Study on the Growth-Driven Factors Influencing on the EVA-Case on Taiwan Retail Industry

• Main Authors: Ho, Wei-Tin, 何緯婷
• Other Authors: Wang, Sue-Fung
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/50362729174298944661

碩士 === 國立交通大學 === 管理學院財務金融學程 === 101 === This essay aims to find from the company insider’s view, studying on the four factors deciding retail sales channel profit ability, including size, asset turnover rate, capital expenditure growth rate and net sales growth rate, by using statistical hypothesis to test if such four factors significantly influence company economic added values positively. The dataset employed in this paper is acquired from 13companies, including listed and OTC companies. The number of observations is 78 and the period under analysis starts from year 2003 to 2011, covering the financial storm occurred in 2008. The study takes company excess return as a proxy variable to reflect the enterprise economic added values. Through size, asset turnover rate, capital expenditure growth rate and net sales growth rate, to judge the direction and the degree actually influencing company economic added values. The study finds out sales channel profit ability positively correlated to size, net sales growth rate, asset turnover rate and capital expenditure growth rate; the degree with the four factors ranking from high to low are size, asset turnover rate, net sales growth rate and capital expenditure rate. The results comply with Myers(1977), stating the company values major from the combination of outstanding and future growth opportunity present value; comply with Stephen H. Penman(2010)“Financial Statement Analysis and Security Valuation”, illustrating for seeking growth, company follows routine procedures form investing to increase sales growth, bringing out profit growth, and final upgrading company value; comply with Alfred Marshall(1890), mentioning the economic profit is the excess profit form deducting the invested capital as funding cost；comply with Solomons（1965）, suggesting the rule to evaluate company performance with the concept of excess profit, with the definition of weighted average funding cost on equity and bond.