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題名:智慧資本與財務健全度對經營績效之影響 -以國際上市上櫃旅館業為例
作者:曾麗玉
作者(外文):Li-Yu Tseng
校院名稱:輔仁大學
系所名稱:商學研究所博士班
指導教授:李天行
學位類別:博士
出版日期:2013
主題關鍵詞:智慧資本財務健全度經營績效Intellectual CapitalFinancial HealthBusiness Performance
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在知識經濟的今日,國際旅館業由於並無特別的專業技術可維持其在市場上的獨特性,故彼此間的競爭非常激烈。近年來學者們運用智慧資本的觀點探討旅館業,其提供一個以知識為基礎的新機會,業者可運用智慧資本創造出差異化行銷與服務,將有助於提升經營績效。再者,國際旅館業常受到景氣循環之影響,當景氣差時,消費者會放棄休閒娛樂,旅館業者會面臨門可羅雀的冏境;但當景氣回升時,由於旅館業具有商品數無法任意增加之特性,無法承接所有的訂單,故業者需選擇具有專精於經營策略規劃與執行之經營管理團隊,能夠效率化運用資源,為企業奠定紮實的經營體質,並搭配檢視財務之健全度,運用財務槓桿操作能力,達成企業之策略,有助提昇企業之經營績效。
本研究主要運用類神經網絡、多元迴歸及多元適應性雲型迴歸等分析方法,首先探討智慧資本與財務健全度對影響國際觀光旅館業之重要因素,試圖找出影響國際觀光旅館業經營績效之模式。研究結果發現,在考量智慧資本與財務健全度等全部變數建構模式之結果,由多元適應性雲型迴歸模式所篩選的營業淨利率、固定資產週轉率及Z-score等三項為影響國際觀光旅館業經營績效之重要變數,並搭配類神經網絡將可建立最佳之模式;在地區別方面,研究發現運用類神經網絡將可建立最佳之模式;在營運相對穩健之企業部份,其針對影響企業經營績效的重要變數中,以運用多元迴歸篩選出的總資產週轉率、營收成長率及固定資產週轉率最為重要,並選擇與類神經網絡一起使用將可建立最佳之模式。
本研究發現國際旅館業應重視企業內部的結構資本及顧客資本,首先應有效的將固定資產與總資產之效益發揮至最大化,使其企業內無閒置資產;再搭配提供旅客貼心服務,積極與顧客互動,進一步提高顧客再度消費的意願,將有助於提升獲利能力;其次,在財務健全度上,應思索如何使企業之流動性資金及變現能力增強、創造業績及獲利能力、努力發揮營運槓桿提升財務效益,使企業財務狀況相對健全,將有助於提升企業的經營績效。
This study examines the influences of intellectual capital and financial health on the performance of international tourist hotels by adopting artificial neural networks (ANN), multi-regression model, and multivariate adaptive regression splines (MARS). The findings show that using the MARS for variable screening along with artificial neural networks can build up the optimal model. Moreover, International tourist hotels should put emphasis on internal structural capital and customer capital and effectively leverage its fixed assets as well as total assets to a maximum level so that no spared assets are left in companies. They are also suggested to provide considerable services, actively interact with customers, and increase customers’ re-purchasing intention, which subsequently could give rise to higher profitability. Besides, to enhance the business performance, international tourist hotels should ponder on how to increase business liquidity assets, create profits, and leverage resources for a comparatively soundness of finance.
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