臺灣博碩士論文加值系統

近年來，航運公司為了提升市占率，在主要航線上投入過多的運量，導致艙位嚴重供過於求，隨著航運市場的競爭日漸激烈，多數公司倚賴削價競爭，加劇了運價的低迷不振，以致於長期營運虧損或獲利微薄。許多航運公司訂購超大型貨櫃船以減少單位營運成本，雖說船隊艙位成長快速，但這項投資也給航商帶來破產的風險，在連連虧損、低獲利的情況下，航運公司自然無法長期維持船隊的營運。在2016年，韓進海運的破產震驚了航運市場，也讓航商開始重視財務情況並加以整頓，鑒於韓進海運的經驗，本研究蒐集臺灣主要定期航商的財務報表，從四個面向來探討其財務狀況，包括股權結構、獲利能力、償債能力、現金流量。當公司面臨財務危機時，股權結構將會決定企業能否有效因應，此外也決定公司的管理人員組成；評斷航運公司的獲利能力使用的是毛利潤、淨利潤、總資產報酬率和股東權益報酬率，並且分析相關成本、費用是否該節制；航運公司的償債能力相當重要，透過計算流動比率和負債佔資產比率，詳細了解公司短期償債和長期償債的情況；現金流量則是透過分析三項現金流，了解公司的現金收入用於何處。本研究應用Altman Z-score分析三家公司的財務情況，檢視其短期是否面臨破產危機，配合財務分析，提出相對應的發展策略，期望臺灣定期航運公司可以永續發展。

To increase their market shares, shipping companies have deployed too many container ships on major routes, resulting in a serious overcapacity in recent years. With the increasingly fierce competition in the shipping market, most companies rely on price-cutting wars, which increased the downturn in freight rates, resulting in financial deficit or little profit. Many shipping companies had invested a great amount of capital and ordered ultra large container ships to reduce unit operating costs. Vessel assets growing rapidly, this investment also brought the risk of bankruptcy and deficit to the shipping companies. Under the condition of long-term low profits, shipping companies could not maintain the operations of fleets. In 2016, the bankruptcy of Hanjin Shipping shocked the shipping industry and prompted other shipping companies to focus on their financial situation. In view of Hanjin Shipping's experience, this study collects financial statements of Taiwan major liner shipping companies to explore their financial status form four aspects, including ownership structure, profitability, debt repayment and cash flow. When a company faces a financial crisis, the ownership structure will determine whether the company can respond effectively, and it also determines the composition of the company's management personnel. To evaluate the profitability of a shipping company, gross profit, net profit, return on assets (ROA) and return on equity (ROE) are used to measure the company's profitability, and whether relevant costs and expenses should be controlled. By calculating liquidity measurement ratio and debt ratio, we can understand the company's short-term and long-term solvency. Cash flow situation is based on the analysis of operating cash flow, investment cash flow and financing cash flow, to understand where the company's cash receipts for. The study utilizes Altman Z-Score to analyze the financial situation of the three companies to see if they face bankruptcy in the short term. According to the financial information, this paper puts forward corresponding development strategies, expecting that the major domestic liner shipping companies can develop sustainably.

摘要 i
Abstract ii
致謝 iii
目次 iv
圖次 vi
表次 vii
第一章 緒論 1
1.1研究背景與動機 1
1.1.1全球經濟區域成長 3
1.1.2貨櫃航運發展近況 4
1.2研究問題與目的 10
1.3研究流程 10
第二章 文獻綜述 11
2.1財務困境文獻 11
2.2導致航運業財務不健康因素文獻 12
2.3財務指標文獻 13
2.4破產指標文獻 14
第三章 研究方法與模式架構 15
3.1財務報表分析 15
3.2破產指標 18
第四章 臺灣三大航商財務狀況分析 20
4.1股權結構 20
4.2財務結構 21
4.2.1負債佔資產比率 21
4.2.2長期資金佔固定資產比率 22
4.3經營能力 24
4.3.1總資產週轉率與固定資產週轉率 24
4.3.2 應收帳款週轉率與平均收現日數 25
4.4獲利能力 27
4.4.1毛利潤與毛利率 27
4.4.2淨利潤與淨利率 29
4.4.3總資產報酬率(ROA)與股東權益報酬率(ROE) 31
4.5償債能力 32
4.5.1流動比率和現金比率 32
4.5.2利息保障倍數 34
4.6現金狀況 35
4.6.1營業活動現金流 35
4.6.2投資活動現金流 35
4.6.3籌資活動現金流 35
第五章 臺灣主要定期航商Z-score分析 37
5.1.AltmanZ-score公式 37
5.2臺灣主要定期航商Altman Z-score分析 38
第六章 結論與建議 40
6.1結論 40
6.2建議 41
參考文獻 42

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