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研究生:劉建良
研究生(外文):Chien Liang Liu
論文名稱:台塑類上市公司生命週期之分析
論文名稱(外文):Corporate Life Cycle of Formosa Plastics Listed Companies
指導教授:張恆瑜張恆瑜引用關係
指導教授(外文):H. Y. Chang
學位類別:碩士
校院名稱:長庚大學
系所名稱:商管專業學院
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2020
畢業學年度:108
語文別:英文
論文頁數:53
中文關鍵詞:台塑企業組織生命週期上市公司股利政策銷售增長率資本支出
外文關鍵詞:Formosa Plastics GroupCorporate life cycleListed companiesDividend policySales growthCapital expenditure
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台塑集團是台灣最大的民營企業,由王永慶及其兄弟王永在於1954年成立。多年來,台塑集團成功地垂直整合了PVC生產工藝,並通過建設第六套輕油裂解廠(六輕)實現了垂直及水平整合。其中台塑集團旗下包含九間股票上市公司,除了台塑四寶(台塑、南亞、台化、台塑化),另有福懋、南亞科、台勝科、福懋科、南電。本研究旨在分析各台塑集團上市公司之組織生命週期,及其經營方式是否符合其生命週期階段。本研究將組織生命週期分為三個階段:成長期、成熟期、停滯期。處於成長期的公司應為較年輕的企業,其股利發放政策應為緊縮,應有較高的銷售增長率,資本支出應較高;處於成熟期的公司應為壯年的企業,其股利發放政策較成長期企業寬鬆,其銷售增長率仍高但逐漸趨緩,資本支出應逐漸趨緩;處於停滯的公司應為成立較久的企業,其股利發放政策最寬鬆,應有停滯的銷售增長率,資本支出應最少。本研究使用TEJ(台灣經濟新報)資料庫,依據產業別(塑膠業、電子零組業、半導體業、紡織業、油電燃氣業)分類比較並蒐集各公司五年的經營數據。研究結論以台塑集團各上市公司分別討論其經營方式與其相對應之組織生命週期。
Among the subsidiaries, Formosa Plastics Group holds nine publicly listed companies. In addition to The Four Cash Cows of Formosa plastic group Formosa Plastics Corporation, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation and Formosa Petrochemical, there are also Formosa Taffeta Corporation, Nanya Technology Corporation, Formosa SUMCO Technology corporation, Nan Ya PCB Corporation, Formosa Advanced Technologies Corporation.
  The purpose of this study is to analyze the corporate life cycle of the publicly listed companies of Formosa Plastics Group, and to investigate whether the companies’ business strategies are in line with their life cycle stages. This study divides the corporate life cycle into three stages: growth, maturity, and stagnant stage. The company in the growth stage is usually considered as a startup company, its dividend payout policy should be tightened. Moreover, the company in the growth stage should have a higher sales growth rate, and its capital expenditure should be higher.
  For the company in the maturity stage, its dividend payout policy should be more flexible compared to the company in the growth stage. A mature company’s sales are expected to increase continually, but at a slower rate, usually due to either approaching market saturation or the entry of new competitors in the market, or possibly a combination of the two. Furthermore, the capital expenditures should also be slowed gradually.
  Last but not least, stagnant is the stage of corporation growth where sales and revenue have really slowed down. However, the business is still fairly resilient with consistent revenue. For companies in the stagnant stage, their dividend payout policy is the most lenient, and capital expenditure should be minimal. Nevertheless, it is important to note that many businesses extend their corporate life cycle during the stagnant stage by reinventing themselves and investing in new technologies and emerging markets. This allows corporations to reposition themselves in the dynamic industries, and hence refresh their growth in the market.
  This study used TEJ (Taiwan Economic Journal) data to compare and collect operational data of each company for the past five years based on industry classification (e.g. plastic, electronics, semiconductor, textile, oil and gas industry). In conclusion, each listed company of Formosa Plastics Group will be discussed by its business strategy and its corresponding corporate life cycle.
Table of Content

Recommendation Letter from the Thesis Advisor
Thesis Oral Defense Committee Certification
Acknowledgement.......................- iii -
摘要.......................- iv -
Abstract.......................- v -
CHAPTER ONE: INTRODUCTION.......................- 1 -
1-1 Corporate life Cycle.......................- 1 -
1-2 Formosa Plastic Group.......................- 2 -
1-3 Formosa Plastic Group listed corporations.......................- 4 -
CHAPTER TWO: LITERATURE REVIEW.......................- 11 -
2-1 Corporate life cycle.......................- 11 -
CHAPTER THREE: RESEARCH METHOD.......................- 12 -
CHAPTER FOUR: RESULTS.......................- 14 -
4-1 Petrochemical industry.......................- 14 -
4-2 Semiconductor Industry.......................- 17 -
4-3 Electronic Parts and Components Industry.......................- 22 -
4-4 Fiber Industry.......................- 27 -
4-5 Petroleum Industry.......................- 30 -
4-6 Conclusion.......................- 32 -
CHAPTER FIVE: RESEARCH RESULTS AND DISCUSSION.......................- 33 -
5-1 台塑 (1301) Formosa Plastics Corporation........................- 33 -
5-2 南亞 (1303) Nan Ya Plastics Corporation........................- 34 -
5-3 台化 (1326) Formosa Chemicals & Fibre Corporation........................- 34 -
5-4 南亞科 (2408) Nanya Technology Corporation........................- 36 -
5-5 台勝科 (3532) Formosa SUMCO Technology Corporation........................- 37 -
5-6 福懋科 (8131) Formosa Advanced Technologies Corporation.......................- 38 -
5-7 南電 (8046) Nan Ya PCB Corporation.......................- 39 -
5-8 福懋 (1434) Formosa Taffeta Corporation.......................- 39 -
5-9 台塑化 (6505) Formosa Petrochemical Corporation.......................- 40 -
CHAPTER SIX: CONCLUSION....................... - 41 -
6-1 Conclusion.......................- 41 -
6-2 Research restrictions.......................- 42 -
REFERENCE.......................- 43 -



