以投資人的角度分析：富邦金與國泰金

Abstract

摘要 近年來，中小企業上市櫃公司日趨增加，讓投資者有更多元更廣泛的投資選擇，如何在多家公司中選擇具有投資價值之公司，可以透過財務報表分析更加瞭解公司。 本報告是探討金融業而主要公司為富邦金控，比較之公司為國泰金控。研究方法以較常被提及之比率做為財務指標，再將資料中所整理出之比率加以統計分析，分成短期償債能力分析、現金流量分析、資產結構及長期償債能力分析、經營績效能力分析、股票評價分析等五大類指標。先採用共同比與變動百分比初步分析資產負債表及綜合損益表，再和前述五大類指標做連結，最後做出綜合的分析與結論。 由本文分析結果，富邦金在長期償債能力、結構穩定度方面較佳；國泰金則是在短期償債能力、股東報酬方面為佳。建議投資人，若是想短期投資或者屬於積極型且想從事長期投資者，可以選擇國泰金，國泰金給予股東報酬方面較佳，相對的投資人所需承受的風險自然也較高；若想長期投資或者投資人是屬於保守型可以選擇富邦金，富邦金長期償債能力與結構穩定度都較佳，投資人所承擔的風險相對較低。

Abstract In recent years, the increasing of small and medium-sized enterprises listed companies. Investors have multivariate investment options how to choose companies with investment value through financial statement analysis. This report studies the financial industry. We choose the Fubon Financial Holding as the main company, the comparison of the company for the Cathay Financial Holding. First, we use the common size and percentage change to analyze the statement of financial position and statement of comprehensive income. Then, connect with the five categories of financial statement analysis indicators. Finally, make a rough analysis and conclusion. The results of this paper, Fubon Financial Holding in the long-term solvency, structural stability is better. Cathay Financial Holding in the short-term solvency, shareholder returns is preferred. If investors who invest in the short term or active engage in long-term investment can choose the Cathay Financial Holding. Cathay Financial Holding can pay better shareholders returns. Relatively, investors need to bear the high risk. If investors who invest in long-term or conservative can choose Fubon Financial Holding. The long-term solvency and structural stability of Fubon Financial Holding is better, and the risk is lower.