半導體產業歷經多年發展，成就輝煌。其中的DRAM產業更是核心角色之一，也是政府經濟政策上的重要指標。乍看應是營運如日中天的明星產業，在2009年卻造成短期產業經營困難的窘境。原因是景氣下滑及產能擴充過速，致供需失調使然外，本研究試圖從財務報表分析角度探討，從中尋找出些許蛛絲馬跡。
DRAM應用在資訊產品廣且深，研究也發現，高額的設備投資及建置成本都使得這一產業因應市場變化的彈性變小。同時由於資本及技術密集，加上生產技術更換快速等特性，產業仍不斷加碼投資。從營業活動流入的現金來看，過去幾年幾乎都無法支應因投資設備所需現金流出，因此每年需要有大量的融資活動來挹注資金不足的困境。此些特性也造成個案廠商面臨經營窘境的致命傷之一。
本研究主要係運用財務比率分析，從財務結構、償債能力、經營能力及獲利能力等角度來認定個案公司的財務問題。並透過現金流量表之營業、投資及融資活動變化等財務指標，探討個案 DRAM廠商可能潛藏的營運風險。另外，再加入杜邦公式分析，從淨資產收益率為起點，經過拆解至企業資產運用及投資報酬率的構成，以此衡量企業績效，並作為決策之參考。
本研究亦透過產業的SWOT分析，針對內部的優勢與弱勢、外部的機會與威脅等角度，從經營環境等層面來探討產業的核心競爭力。同時運用波特的五力分析來檢驗企業經營體質。最後，從財務與業務面分別提出經營策略建議，祈藉策略建議的執行，改善產業經營結構及體質，安然渡過關卡與挑戰。
關鍵詞： 財務比率分析、現金流量、SWOT分析、杜邦公式 / The semiconductor industry takes many years to develop and the achievement is brilliant. Among them the DRAM industry is one of the key roles and also an important indicator on government's economic policy. It is supposed to be the industry’s rising star but turned to face awkward operation situation in short-term in 2009. Besides the reasons of gliding economic and over-expanded production capacity which caused the imbalance of supply and demand, this study is attempting to discuss and analyze from the aspect of financial statement analysis and to find some clues out from it.
The DRAM product application is wide and deep. The study also found that great amount of equipment investment and construction cost makes the industry with less elasticity to reflect changes in the market. With the characteristic of high capital and skill-intensive and the fast-change production technology, however the industry is still raising in investment constantly. According to cash that the operating activity flows into, it was nearly all unable to cope with the necessary cash flow out that arises from equipment investment in the past few years. It therefore is in need of large number of financing activity to invest in funds every year. All this characteristics also become one of the fatal wounds that caused the case manufacturer to face awkward operation situation.
This study is mainly using financial ratio analysis, from the aspect of financial structure, debt paying ability, management ability, and earning capacity, etc to assert the financial problems of the case company. And to discuss the DRAM manufacturer's possible operation risks through the financial indicator from the change of operating, investing, and financing activity in cash flow statement. In addition, it uses DuPont formula in practice which starts from the return on net assets, then disassembled into the composition of enterprise’s asset utilization and the rate of returns on investment, so as to weigh enterprise's performance and regarded as the reference of decision making.
This study also directs through SWOT analysis of the industry from the aspect of internal advantages and weaknesses, external chances and threats, etc., and to discuss the core competitiveness of the industry from management environment. It uses Porter's Five Forces Analysis to examine the enterprise at the same time. Finally, the management tactics suggestion is proposed from financial and business points of view, and is expected to improve the industry’s operating structure in order to tide over the confront barriers and challenges.
Keyword: Financial ratio analysis, cash flow, SWOT analysis, DuPont Formula
| Identifer | oai:union.ndltd.org:CHENGCHI/G0096932239 |
| Creators | 游進寶, Yu, Chin Pao |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
Page generated in 0.0022 seconds