上市櫃觀光旅遊業之護國神山

Abstract

中文摘要 本研究主要探討台灣觀光旅遊業規模較大的六家上市櫃公司，為燦星、雄獅、易飛、五福、鳳凰、山富，從中尋找能夠擔當台灣觀光旅遊業的護國神山，護國神山的定義為能夠長久立足於台灣觀光旅遊業，且具有持續成長性。以經濟面探討這六家觀光旅遊業公司在台灣的發展概況，以及新冠疫情下的衝擊。以會計面的獲利能力、成長能力、經營能力、股價評價、財務風險衡量這六家公司的整體狀況，以近10年（2010年至2020年）的資料為主，使用簡易R 軟體及Excel做分析圖表。管理面的角度評斷他們危機處理的能力，最終結論將所有指標衡量出來的結果做加總整合，用以評斷出最適合成為護國神山的公司且中長期如何規劃會使這家公司坐穩護國神山寶位。本研究結果可知鳳凰在財務風險、成長能力、經營能力、獲利能力、本益比，皆是這六家公司中表現最為穩定且具成長性的公司，再以杜邦分析解釋鳳凰會計數據中有些偏頗的部分，從鳳凰短中長期規劃可知台灣觀光旅遊業未來走向。

Abstract The purpose of this research is to study six larger scale listed companies in Taiwan's tourism industry, including Star Travel, Lion Travel, Ezfly, Lifetour, Phoenix Tours, Richmond Tours, finding "Protective sacred mountain" that can take on the role of Taiwan's tourism industry. The definition of "Protective sacred mountain" is here to stay in tourism industry and sustainable growth. According to economic fundamentals, the study discusses the development of these six tourism companies in Taiwan and the coronavirus outbreak affect. The research measures the overall situation of these six companies by earnings, growth, management capacity, stock valuation, and financial risk. The data is mainly based on data from the past 10 years(2010 to 2020) and use R and Excel to analyze. Management perspective evaluates their objection handling skill. The conclusion is to sum up and integrate the results measured by all indicators. Finally, the study analyzes the company that is most suitable to become the protector of "Protective sacred mountain" and makes long-term recommendations. The results finds that Phoenix Tours is the the most stable and growing company in financial risk, growth, management capacity, earnings and P/E ratio. Then we use Du Pont analytical method to explain some biased parts of Phoenix accounting data. From Phoenix Tours’ short, medium, and long-term planning, we can see the future trend of Taiwan's tourism industry.