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題名:環境效果與資本結構於賭場產業經營績效之研究
作者:李印芳
作者(外文):In-Fun Lee
校院名稱:銘傳大學
系所名稱:管理研究所博士班
指導教授:林進財
學位類別:博士
出版日期:2010
主題關鍵詞:賭場管理環境效果資本結構經營績效資料包絡分析法casino managementdata envelopment analysisenvironmental effectcapital structureoperating performance
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由於全球經濟衰退,消費者休閒活動需求持續下降,衝擊賭場營運,固定財務成本支出成為賭場龐大負擔,加上全球博奕市場持續面臨高度國際競爭,著實考驗賭場經營發展。而企業所擁有之獨特資源及能力,可以提供企業策略基本方向,更是企業創造利潤與持續競爭優勢之基本根源。一般資料包絡分析法(Data envelopment analysis, DEA)績效衡量模型,將資源投入與產出程序視為一階段程序,忽略企業內部生產利潤過程的連續性,因而在績效評估上無法提供決策單位更多管理策略改進建議。因此,本文以資源基礎理論之財務觀點出發,考量企業資源投入與產出之連續性程序,建構出一連續性DEA營運績效評估模型。本文應用美國證券交易委員會(Securities and Exchange Commission, SEC)電子化資料採集、分析和檢索資料庫(electronic data gathering, analysis, and retrieval system, EDGAR),選取賭場財務年報與季報,進行賭場產業績效評估。本文使用無導向性SBM-VRS和隨機邊界法進行實證分析後,研究結果發現,擁有不同資本規模之賭場,具有相異資本結構決策,而其經營績效受環境影響,強弱程度亦不相同。本文研究結果可供賭場管理者,擬定各項管理策略,並可作為賭場內部績效獎懲考核之依據,達到促進賭場產業發展之目的。
Huge amount of payment burdens the casinos with heavy financial cost and high sustained competition in global market, challenging operating development in casino industry. Unique resources and capabilities provide the basic direction for a firm’s strategy, which are the primary source of profit and sustained competitive advantage for the firm. Conventional DEA models treat the decision making unit (DMU) difficult to provide individual DMU managers with specific information regarding the sources of inefficiency within DMUs because these papers have no consideration of the intervening steps. Therefore, this research bases on financial resource of resource-based theory to develop a continuous productive performance evaluation model with DEA for casino industry. This study uses secondary data accumulated from electronic data gathering, analysis, and retrieval system (EDGAR) of Securities and Exchange Commission (SEC) which annual and quarterly financial reports for evaluation efficiency in casinos. Data are analyzed by using the non-oriented SBM-VRS and stochastic frontier approach (SFA) analysis. The results indicate that different firm sizes exhibit diverse capital structure and also appear the variations in performance through environmental effect. Finally, this study provides valuable information for casino managers to improve management efficient and competitive strategies.
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