塑戰求生：台塑與產業之比較分析

Abstract

中文摘要 研究旨在透過財務分析與會計資訊揭露，探討台灣塑膠產業中具代表性之大型企業——台灣塑膠工業股份有限公司（簡稱台塑）——在2019年至2023年間於財務結構、營運績效、現金流量管理及關鍵查核事項揭露等方面之表現與風險管理情形。為強化比較基準與實務應用價值，本研究選取國內塑膠產業中與台塑規模相近且產品性質相似之國喬石油化學股份有限公司（簡稱國喬）作為比較對象，進行橫向分析；進一步則以產業平均作為縱向參照，藉以評估台塑之相對競爭力與財務韌性。 在研究方法上，採用財務比率分析作為核心工具，涵蓋償債能力、經營效率、獲利能力及現金流量等指標；此外，亦納入會計師查核報告中所揭露之關鍵查核事項，分析其內容與異動趨勢，以補充傳統財務指標無法揭示之潛在風險資訊。相關數據來源包括公開發行公司年報、財報附註及公開資訊觀測站資料。 研究結果顯示，台塑整體財務體質穩健，短期償債與獲利能力表現優於產業平均，然近年受景氣反轉與原料成本上升影響，現金流與淨利能力皆呈下降趨勢。對照企業財務波動較大，風險揭露更趨複雜。整體而言，企業應強化本業競爭力與資訊透明度，以提升財務韌性與經營穩定性。

Abstract This study investigates the financial structure, operational performance, cash flow management, and the disclosure of key audit matters of a representative large-scale enterprise in Taiwan’s plastics industry—Formosa Plastics Corporation—during the period from 2019 to 2023. To enhance comparability and practical relevance, Grand Pacific Petrochemical Corporation (GPPC), a domestic peer with a similar scale and product nature, is selected as the benchmark for cross-sectional analysis. In addition, industry averages are incorporated as a longitudinal reference to evaluate the relative competitiveness and financial resilience of Formosa Plastics. The research adopts financial ratio analysis as its core methodology, encompassing indicators of solvency, operational efficiency, profitability, and cash flow performance. Furthermore, the study includes an examination of key audit matters disclosed in independent auditors’ reports, analyzing their content and trends to identify underlying risks not captured by traditional financial metrics. Data are collected from annual financial statements, footnotes to financial reports, and the Market Observation Post System. The results indicate that Formosa Plastics generally demonstrates a sound financial foundation, with superior short-term solvency and profitability compared to the industry average. However, the recent macroeconomic environment—characterized by economic downturns and rising raw material costs—has led to a downward trend in its cash flow and net income. This financial volatility has also been accompanied by increasingly complex audit risk disclosures. The findings suggest that firms should reinforce their core business competitiveness and improve transparency in financial reporting to enhance resilience and operational stability amid economic uncertainties.