| Summary: | 碩士 === 大葉大學 === 事業經營研究所 === 92 === ABSTRACT
This research attempts to investigate how the Performance Assessment Model for domestic textile listed companies in Taiwan is built and performed. Research data are chosen from 50 listed companies in textile industry from Year 2000 to Year 2002. 20 financial ratios are picked out as the research variables every year. A factor analysis is made to finalize 5 financial factors. Meanwhile, a cluster analysis is employed from the characteristics of financial analysis, to lead to the assessment performance model adapted for the textile companies. A brief summary of the major findings is as followed:
1.A factor analysis is used to extract five criteria from 20 financial ratios calculated from financial statements, which includes Revenue, Liquidity, Assets turnover Power, Cash Flow, Operation Power. All criteria can explain up to 71.83% of the total variances.
2. A cluster analysis is made to divide all companies into five groups based on the factor scores conducted from the factor analysis though Year 2000 to Year 2002. The factor scores along with multiple-variable analysis for 3 years and Scheffe comparison method are employed to evaluate the variances of the major financial performance factors, as well as to find out the key directions of financial strategy and financial characteristics for each enterprise.
3. Explanatory variance of each factor divided by total explanatory variances is taken as the weighted percentage, adopted as the performance model of textile companies of the same year as follows﹕
Y=0.3836F1+0.2174F2+0.1768F3+0.1216F4+0.1006F5
We can put all the factor scores into this model, and get the ranking of textile companies of the same year by the outcome of their business performance assessment.
4.By using this model, we get the ranking of performance assessment for textile companies from Year 2000 to Year 2002. Also, we may make comparisons with the evaluation of business practices in textile field. From the ranking, we can tell Nien Hsing Textile Co., Ltd., Tainan Enterprise and Makalot Industrial Co., Ltd. have taken top 3 for 3 years. They do performed impressively. However, Chung Shing Textile Co., Ltd., Tuntex Distinct Corp. are listed in bad performance from the bottom. In fact, these said 2 companies did have some problems in operation, which proves the fitness and reliability of this model.
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