碩士 / 正修科技大學 / 經營管理研究所 / 99 / For promoting the development of a country's economics, it is essential to drive the key
industry, especially the steel industry. As far as the steel industry in Taiwan is concerned, it
boomed during the period from 2000 to 2007. The backward linkage of the steel industry
in Taiwan is among the highest. Its function of accelerating the development of the
downstream industries is remarkable. Due to the insular climate in Taiwan, which with
high average relative humidity, the iron products usually rust and corrode by quick rate.
Since the galvanized and the galvanized coating steel products possess the excellent
character of corrosion resistance and rust prevention, they are popular among the
customers. Furthermore, the galvanized steel coils are enhanced economic value added and
the versatility after the coating processing. This factor causes the steel industrialists to
invest in the galvanized and the galvanized coating steel production one after another. But
in 2008, the subprime mortgage event in the U.S. triggered the global financial crisis. Then,
the crisis caused certain loss of the investment revenue with the steel industry in Taiwan.
In this study, we select the steel industry as the research object. By measuring the
operating performance of the three galvanized and galvanized coating steel companies;
namely, China Steel, Yieh Phui, and Sheng Yu, using the five financial capabilities
analysis, i.e. the analysis of profitability, stability, activity, growth, and productivity, this
study explores the fluctuations of the investment revenue with the steel industry after the
financial crisis. In the research, we use 24 financial ratio indicators to calculate the five
financial capabilities indices for evaluating performance of the three companies. The
financial ratio indicators were obtained from calculating seven annual financial data of
three companies from 2004 to 2010. The indices were in three aspects, before the financial
crisis, after the financial crisis, and the rate of indicators change. The periods of before and
iii
after the financial crisis were divided on the year 2008. Further, we plotted the
standardized radar charts by comparing the three companies' performance of the five
financial capabilities with oneself and each other. By method of the weighted index
measurement, we selected the relatively fine enterprises. This research also explored the
strategies of promoting the five financial capabilities of the domestic steel enterprises, and
the strategies covering reducing the affect of the steel industrial performance when the
similar financial crisis raids.
The empirical findings showed that: China Steel is the first on profitability, activity;
Sheng Yu is the first on stability, productivity; China Steel and Sheng Yu both get first
place on growth according to the weighted index of the five financial capabilities in the
three aspects, which were fore-mentioned. As a whole, the performance of the three steel
enterprises, the relatively finest enterprise is China Steel, the second is Sheng Yu, the third
is Yieh Phui, simplify from the view of the five financial capabilities.
The financial crisis impacted relatively more significantly on “the profit” performance
indicators of the steel industry including profitability, growth, and productivity.
The strategies of promoting the five financial capabilities of the steel industry include
reducing the inventory level, developing the high EVA steel products; reducing the
short-term debts, and the interest expense; mastering the development situation of the
connected industries, increasing the market share, and the receivables turnover ratio;
purchasing the fixed assets; reducing the production costs, controlling the size of the
organization.
| Identifer | oai:union.ndltd.org:TW/099CSU00457016 |
| Date | January 2011 |
| Creators | San-Kuei Shih, 史曾三貴 |
| Contributors | 戴志璁 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 0 |
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