTABLE 31: DAYS TO COLLECT AVERAGE ACCOUNTS RECEIVABLE 69\r\nTABLE 32: DAYS TO SELL AVERAGE INVENTORY 70\r\nTABLE 33: OPERATING CYCLE 71\r\nTABLE 34: MEASURES OF LONG-TERM CREDIT RISK 73\r\nTABLE 35: DEBT RATIO 73\r\nTABLE 36: INTEREST COVERAGE RATIO 73\r\nTABLE 37: MEASURES OF PROFITABILITY 75\r\nTABLE 38: GROSS MARGIN 75\r\nTABLE 39: OPERATING EXPENSE RATIO 77\r\nTABLE 40: NET PROFIT RATIO 77\r\nTABLE 41: EARNINGS PER SHARE 78\r\nTABLE 42: RETURN ON ASSETS 79\r\nTABLE 43: RETURN ON COMMON SHAREHOLDERS` EQUITY 80 | - |
| dc.description.tableofcontents | CHAPTER 1. INTRODUCTION 9\r\n1.1 RESEARCH MOTIVE 9\r\n1.2 RESEARCH OBJECTIVE 12\r\nCHAPTER 2. REVIEW OF LITERATURE 15\r\n2.1 FINANCIAL STATEMENT ANALYSIS 15\r\n2.2 PREVIOUS RESEARCH 16\r\nCHAPTER 3. RESEARCH METHODOLOGY 17\r\n3.1 SELECTED COMPANIES 17\r\n3.2 FINANCIAL STATEMENT ANALYSIS LIMITATIONS 20\r\nCHAPTER 4. COMPANY PROFILES 21\r\n4.1 COMPANY PROFILE – Q-CELLS SE 21\r\n4.2 COMPANY PROFILE – SUNTECH POWER HOLDINGS CO., LTD. 29\r\n4.3 COMPANY PROFILE –MOTECH INDUSTRIAL INC. 36\r\n4.4 COMPANY PROFILE –SUNPOWER CORPORATION 44\r\n4.5 COMPANY PROFILE –E-TON SOLAR TECH. CO., LTD. 50\r\nCHAPTER 5. FINANCIAL PERFORMANCE ANALYSIS 57\r\n5.1 PERCENTAGE CHANGES ANALYSIS 57\r\n5.1.1 Percentage Changes in Net Sales 57\r\n5.1.2 Percentage Changes in Gross Profit 59\r\n5.1.3 Percentage Changes in Net Income 61\r\n5.2 TREND PERCENTAGES ANALYSIS 62\r\n5.2.1 Trend Percentages in Net Sales 63\r\n5.2.2 Trend Percentages in Gross Profit 64\r\n5.2.3 Trend Percentages in Net Income 65\r\n5.3 RATIO ANALYSIS AND OTHER MEASUREMENTS 67\r\n5.3.1 Measurement of Short-term Liquidity 67\r\n5.3.2 Measurement of Long-term Credit Risk 73\r\n5.3.3 Measurement of Profitability 75\r\n5.4 FINDINGS 81\r\nCHAPTER 6. CONCLUSION 84\r\n6.1 LIMITATION OF THE STUDY 84\r\n6.2 CONCLUSION 84\r\n \r\nTABLES AND FIGURE\r\nTABLE 1: FUND FOR RENEWABLE ENERGY INVESTMENT 10\r\nTABLE 2: TOP 10 SOLAR CELL MANUFACTURES WORLDWIDE IN 2008 13\r\nTABLE 3: SELECTED SOLAR CELL COMPANIES 17\r\nTABLE 4: MEASURES OF SHORT-TERM LIQUIDITY 18\r\nTABLE 5: MEASURES OF LONG-TERM CREDIT RISK 19\r\nTABLE 6: MEASURES OF PROFITABILITY 19\r\nTABLE 7: BALANCE SHEET OF Q-CELLS SE 26\r\nTABLE 8: INCOME STATEMENT OF Q-CELLS SE 27\r\nTABLE 9: FINANCIAL RATIOS OF Q-CELLS SE 28\r\nTABLE 10: BALANCE SHEET OF SUNTECH 32\r\nTABLE 11: INCOME STATEMENT OF SUNTECH 34\r\nTABLE 12: FINANCIAL RATIOS OF SUNTECH 35\r\nTABLE 13: MOTECH’S SOLAR CELL CAPACITY AND OUTPUT 38\r\nTABLE 14: BALANCE SHEET OF MOTECH 39\r\nTABLE 15: INCOME STATEMENT OF MOTECH 42\r\nTABLE 16: FINANCIAL RATIOS OF MOTECH 43\r\nTABLE 17: BALANCE SHEET OF SUNPOWER 46\r\nTABLE 18: INCOME STATEMENT OF SUNPOWER 48\r\nTABLE 19: FINANCIAL RATIOS OF SUNPOWER 49\r\nTABLE 20: BALANCE SHEET OF E-TON 52\r\nTABLE 21: INCOME STATEMENT OF E-TON 55\r\nTABLE 22: FINANCIAL RATIOS OF E-TON 56\r\nTABLE 23: PERCENTAGE CHANGES IN NET SALES 58\r\nTABLE 24: PERCENTAGE CHANGES IN GROSS PROFIT 59\r\nTABLE 25: PERCENTAGE CHANGES IN NET INCOME 61\r\nTABLE 26: TREND PERCENTAGES IN NET SALES 63\r\nTABLE 27: TREND PERCENTAGES IN GROSS PROFIT 64\r\nTABLE 28: TREND PERCENTAGES IN NET INCOME 65\r\nTABLE 29: MEASURES OF SHORT-TERM LIQUIDITY 68\r\nTABLE 30: CURRENT RATIO AND QUICK RATIO 68\r\nTABLE 31: DAYS TO COLLECT AVERAGE ACCOUNTS RECEIVABLE 69\r\nTABLE 32: DAYS TO SELL AVERAGE INVENTORY 70\r\nTABLE 33: OPERATING CYCLE 71\r\nTABLE 34: MEASURES OF LONG-TERM CREDIT RISK 73\r\nTABLE 35: DEBT RATIO 73\r\nTABLE 36: INTEREST COVERAGE RATIO 73\r\nTABLE 37: MEASURES OF PROFITABILITY 75\r\nTABLE 38: GROSS MARGIN 75\r\nTABLE 39: OPERATING EXPENSE RATIO 77\r\nTABLE 40: NET PROFIT RATIO 77\r\nTABLE 41: EARNINGS PER SHARE 78\r\nTABLE 42: RETURN ON ASSETS 79\r\nTABLE 43: RETURN ON COMMON SHAREHOLDERS` EQUITY 80 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0929330161 | en_US |
| dc.subject (關鍵詞) | 太陽能 | zh_TW |
| dc.title (題名) | 太陽能電池公司之財務表現分析 | zh_TW |
| dc.title (題名) | A study on the financial performances of solar cell companies | en_US |
| dc.type (資料類型) | thesis | en |
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