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標題: 應用ROIC價值分析改善公司經營績效-以塑膠輔機製造商為例
An Application of The ROIC Analysis to Improve The Business Performance-An Example of Plastics Auxiliaries Manufacturer
作者: 林艷玉
Yan-Yu Lin
關鍵字: 塑膠機械;ROIC;營運績效;Plastic Machinery;ROIC;Operational performance
引用: 被列入國家目錄中的塑膠機械專案 (2016年03月21日). 慧聰塑膠網 國務院. (2015). 國務院關於印發《中國製造 2025》 的通知 (國發 [2015] 28 號). 2015-05-19)[2018-03-05]. http://www. gov. cn/zhengce/content/2015-05/19/content_9784. htm. 顧錢江, 張正富 & 王秀瓊. (2015). 習近平首次系統闡述'新常態'. 新華網北京 劉芬美、黃志斌 (2009) 以資源基礎理論探究企業競爭優勢與財務績效. 2009年海峽兩岸創新與永續經營學術研討會暨2009管理創新與科技整合學術研討會 林國銓. (2016). 利用 ROIC 制定 LED 廠商營運策略. 中興大學高階經理人碩士在職專班學位論文, 1-60. 駱偉 (2016). '十三五'我國塑膠行業發展五大方向. 《中國石化》, 第七期. pp.87 魏燦文. (2007). 影響我國塑膠機械產業國際競爭力關鍵因素之研究. 成功大學高階管理碩士在職專班 (EMBA) 學位論文, 1-83. 葉立綸. (2012). 台灣橡塑膠機產業競爭優勢的分析. 工研院IEK 曾聖文, 吳昆基, & 張佩瑜. (2009). 高科技廠商的生產效率, 獲利能力與經營績效變遷: 以台灣 IC 設計產業為例. 育達學院學報, (19), 39-59. 製造強國:十年突破十大領域 (2015年5月20日). 新華日報. Bernardin, H. J. (1984, August). An Analysis of Black–White Differences in Job Performance. In Academy of Management Proceedings (Vol. 1984, No. 1, pp. 265-268). Briarcliff Manor, NY 10510: Academy of Management. Brumbrach, A. (1988). Performance management. Cachon, G., & Terwiesch, C. (2009). Matching supply with demand (Vol. 2). Singapore: McGraw-Hill. Campbell, J.P., McCloy, R.A., Oppler, S.H. and Sager, C.E. (1993) A Theory of Performance. In: Schmitt, N. and Borman, W.C., Eds., Personnel Selection in Organizations, San Francisco:Jossey-Bass. Drucker, P. F. (1986). Management: Tasks, responsibilities, practices. truman talley Books. Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of political economy, 98(2), 225-264. Nkomo, S. M. (1987). Human resource planning and organization performance: An exploratory analysis. Strategic Management Journal, 8(4), 387-392. Robbins, S. P. (2009). Mary Coulter MANAGEMENT. Prentice Hall (ISBN 978-0-13-216384-2). Stewart Thomas, A. (1997). Intellectual capital. The new wealth of Organizations, New York. Szilagyi, A. D.,(1981), Management and Performance, California Goodyear Pub., pp. 39. Venkatraman, N., & Ramanujam, V. (1986). Measurement of business performance in strategy research: A comparison of approaches. Academy of management review, 11(4), 801-814.

China's economic growth has slowed down gradually and industries have moved towards maturity. In this Paper, W Company is taken as an example. There is broad prospect for the plastic machinery industry which W Company is in, but fierce competition exists, and the market has accelerated into the phase of elimination and transformation. Because W Company is located in Shanghai where costs rise unceasingly, its profitability actually drops year by year. In the precipitous situation, managers should not forget to focus on essence -- technology and quality, and should choose effective strategies to create profits for the enterprise under the condition of limited resources. In this study, based on the decomposition and analysis of ROIC, the ROIC tree of W Company for two different years is constructed through combination of its financial indicators with its operating conditions; and a sensitivity analysis has been carried out to find out the key factors that affect the performance of the enterprise in different years, so as to provide the basis for W Company to choose its future strategies.
Analysis results show that the key factor which ranked the first for the two years is the increase of sales income, but the increase of sales income is not completely controlled by the enterprise itself. Therefore, it is recommended that managers give priority to improving the transactional operating time which ranked the second and increasing production efficiency so as to achieve a higher return on assets. Overall, when demand is larger than supply, one of the top three key factors is cost; in 2016, when supply is greater than demand, the cost factor increased to two. In case of overproduction, we should give priority to how to reduce costs. For W Company, the most effective way to reduce costs is to reduce the cost of raw materials and the cost of labor, which can result in a substantial increase in the return on capital. According to the actual situation of W Company, it is suggested that the feasible way is to reduce the waste of raw materials, re-examine the production process of the raw materials with price increase, strictly abide by the quota dosage; in addition, it is suggested to integrate and renegotiate some outsourced products in line with the adjustment of processing mode. As a result, better performance may be achieved.
There are two suggestions for future development of W Company, One is to move to a place where costs of labors and land are lower. Another one is to build factory automation projects to reduce the pressure of high labor costs. The manager should consider whether increasing investment to raise their status in the manufacturing value chain by producing more precise products, to avoid low-price competition and develop customized products with higher quality and higher added value.
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