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題名:以模糊資金成本與模糊資本預算評估航空器購置之財務決策
作者:蔣岡霖 引用關係
作者(外文):Kang-Lin Chiang
校院名稱:國立臺灣海洋大學
系所名稱:航運管理學系
指導教授:李選士
林光
學位類別:博士
出版日期:2005
主題關鍵詞:營收管理風險管理資金成本資本預算模糊集合理論CostBudgetingAirlinesFuzzy Set Theory
原始連結:連回原系統網址new window
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對航空公司而言,航空器的購置成本和航空器參與營運之收益會影響其整體的報酬率,多數的研究皆以企業的財務績效為主,對於財務績效的基石則是成本控制,亦即成本控制是影響企業永續生存的方法之一。
本研究主要是針對航空公司之資本結構、資金成本與資本預算所導致於資本決策上的模型建立,航空業是一個不確定因素相當大的產業,且其航空器的購置亦非是短期間可以完成的,因此航空公司常處於未來經濟資訊不明確的經營環境,所以本研究利用模糊資金成本和模糊資本預算之最適資本結構的資本規劃決策分析方法,分析航空公司於航空器購置與營運收益之營收管理收益率的表徵作深入研究,進而,以此方法發展航空公司之航空器的營收管理與風險評估決策法則。
為達成本研究之目的,且欲有效地掌握最適資本規劃與決策的相關變數之模糊性,本研究以模糊集合理論之三角形模糊數為表徵做為決策者執行模糊決策變數評估之研究方法。其中對於資金成本與資本預算是以模糊加權平均資金成本與模糊修正後之內部報酬率為計算模式之推導,以此建立本研究之模型構面,因此,決策者可在不確定的經營情境中掌握較切確的決策績效,並對航空公司之資本結構做出最適規劃與決策。
This thesis studies the fuzzy capital cost and fuzzy capital budgeting in earning management of airlines. The main research focuses on the decision making of aircraft purchasing in aspects of financial plan by airlines. The thesis develops a new optimal capital planning decision method based on fuzzy capital cost and fuzzy capital budgeting under fuzzy economic scenario. We compare the fuzzy method with traditional methods in the thesis. For airlines, the cost of aircraft will affect their net profit. Airlines have to do a profound estimation about their net profit ratio. The thesis is focused on representing the cost, investment and earning in fuzzy context. The computational methods of fuzzy weighted average cost of capital and fuzzy modified internal rate of return are the base of fuzzy capital budgeting proposed in this study. By utilizing the method proposed, the airlines decision-maker can handle earning ratio and risk control more accurately.
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