臺灣主要定期航運公司財務狀況分析與破產指標之研究

Financial Status Analysis and Bankruptcy Index for the Major Liner Shipping Companies in Taiwan

近年來，航運公司為了提升市占率，在主要航線上投入過多的運量，導致艙位嚴重供過於求，隨著航運市場的競爭日漸激烈，多數公司倚賴削價競爭，加劇了運價的低迷不振，以致於長期營運虧損或獲利微薄。許多航運公司訂購超大型貨櫃船以減少單位營運成本，雖說船隊艙位成長快速，但這項投資也給航商帶來破產的風險，在連連虧損、低獲利的情況下，航運公司自然無法長期維持船隊的營運。在2016年，韓進海運的破產震驚了航運市場，也讓航商開始重視財務情況並加以整頓，鑒於韓進海運的經驗，本研究蒐集國內主要定期航商的財務報表，從四個面向來探討其財務狀況，包括股權結構、獲利能力、償債能力、現金流量。當公司面臨財務危機時，股權結構將會決定企業能否有效因應，此外也決定公司的管理人員組成；評斷航運公司的獲利能力使用的是毛利潤、淨利潤、總資產報酬率和股東權益報酬率，並且分析相關成本、費用是否該節制；航運公司的償債能力相當重要，透過計算流動比率和負債占資產比率，詳細了解公司短期償債和長期償債的情況；現金流量則是透過分析三項現金流，了解公司的現金收入用於何處。本研究應用Altman Z-score分析三家公司的財務情況，檢視其短期是否面臨破產危機，配合財務分析，提出相對應的發展策略，期望國內定期航運公司可以永續發展。

Recently, in order to increase market shares, shipping companies have deployed lots of container ships on major routes resulting in a serious overcapacity. However, the increasingly fierce competition in the shipping market had forced most companies to adopt pricing strategy to compete with other companies and unfortunately resulted in financial deficit or little profit. Though the operation of mega-size container ships could reduce the unit of operational cost, this investment also brought the risk of bankruptcy and deficit to the shipping companies. Under the condition of long-term low profits, shipping companies could not maintain the operations of fleets. In 2016, the bankruptcy of Hanjin Shipping shocked the shipping industry and prompted other shipping companies to focus on their financial situation. In view of Hanjin Shipping's experience, this study collects financial statements of Taiwan major liner shipping companies to explore their financial status, including ownership structure, profitability, debt repayment and cash flow. When a company faces a financial crisis, the ownership structure will determine whether the company can respond effectively, and it also determines the composition of the company's management personnel. To evaluate the profitability of a shipping company, gross profit, net profit, return on assets (ROA) and return on equity (ROE) are used to measure the company's profitability, and whether relevant costs and expenses should be controlled. By calculating liquidity measurement ratio and debt ratio, we can understand the company's short-term and long-term solvency. Cash flow situation is based on the analysis of operating cash flow, investment cash flow and financing cash flow, to understand where the company's cash receipts for. The study utilizes Altman ZScore to analyze the financial situation of the three companies to see if they face bankruptcy in the short term. According to the financial information, this paper puts forward corresponding development strategies, expecting that the major domestic liner shipping companies can grow and develop sustainably.