Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/98041
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.
摘要: 
中國經濟的增長逐漸趨緩,產業邁向成熟化,本文以個案公司W公司為例,其所在的塑膠機械行業前景開闊,但競爭激烈,市場已加速進入淘汰、轉型階段,由於地處上海市,成本不斷上升,獲利能力卻逐年下滑,管理者面對險峻的情勢,除了不忘專注本質-技術與品質外,也應在資源有限的情況下選擇有效策略為企業創造利潤。本研究運用ROIC的分解與分析,將財務指標與運營情況聯結,構建W公司2個不同年度的ROIC樹狀圖,並進行敏感度分析,找出不同年度間影響企業經營績效的關鍵因素,提供W公司在未來策略制定時選擇的依據。
分析結果,兩個年度排名第一的關鍵因素皆為增加銷貨收入,然而銷貨收入的增加不完全掌控於企業自身,因此,建議管理者優先改善排名第二的事務性作業時間,增加生產效率,以達到更高的資產回報率。綜合來看,在需求大於供給的情況下,排名前三的關鍵影響因素有一項是成本因素;而在2016年供給大於需求時,成本因素增加為兩項,產量過剩時應優先考慮如何降低成本,對W公司而言,最有效降低成本的方式為減少原料成本與用工成本,可獲得大幅度增長的資本回報率;依據W公司實際狀況,建議可行辦法為減少原料的浪費,對漲價的原材料重新審視生產工藝,嚴格遵守定額用量;配合加工方式調整,部分外包整合重新議價,
取得更好的績效。未來發展方向有二,一是搬遷至勞動力成本、土地成本更低的地方,二是車間裝配自動化,緩解高勞動力成本的壓力,企業應思考是否加大投資,藉由生產更加精密的產品而提升在製造業價值鏈中的位置。避開對手在價格上的競爭,發展客製化、品質更高、附加價值更高的產品。

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.
URI: http://hdl.handle.net/11455/98041
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