站在投資人的角度分析百貨業財務報表 -以遠東百貨、統領百貨為例

Abstract

摘要 百貨公司，常常建立在城市交通樞紐的位置，除了滿足民眾便利購得各種生活用品之需求外，同時亦是都市居民平時或假日主要的休閒去處之一。不同於超級市場的混雜，百貨公司通常會售賣較昂貴和大型的商品，例如高檔傢具、名牌電器等品牌專櫃，亦會售賣流行服裝、化妝品、進口玩具、廚具及運動用品等，一般不會有生鮮食品，通常是設置美食街、或是自設超市等的方式來提供飲食。近十幾年來，台灣的流通業正面臨著一場前所未有的衝擊與興革，百貨公司更因其以停車便利、賣場大、貨色齊全為賣點，而在流通業中開發出亮麗的成績。尤其當各地的學生們來到台中之後，在不知不覺中，遠東百貨對我們學生來說，已經是不可或缺的存在 。因此，這次COVID-19疫情的到來也對百貨業產生一定的影響。 此報告我們將上市的百貨業挑出兩家，遠東百貨及統領百貨來做對比，希望透過財務報表的分析可以更加了解百貨業近年來的經營績效和營運狀況，我們將用五大比率分析（短期償債能力分析、現金流量分析、資本結構及長期償債能力分析、經營績效分析、股票評價分析）來比較，本報告時間範圍涵蓋在近五年從2016至2020年，同時也會和同產業平均值做比較，以了解這兩家公司在行業的營運狀況，最後再藉由我們上課所學做出綜合性的分析及結論。 通過上述方法，以我們站在投資人的角度去觀察遠東、統領及全百貨業財務報表分析的結果，得知遠百於各個比率的平均表現皆優於統領及產業平均值，因此我們認為遠百是投資人最佳選擇。

Abstract All these years ago, department stores provide people a place to purchase daily supplies, but also provide people a leisure place to citizens in off day. Different from the complexity of supermarket, department stores always sell something bigger or more expensive stuff like furniture, Electronics, costume, cosmetics, imported toys. It’s often that department store doesn’t offer something fresh or uncooked, instead, they set street of food to satisfy people’s stomach. In several decades, Circulation industry in Taiwan faces an unprecedented impact and influences. Because of the convenience of parking, large and comfortable space in the department stores, they perform better than other in Circulation industry. Especially to the students who come from other places. Therefore, in department industry, occurred something because of the COVID-19. We compare the results of Far Eastern Department Stores Corporation, TONLIN Department Stores Corporation, and the whole department store industry from the perspective of the investors. Through the analyzing of the statement of Financial Statement, helped us completely understand the department industry management achievements and operating statuses. We used the 5 great ratio analysis to compare two companies. In this report, we used what we have learned from class, and also compared with the average in department industry in these five years. The conclusion is that most of Far Eastern Department Stores Corporation’s ratios are better than the average of the whole department store industry. Therefore, we believe that Far Eastern Department Stores Corporation, is the best choice for investors.