碩士 / 國立臺灣海洋大學 / 航運管理學系 / 102 / The operating performance of dry bulk shipping market in 2012 is not promising affected by deteriorating economic indicators and increasing shipping cost. The purpose of this study will analyze the main factors and correlation which affect operating performance with financial ratios as a good reference for dry bulk shipping companies.
This study will analyze 7 listed dry bulk shipping companies approved by the Financial Supervisory Commission ROC in 2013 based on their annual reports regulated by the Financial and Futures Institute. Considering the completeness and availability of the research data, this study analyze their financial structure, debt-paying ability, operating ability, profitability and cash flow by data collected from published financial statement provided by the Market Observation Post System of Taiwan Stock Exchange from 2003 to 2012.
1 Financial condition: In this study, the financial structure, insolvency and cash flow position of this 7 listed dry bulk shipping companies are decreasing year by year during the past 10 years (2003 to 2012). It indicates that the short term debt-paying ability is insufficient; working capital is short to repay debts; the ability to debt-paying ability interest expenses with operating profits and cash generated from operating activities are insufficient to support dry bulk shipping business growth. The cash investment ratio cannot be maintained at a healthy level between 8-10% and even worse than 0% which resulted the reinvestment ability deteriorated. Therefore, it is an urgent matter to improve financial structure.
2 Operating performance: In this study, the average asset turnover ratio of this 7 listed dry bulk shipping Companies are decreeing during the past ten years (2003-2012) which indicate the effeteness of revenue generated by assets utilization is decreasing. Therefore, to broaden sources of income and reduce expenditures, develop new business, fully utilize existing assets are the top priorities to increase revenue.
| Identifer | oai:union.ndltd.org:TW/102NTOU5301005 |
| Date | January 2014 |
| Creators | Cheng, Ching-Ying, 鄭菁盈 |
| Contributors | Chung, Cheng-Chi, Su, Yuhling, 鍾政棋, 蘇育玲 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 91 |
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