Application of Malmquist Productivity Indices to Assessment of Performance Changes of Construction Companies

[[abstract]]營建業係專案導向，有業務量不穩定之特性。因此營建公司必須持續地檢討營運績效並分析績效變化之趨勢，以規劃適宜之策略。本研究選取14家國內上市且公開財務資料齊全之營建業者為案例公司，蒐集它們2006年至2010年之財務報表、公司年報等營運資料，以資料包絡分析(data envelopment analysis)為評量模式，進行績效評比。模式採用營運資金、股東權益與員工人數為投入因子，以及營業收入和稅後純益為產出因子，找出各年相對效率最佳及最差之公司。再利用模式得出之效率值計算麥氏生產力指數(Malmquist productivity index)，衡量它們的跨期績效變化。並以敏感度分析探討各投入和產出項目之相對重要程度。研究結果顯示，國內營建業雖經歷2008年全球金融海嘯之衝擊，但案例公司在五年之觀測期間生產力大致上仍有進步趨勢。且發現營建公司經營績效評估以財務因子中的營業收入其相對重要性最高。[[abstract]]Being project-oriented the construction industry has an instable business volume as one of its main feature Therefore construction companies must continually review operation performance and analyze trends in performance changes in order to plan proper strategies This study has selected 14 publicly traded construction companies in Taiwan with complete open financial data as case firms and collected their 2006- 2010 operation data including financial statements and annual reports for performance assessment and comparison using data envelopment analysis as evaluation model The model adopted working capital company net worth and number of employee as input factors as well as operating revenue and net profit as output factors in determining for each year the best and worst firms in terms of relative efficiency Then the efficiency values obtained from the model were used to calculate their Malmquist productivity indices for measuring the changes in their performance through the successive years Moreover the relative importance among the input and output factors was explored using sensitivity analyses The results of the study show that despite the impacts of the 2008 global financial tsunami faced by the Taiwan construction industry there was a trend of generally improving productivity among the case firms over the five- year observation period In addition of the financial factors operating revenue was found to have relatively the greatest importance in operation performance assessment of construction companie