A Study on the Operating Performance and the Optimal Scale of Steel Industry in Taiwan- An Application of the Data Envelopment Analysis

[[abstract]]自民國91 年迄今，我國鋼鐵產業沉浸在一片歡呼的收割聲中，反思民國85 至90 年間，部分營運無效率的鋼鐵業者在全球鋼鐵產量供過於求的低迷景氣牽動 下，或申請銀行紓困，或被其他企業併購，甚而面臨關廠的危機，其殷鑑不遠。 面對如此乍暖還寒的產業景氣循環，屬於高投資低報酬的鋼鐵產業更應居安思 危，集思如何提高其經營績效與調整其最適規模，俾以追求企業利潤極大化。 有鑑於此，本研究茲利用資料包絡分析法，以民國89 至93 年我國20 家鋼鐵 產業股票上市公司為研究樣本，探討我國鋼鐵產業之經營績效與最適規模。 實證結果顯示，研究期間，我國鋼鐵產業之平均效率值為0.804，意謂有19.6% 的投入資源沒有產生任何效益而造成資源浪費，且其經營績效之好壞深受鋼鐵產 業景氣所影響，其中以新光鋼之經營績效表現最好，志聯最差。除民國93 年度的 中鋼及新光鋼具效率且達最適規模外，其餘可透過差額變數分析以改善其資源配 置以達有效率與最適規模之經營。藉由敏感度分析可發現，我國鋼鐵產業各業者 之經營優勢，其中以「營業成本」為共同之優勢投入項目。透過視窗分析發現， 我國鋼鐵產業目前皆處於成長衰退期的行業壽命週期，且研究期間，以美亞的經 營績效最為穩定，中鋼最不穩定。[[abstract]]Ever since 2002, the steel industry of Taiwan has been immersing in the cheers of great harvest. Looking back to the period from 1996 to 2001 during which the steel industry of Taiwan was affected by the global depression for the greater international supply of steel than demand, some of the local inefficient steel manufacturers sought for economic assistance from banks, some of them became merger targets of their rivals, and some faced closure crisis. In view of the recurring prosperity and depression in the business cycle of this industry, such the steel industry that requires high investment and always receives low returns should even more be vigilant of any potential crises to be faced at all times, and think about how to promote the operating performance and adjust its optimal scale so as to pursue profit maximization of enterprise. In view of this, this study employs Data Envelopment Analysis, takes the 20 listed steel companies in Taiwan between 2000 and 2004 as the research samples, and investigates the operation performance and optimal scale of the steel industry in Taiwan. The verification results show that during the research period the average efficiency score of the steel industry of Taiwan is 0.804, implying that 19.6% of input resources are wasted due to no economic effects. In fact the performance of business operation is deeply affected by the boom or depression of the steel industry. Among the steel enterprises, the operation performance of Hsin Kuang Steel is the best, and Chih Lien the worst. In 2004, except for China Steel and Hsin Kuang Steel which were efficient and had reached the optimal scale, the rest of the steel enterprises in Taiwan could have actually improved their distribution of resources to achieve their operation to be of high efficiency and of optimal scale, but only that slack variable analysis should have been made. Through sensitivity analysis, it can be found that among the operation superiority items of steel enterprises of Taiwan, operation cost is the common superior input item. Through window analysis, we can see that the steel industry of Taiwan is currently situated at the depression period in the business survival cycle. During the research period, the operation performance of Mayer Steel is most stable, and that of China Steel is most unstable