List of Figures

Figure 1-2-1 Formosa Plastic Group owns nine listed companies........................- 3 -
Figure 1-3-1 Formosa Plastics Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 4 -
Figure 1-3-2 Nan Ya Plastics Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 5 -
Figure 1-3-3 Formosa Chemicals & Fibre Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.)....................... - 6 -
Figure 1-3-4 Nanya Technology Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 7 -
Figure 1-3-5 Formosa SUMCO Technology Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 7 -
Figure 1-3-6 Formosa Advanced Technologies Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 8 -
Figure 1-3-7 Nan Ya PCB Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 9 -
Figure 1-3-8 Formosa Taffeta Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 9 -
Figure 1-3-9 Formosa Petrochemical Corporation’s Gross profit margin, Operating Profit Margin, Net Profit Margin and ROE in past five years (2014-2018.).......................- 10 -
Figure 3-1 Expectations for firm-specific descriptors of life cycle........................- 12 -
Figure 4-1-1 Average of DP in petrochemical industry........................- 14 -
Figure 4-1-2 Average of SG in petrochemical industry........................- 14 -
Figure 4-1-3 Average of CEV in petrochemical industry........................- 15 -
Figure 4-1-4 the established date of each company in petrochemical industry........................- 15 -
Figure 4-1-6台塑 (1301) Formosa Plastics Corporation’s score of life cycle stage........................- 16 -
Figure 4-1-6南亞 (1303) Nan Ya Plastics Corporation’s score of life cycle stage........................- 16 -
Figure 4-1-7台化 (1326) Formosa Chemicals & Fibre Corporation’s score of life cycle stage........................- 16 -
Figure 4-2-1 Average of DP in semiconductor industry.......................- 17 -
Figure 4-2-2 Average of SG in semiconductor industry........................- 18 -
Figure 4-2-3 Average of CEV in semiconductor industry........................- 19 -
Figure 4-2-4 the established date of each company in semiconductor industry........................- 20 -
Figure 4-2-5 南亞科 (2408) Nanya Technology Corporation’s life cycle scale........................- 21 -
Figure 4-2-6 台勝科 (3532) Formosa SUMCO Technology Corporation’s life cycle scale........................- 21 -
Figure 4-2-7 福懋科 (8131) Formosa Advanced Technologies Corporation’s life cycle scale........................- 21 -
Figure 4-3-1 Average of DP in electronic parts and components industry.......................- 22 -
Figure 4-3-2 Average of SG in electronic parts and components industry.......................….- 23 -
Figure 4-2-3 Average of CEV in electronic parts and components industry.......................- 24 -
Figure 4-3-4 the established date of each company in electronic parts and components industry........................- 25 -
Figure 4-3-5 南電 (8046) Nan Ya PCB Corporation’s life cycle scale........................- 26 -
Figure 4-4-1 Average of DP in fiber industry.......................- 27 -
Figure 4-4-2 Average of SG in fiber industry.......................- 28 -
Figure 4-4-3 Average of CEV in fiber industry.......................- 28 -
Figure 4-4-4 the established date of each company in fiber industry.......................- 29 -
Figure 4-4-5 福懋 (1434) Formosa Taffeta Corporation’s life cycle scale........................- 29 -
Figure 4-5-1 Average of DP in petroleum industry.......................- 30 -
Figure 4-5-2 Average of SG in petroleum industry.......................- 30 -
Figure 4-5-3 Average of CEV in petroleum industry.......................- 30 -
Figure 4-5-4 the established date of each company in petroleum industry.......................- 30 -
Figure 4-5-5 台塑化 (6505) Formosa Petrochemical Corporation’s life cycle scale.......................- 31 -
Figure 4-6-1 Life cycle stage of Formosa group’s listed companies.......................- 32 -
REFERENCE
Omer Faruk Gulec, Semra Karacaer (2017) Corporate Life Cycle Methods In Emerging Markets: Evidence From Turkey.
Adizes, I. (1989) Corporate Life Cycles. Englewood Cliffs, N. J.: Prentice-Hall.
Sepehri, M., Farnaz, O. (2007) Study the Life Cycle of an Organization in Iranian Organizations with Small-Medium Size. The Fifth International Conference on Management, Tehran, Iran.
Aswath Damodaran. (2018) Nordic Business.
Davis, Ralph Currier (1951) Fundamentals of Top Management.
Chandler Alfred D.Jr. (1962) Strategy and Structure: Chapters in the History of the Industrial Enterprise.
Larry Greiner (1972) Evolution and revolution as organizations grow.
Joseph H. Anthony and K. Ramesh. (1992) Association between accounting performance measures and stock prices.
Gupta and Chin (1994) Organizational life cycle: A review and proposed directions.
Donald L. Lester and others (2008) Organizational life cycle and performance among SMEs: Generic strategies for high and low performers.
Koberg, Christine S. & Uhlenbruck, Nikolaus & Sarason, Yolanda (1996) Facilitators of organizational innovation: The role of life-cycle stage.
John R. Kimberly, Robert E. Quinn (1984) Managing organizational transitions.
Henry Mintzberg's (1984) Power and Organization Life Cycles.
Barbara Gray and Sonny S. Ariss (1993) Politics and Strategic Change Across Organizational Life Cycles.
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