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|標題:||Measuring Performance and Risk of Automotive Industry in Czech Republic|
Data Envelopment Analysis (DEA)
Return on Equity (ROE)
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The data used to compare companies come from the annual reports of companies for the years 2004-2008.|
大部分關於評估公司績效的研究只著重在經營效率。然而，適當地處理經營效能會對公司收益產生重要影響。不幸的是，這部分常被忽略。本研究運用兩階段的資料包絡分析法(Data Envelopment Analysis, DEA)，就捷克汽車產業的31家公司分別進行績效的評估。第一階段分別就效率和效能進行公司經營績效評估，第二階段使用權益乘數（Equity Multiplier, EM）進行財務風險評估。
Return on equity correspondents to company performance and represents important concern for investors while making stock selections. Performance itself can be understood as mutual participation of effectiveness and efficiency. Another but not less important indicator for investors is risk. Hence, the goal of this study is to examine the relationship between effectiveness, efficiency, performance and risk of automotive companies in Czech Republic. Automotive has been a key industry in Czech Republic for years. The interrelationship between very strong academic and institutional base and deep-rooted engineering tradition creates a culture of competitive innovation advantage that puts the country apart from others, exceedingly in Central and Eastern Europe. The Czech Republic hosts one of the highest concentrations of automotive-related manufacturing and design activity in the world and secured more automotive R&D projects than any other country in Europe. While the country has the capacity and resources to accommodate three major vehicle plants and holds excellent business opportunities for suppliers, the Czech Republic is poised to consolidate its position as one of the leading European centers for automotive-related design and R&D activity. Most of the previous studies concern companies' performance evaluation solely on operational efficiency. Nevertheless, properly handle the operational effectiveness importantly influences the companies' return. Unfortunately, this factor is usually ignored. As a result, this study proposes Data Envelopment Analysis (DEA) model with two processes to measure performance of 31 listed automotive companies in Czech Republic; Process (I) that separates efficiency and effectiveness to assess a companies'' operational performance, and Process (II) measures the degree of financial risk based on an equity multiplier perspective. This return based model is useful for both managers and investors. For managers, it provides return-adjusted performance evaluation process. For investors, it provides a new strategy to stock selection. Empirical results of this study shows that for the Automotive industry in Czech Republic, the companies with better efficiency, not necessary has better effectiveness. There is no correlation between these two indicators. The effectiveness of a company is more important than operating efficiency in term of return. Operational performance and Capital structure of the company has direct effect on its return.
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