高成長企業之財務風險評估與分析

THE EVALUATION AND ANALYSIS OF FINANCIAL RISK FOR THE FIRMS WITH HIGH GROWTH RATE

　　企業在經營的過程中可能遭遇到許多不確定性的風險，為了達到永續經營，必須將企業所可能面臨到的風險加以確認及評估，並尋找適當的方法加以改善。本研究以89家營收成長率高於製造業之平均成長率的上市公司為研究對象，在資料包絡分析法的概念下，運用多準則妥協權重模式來構建企業之財務結構、償債能力、獲利能力、經營能力、現金流量管理、以及成長率等六類財務風險指標，讓89家上市公司都能夠在相同的基準下進行財務風險的評估與比較。研究結果顯示，獲利能力是全部89家公司風險最大的財務構面，而財務結構與成長率二類構面則是風險最小的財務構面。

　　The enterprises may face many uncertain risks in their operations. In order to achieve sustainable development, the enterprises must identify and evaluate those risks. Moreover, they should apply some adequate methods to improve those risks. This study constructs six financial indicators of financial structure, liquidity, profitability, operation, cash flow management, and growth rate to evaluate the financial risks of the 89 manufacturing firms with high growth rate in Taiwan. Based on the concept of data envelopment analysis, the multicriteria programming model with compromise weights is applied to determine the weights of the six financial indicators and the composite indicator for the surveyed firms. Hence, the financial risks of the surveyed firms could be evaluated and compared in the common base. The evaluation results show that profitability is the largest financial risk for the 89 firms. In contrast, financial structure and growth rate are the smallest ones.