A Study on the Financial Performance Evaluation for Construction Firms: Evidence for Taiwanese Listed and OTC Industry

• Main Authors: CHANG, LI-CHUAN, 張麗娟
• Other Authors: WANG, KAI-LI
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/82116302721559520237

碩士 === 東海大學 === 高階經營管理碩士在職專班 === 101 === While the construction industry of Taiwan has influenced by improvement of global economic growth, more cross-strait economic integration and Quantitative easing monetary policy, a great quantity of fund has flowed into Taiwan to boost the investment rising up significantly since 2009. Although the government implemented the strict policy to blast real estate speculation in recent years, the policy could not have obviously effect to stabilize the price of real estate in Taiwan. Since the industry of construction behaves as an estate with high risk, as the domestic real estate transactions is continuously brisked, the decision maker need to act with more caution, to evaluate the operations of enterprises by examining the financial performance, the strategy and direction of enterprise to gain the competitive advantage. In this research, we aimed at thirteen constructional companies in total of listed and OTC-listed from 2009 to 2012 as sample, with selection of the appropriate fourteen financial performance indicators as a basis for evaluating their operation performance. By using the factor analysis module built in SPSS software, we construct a financial performance evaluation approach to investigate the superiority of construction companies in listed and OTC-listed. Our research supplements the insufficient of literatures in this area, providing the practical references for investors. Finally, our evaluation model is applied to order the construction companies listed and OTC-listed by financial performance. We validate the constructed models on forecasting performance by comparing to the benchmark as the returns of stock price movements.