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。

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.

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

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