系統識別號 | U0002-1506201214145100 |
---|---|
DOI | 10.6846/TKU.2012.00582 |
論文名稱(中文) | 探討影響美國上市服飾之公司績效因素 |
論文名稱(英文) | Investigating the Factors Affecting the Firm Performance of the Apparel Companies Listed in the U.S. Share Markets |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 管理科學學系碩士班 |
系所名稱(英文) | Master's Program, Department of Management Sciences |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 100 |
學期 | 2 |
出版年 | 101 |
研究生(中文) | 黃逸彬 |
研究生(英文) | Yi-Pin Huang |
學號 | 699620448 |
學位類別 | 碩士 |
語言別 | 英文 |
第二語言別 | |
口試日期 | 2012-05-31 |
論文頁數 | 37頁 |
口試委員 |
指導教授
-
倪衍森
委員 - 陳怡妃 委員 - 陳明麗 |
關鍵字(中) |
公司績效 服飾業 財務比率 |
關鍵字(英) |
FirmPerformance ApparelIndustry FinancialRatio |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
消費者的收入有一定比例花費於食品、3C、服飾等上面。而且這些商品的取得大都是經由零售通路而來。而本研究以零售業中之服飾業為研究對象,並以美國上市的服飾業為研究標的來探討影響這些服飾公司業績效表現之成因所在,在本研究除了納入有關獲利、風險、成長等因素外,本文亦納入公司治理與市場行銷等變數來探討。其研究結果顯示,影響公司績效的成因,除淨利率、存貨周轉率、速動比率、負債比率等,本文亦發現這些服飾業的網頁首頁的資訊亦對服飾業的公司績效有所關連。此外由於服飾業是屬於成熟型的產業,所以太多現金的持有對其績效的提升並無助益,是以或許以減資或是庫藏股的購回,對提升ROA、ROE與Tobin’Q 等公司績效變數應有所助益。 |
英文摘要 |
A certain percentage of income would be spending on food, 3C products, and clothing for every household unit. In fact, we buy these products by way of the retail store. Thus, the phenomena arouse our incentives to investigate the factors influencing the firm performance of apparel industry, one of important sub-industries in the retail industry by selecting the apparel companies listed in the US Stock Exchange as our studied samples. In this study, we take the profitability, risk and growth variables proposed by the stock price models as our independent variables. Besides, we also take the variables related to corporate governance and marketing into account. The results show that the content of advertisement shown in the homepage of a company’ website would affect the firm performance except the profitability, inventory turnover ratio, quick ratio, and debt ratio. In addition, apparel companies seem to be unnecessary to hold a large amount of cash, since it would not benefit for firm performance promoted. Thus, this study suggests that these companies may promote the ROA, ROE, and Tobin’ Q deemed as firm performance variables by employing the capital deduction or shares repurchase strategies instead of holding abundant cash. |
第三語言摘要 | |
論文目次 |
目錄 I. Introduction 1 1.1 The Motivation 1 1.2 The Purposes of This Study 5 1.3 The Process of This Research 7 1.4 The Organization of This Research 8 Ⅱ. Literature Review 9 2.1 Introduction of retail stores 9 2.2 Profit factors influencing the profitability of apparel company 13 2.3 Growth factors influencing the profitability of apparel company 13 2.4 Risk factors influencing the profitability of apparel company 14 2.5 Other relevant factors influencing the profitability of apparel company 15 Ⅲ. Data and Research Methods 17 3.1 Data description 17 3.2 Apparel Industry Introduction 17 3.3 Variable definition 19 3.3.1 Dependent variable 19 3.3.2 Independent variable 20 3.4 Hypotheses 23 3.5 Research method 24 Ⅳ. Empirical Results and Analysis 28 4.1 Descriptive Statistics 28 4.2 Empirical results and analysis results 29 Ⅴ. Conclusion 34 5.1 Summery of empirical results 34 5.2 Implication of the investment and management 35 表目錄 Table 2.1 ZARA basic information 9 Table 2.2 The key financial ratios for INDITEX 10 Table 2.3 UNIQLO basic information 11 Table 2.4 Key financial information for the UNIQLO 11 Table 2.5 Store number in U.S and Asian countries for UNIQLO 12 Table 2.6 The successful reasons for UNIQLO stores 12 Table 3.1 The weight of various sub-industries in Dow Jones U.S. retail index 17 Table 3.2 The value of the apparel industry released by the US Census Bureau 18 Table 3.3 The apparel companies listed in the US share markets. 18 Table 4.1 Descriptive Statistics 28 Table 4.2 Regression Results for Tobin’s Q 30 Table 4.3 Regression Results for ROE 31 Table 4.4 Regression Results for ROA 32 圖目錄 Figure 1.1 TJ Maxx and Dollar Tree stock price(3/10/2007~3/7/2011) 1 Figure 1.2 GDP Composition Source) 3 Figure 1.3 Retail sales composition 4 Figure 1.4 Research Process 7 Figure 2.1 Real growth rate for Euro area and the stock price trend for INDITEX 10 |
參考文獻 |
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