台灣電信三雄：中華電信、台灣大哥大及遠傳電信 財務比率分析

Abstract

中文摘要 手機與網路通訊目前是生活不可或缺的必備品，我們都希望能夠享受到好品質、且使用具便利性的通訊設備，因此，我們會去比較哪一家公司提供的服務品質與產品品質較好。有鑑於中華電信、台灣大哥大及遠傳電信等三家電信業者之合計市占率已經超過八成以上，不容小覷，我們欲藉由財務比率資料的分析，來評量這三家公司的經營績效，亦有助瞭解台灣電信業者的營運狀況。 我們將三家公司於年報中提供的六類財務指標（財務結構、償債能力、經營能力、獲利能力、現金流量、槓桿度）資料拿來做比較，為使分析更具意義，本報告係針對各公司五年（2013年至2017年）的資料進行趨勢分析，且也將各公司的結果與產業平均值比較，以深入瞭解各公司於產業中所居的地位。 經由我們將三家公司使用六大財務指標總評比後，台灣大哥大在獲利能力與經營能力方面表現比其他兩個電信業者為佳，位居第一名，中華電信在償債能力與現金流量比率方面占優勢，位居第二名，而遠傳電信則位居第三名。

Abstract The Mobile phone and network communications is now indispensable essential goods of life. We all want to enjoy a good quality and ease of use with communications equipment. Therefore, we will compare which company can offer the better quality of service and product. In view of the fact that the total market share of three major telecom operators in Taiwan, such as Chunghwa Telecom, Taiwan Mobile, and Far Eas Tone Telecommunications, has exceeded 80%. We want to evaluate the operating performance of these three companies by analyzing the financial ratio data. It will also help to understand the operating conditions of Taiwanese telecommunications operators. We compare the six types of financial indicators (financial structure, solvency, operating ability, profitability, cash flows, leverage) provided by the three companies in the annual report. To make the analysis more meaningful, this report conducted five-year (2013-2017) trend analysis for each company. The results of each company were compared with the industry average to gain an in-depth understanding of each company's position in the industry. Through the use of the six types of financial indicators to evaluate the three companies, the operating performance of Taiwan Mobile in terms of profitability and operating ability was better than the other two telecom operators, ranking the first. The operating performance of Chunghwa Telecom is good in terms of solvency and cash flows; it is in the second place, while the Far Eas Tone Telecommunications is in the third place.