臺灣博碩士論文加值系統

聯合國貿易暨發展會議(UNCTAD)表示全球80%的貿易量有70%是透過海上運輸，而臺灣2001年至2014年商品運輸海運約佔99.35%，且法國海運諮詢公司AXS-Alphaliner公布全球前25大海運公司排名，臺灣海運公司佔3名，因此可知臺灣的海運市場不容小覷。隨著全球海運市場的競爭，海運公司是否使用投入與產出資源來做最有效的運用，以保持競爭優勢，因此效率在經營上是重要的課題。技術效率(Technical Efficiency)為給定一組投入用來生產產出的效用，本研究將技術效率分為經營效率與市場效率，利用資料包絡法(DEA)與隨機邊界法(SFA)分析2009年至2014年國內外34家海運公司之經營效率與市場效率，經營效率的投入項為員工人數、資本支出、機器設備支出及總資產，產出項為淨收入及EBITDA；市場效率的投入項為EBIT、營運淨現金流、每股盈餘及營業利潤率，產出項為公司市值，再利用Tobit迴歸模型，分析時間、營運模式、臺灣與非臺灣公司、貿易量、公司成立年份、行政管理支出及股票帳面價值對技術效率之影響。
結果顯示：SFA技術效率值分布可看出估計效率值偏低，其原因可能是原始資料多數變數為負值，因此此研究似乎以DEA分析比較適合。Tobit迴歸模型分析淨收入之效率值影響因子，可知時間的虛擬變數沒有顯著差異；散裝船和油輪之經營模式顯著比貨櫃船差；非臺灣海運公司之經營效率顯著比臺灣海運公司好；貿易量為負相關；公司成立年份為正相關；行政管理支出為負相關。Tobit迴歸模型分析EBITDA之效率值影響因子，2010年至2014年的虛擬變數相對於2009年而言，只有2010年之經營效率顯著比2009年好；散裝船和油輪的經營模式顯著比貨櫃船好；非臺灣海運公司之經營效率比臺灣海運公司好；貿易量為負相關；公司成立年份為正相關；行政管理支出為負相關。Tobit迴歸模型市場效率之影響因子，可知2010年與2014年顯著比2009年差，2011年至2013年和2009年沒有顯著差異；散裝船顯著比貨櫃船差；油輪和貨櫃船沒有顯著差異；臺灣公司與非臺灣公司沒有顯著差異；貿易量為負相關；公司成立年份為負相關；股票帳面價值為正相關。

United Nations Conference on Trade and Development(UNCTAD) indicated that around 80% of global trade in terms of volume and over 70% in terms of value is carried by sea. Around 99.35% of goods transport on sea in Taiwan during 2001~2014. AXS-Alphaliner has announced the rank of top twenty-five container shipping company in the world, which indicated that there are three Taiwanese companies in this rank, and therefore shipping market of Taiwan should not be underestimated. With the compete in the global maritime market. Shipping companies are using input and output to do the most effective use, to maintain a competitive advantage, so efficiency of the operation is an important issue. Technical Efficiency can be divided into operating efficiency and market efficiency. In this study, applies Data Envelopment Analysis(DEA) and Stochastic Frontier Analysis (SFA) to calculate operational performance and market efficiency of thirty-four shipping companies in 2009~2014. Operational performance a set of input variables of employees, capital expenditures(Capex), Property, Plant and Equip(PPE) and total assets(TA) with output variables of Net Sales or Revenues(Revenue) and EBIT and Depreciation(EBITDA). Market efficiency a set of input variables of Earnings Before Interest and Taxes(EBIT), Net Cash Flow Operating Activities(CF), Earnings Per Share(EPS) and Operating Profit Margin(OPM) with output variables of Market Value(MV). Then used the Tobit regression to find out technical efficiency by controlling time, business model, Taiwan and non-Taiwan, trade, founded years, administrative expenses and book value of equity.
The results showed that the technical efficiency value of SFA is small, the reason may be the value is negative from raw data, therefore using DEA model is more suitable than SFA in this study. The factors of Revenue in Tobit regression analysis, Year Effect do not have significant difference; bulk carriers and tankers are significantly worse than container ships; the non-Taiwan companies are significantly better than the Taiwanese companies; trade are negative correlation; founded years are positive correlation; administrative expenses are negative correlation. The factors of EBITDA in Tobit regression analysis, efficiency in 2010 are significantly better than efficiency in 2009; bulk carriers and tankers are significantly better than container ships; the non-Taiwan companies are significantly better than the Taiwanese companies; trade are positive correlation; founded years are positive correlation; administrative expenses are positive correlation. The factors of MV in Tobit regression analysis, efficiency in 2010 and 2014 are significantly worse than efficiency in 2009; there are no significant difference between efficiency in 2011~2013 and efficiency in 2009; bulk carriers are significantly worse than container ships; there are no significant difference between tankers and container ships; there are no significant difference between the Taiwanese companies and the non-Taiwan companies; trade are negative correlation; founded years are negative correlation; administrative expenses are positive correlation.

摘要 Ⅰ
Abstract Ⅱ
目錄 Ⅳ
表次 Ⅵ
圖次 Ⅷ
第一章 緒論 1
第一節　研究背景與動機 1
第二節　研究目的 8
第二章 文獻回顧 9
第一節 海運公司績效的相關文獻 9
第二節 經營效率與市場效率之文獻 13
第三節 本章小結 13
第三章 理論模型 15
第一節 生產函數 15
第二節 資料包絡法 16
第三節　隨機邊界法 19
第四節　Tobit迴歸模型 21
第四章 資料說明及實證模型設定 22
第一節 資料來源及變數定義 22
第二節 資料之敘述統計 28
第三節 要素生產力 34
第四節 實證模型設定 38
第五章 實證結果 42
第一節 經營效率之實證分析 42
第二節 市場效率之實證分析 50
第三節 相關係數 55
第四節 臺灣和非臺灣海運公司之效率差異 72
第五節 本章小結 77
第六章 結論與建議 78
第一節 結論 78
第二節 建議 80
第三節 研究限制與未來研究方向 80
參考文獻 81
附錄 84

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