投資人觀點下之企業財務報表分析：以六家跨產業公司為例

Abstract

中文摘要 面對景氣波動與通膨壓力升高，投資成為現代個人與家庭追求財務穩定的重要手段，然而，投資不僅需掌握市場趨勢，更須具備閱讀與解讀財務資訊的能力，而財務報表則為評估企業價值與風險不可或缺的關鍵工具。基於上述，本研究欲透過分析各產業內企業的財務報表，進一步比較各產業在不同產業背景下面臨市場波動的反應程度及其差異，本研究選取六家具產業代表性的台灣上市公司作為樣本，分別為：台灣大 (3045)、友達 (2409)、中化生 (1762)、崇越 (5434)、緯創 (3231) 及瑞昱 (2379)，透過分析其財務指標，從財務結構、獲利能力、償債能力、經營效率及現金流量等五大面向進行探討，本研究採用直接比較法、與中位數之差異及產業百分位數比較評估各公司過去10年的財務表現，並輔以Altman Z-score模型及杜邦三因子分析進行穩健性測試，以綜合衡量各企業的財務面的穩健程度與投資潛力，研究結果顯示，崇越在五大財務面向皆表現穩健，且各年度數據呈現穩定成長，為整體評比最佳者，其次則為瑞昱，雖然其財務比率表現較佳，但近年波動較大，對投資人而言相對風險較高。

Abstract Amid economic fluctuations and rising inflation, investment has become an essential strategy for individuals and households seeking financial stability. Beyond understanding market trends, effective investment requires the ability to interpret financial information, with financial statements serving as key tools for assessing corporate value and risk. This study analyzes financial statements from six representative publicly listed Taiwanese companies: Taiwan Mobile (3045), AUO (2409), China Chemical (1762), Topco Scientific (5434), Wistron (3231) and Realtek (2379), and to compare their responses to market volatility across different industries.The analysis focuses on five financial dimensions: structure, profitability, solvency, efficiency, and cash flow. Methods include direct comparison, deviation from industry medians, percentile rankings, and robustness checks via the Altman Z-score and DuPont analysis. Results show that Topco Scientific performs most consistently across all dimensions, with stable growth over time, while Realtek, though exhibiting strong ratios, shows higher volatility and associated investment risk.