The Study of Measuring the Operational Performance for the Tourism Industry in Taiwan

[[abstract]]隨著觀光產業的興起，隨之而來的問題即是如何有效衡量企業的經營績效。一般投資人唯有在評估企業有價值的情況下，才願意投資企業，因此如何找出適合衡量觀光產業經營績效之指標乃當務之急。長期以來，投資人大都以資產報酬率(ROA)、股東權益報酬率(ROE)、每股盈餘(EPS)等財務績效指標衡量公司價值的方法。近年來，由Stern Stewart & Co.顧問公司所建構的經濟附加價值(EVA)，在評估公司價值與經營績效方面，已受到廣泛地討論與使用。因此，本研究首先探討我國觀光產業EVA與MVA兩者之間的關連性，且進一步比較EVA指標與傳統績效指標(ROA、ROE、EPS)對MVA解釋能力之差異，找出適用於我國觀光產業的績效衡量指標。 實證顯示，我國觀光產業的EVA與MVA確實存在顯著正向關係。EPS對MVA的解釋能力最高，意即EPS較適用於衡量我國觀光產業之績效。但是當EPS、ROA及ROE為負值，EVA對MVA的解釋能力優於其他三者，意即公司發生虧損時， EVA較適用於衡量我國觀光產業之績效。[[abstract]]Abstract As the tourism industry develops how can we measure the operating performance of enterprise is a coming matter Only if an enterprise has value will the investors invest his money in one Therefore it is important to find a index which we can measure the operating performance of tourism industry Formerly the investor measure the operating performance of an enterprise by EPS ROA and ROE Recently the EVA made by Stern Stewart & Co is generally used to measure the value and operating performance of an enterprise Consequently this study is to investigate the relation between EVA and MVA of the tourism industry first; and further we compare the difference of Adjusted R2 with MVA of EVA ROA ROE and EPS to find a performance index that is appropriate for the tourism industry in Taiwan The results show EVA is proved to be related and explainable with MVA for the tourism industry in Taiwan EPS can reflect the operational performance better than EVA ROA and ROE for the tourism industry in Taiwan When EPS ROA and ROE are negative the power of explanation of EVA is better than EPS ROA and ROE So when there are enterprises getting loss EVA is the best performance index appropriate for the enterprises of tourism industy in Taiwa