財報數字的終極障礙??

這幾天頂新集團又出包了,可能全台灣的老百姓都在罵,很少看到對一集團這樣不爽,難道有錢就可以膽大妄為無視法紀和百姓安危,負責人辭去頭銜就能無愧?大老闆過往做了功德就能贖罪?新北市首長說:「罰到他倒,關到他老。」只是選舉語言?還是真的能辦?我們都在看!當政府的公權力太軟,魏家在大陸康師傅方便麵還沒被爆料,看樣子只能靠台灣百姓的自發拒買運動,徹底讓黑心企業感受比有錢還難過的心痛,才能喚醒經營者對產品品質的覺醒與尊重。

 

前美國紐約大學教授戴明博士William Edwards Deming1900.10-1993.12被舉世公認是質量管理大師,他從1950年即多次受聘到日本協助戰後各生產企業的品質管理,讓日本產業競爭力快速提升。可以說日本的早期的經營者幾乎都見過戴明博士受教於他,並實踐戴明博士的品質經營理念,奠定了日本企業在TQCTQM的基礎。戴明博士針對美國企業領導提出《領導職責的十四條》,號稱質量管理十四法,其第一條即開宗明義地說:要有一個改善產品和服務的長期目標,而不是只顧眼前利益的短期觀點。為此,要投入和挖掘各種資源。」對照黑心企業只圖短利的卑劣手段,更形凸顯老闆們在企業社會責任的重要性。我們可下個註解,任何企業的社會責任都應從公司內部的品質控制和管理做起,而公司治理完善與否則是從董事會的會議室開始

 

回到討論的主題,如下表筆者準備了四家公司的財報重要項目數字,其中三家是屬醫療生技類股,另一家是很成熟的傳統紡織類股;三家生技股中有一家還在興櫃等待上市櫃掛牌。這四家公司的資產負債表有個共通點,財務狀況良好,但綜合損益表卻讓人另眼看待看不下去,最令人眼花的是沒有營收的C公司和發生虧損的A公司其10/9股票收盤價卻高掛在百元以上且有成交量。

 

有興趣的讀者請就下列兩表挑選哪三家公司是生技股,哪家是紡織股? 其辨識的主要會計項目有哪些? 又如何解讀這些關聯性?

 

當財報數字碰上特殊行業項目時,就會如下表所述,獲利數據無法與股價連線,財報分析的價值體系也脫軌,您說它們股價是被炒作(追捧)也對,但這類股的整體投資評價相對比其他類股高時,我們就該審視炒作是否有理;股價炒作(追捧)永遠都需要題材,產業和產品動態肯定是題材製造機,它是主角,相對的財報數據僅是配角;當碰到激情熱血的老闆,一樣的產品或服務就會有不同的股價波動。簡而言之,成熟有序的產品,財報數據容易和股價對話;成敗不定卻有夢的產品或服務,財報數據和股價互動則輕。

 


四家上市櫃(含興櫃)公司2014年上半年資產負債表之重要項目比較表    單位:新台幣百萬元

公司/項目

A公司

B公司

C公司

D公司

金額

%

金額

%

金額

%

金額

%

現金和約當現金

801

18.9

655

6.4

478

24.0

1,417

63.3

透過損益按公允價值衡量金融資產

908

21.5

-

-

-

-

11

0.5

應收票據和帳款

78

1.8

1,547

15.2

-

-

16

0.7

存貨

90

2.1

1,519

14.9

-

 

7

0.3

其他金融資產(1)

-

-

-

-

1,148

57.8

-

-

流動資產

2,001

47.3

4,209

41.2

1,643

82.7

1,468

65.6

不動產、廠房設備

1,191

28.1

4,167

40.8

7

0.4

85

3.8

投資性不動產

-

-

231

2.3

-

-

683

30.5

無形資產

378

9.0

10

0.1

333

16.8

-

 

資產總額

4,231

100.0

10,203

100.0

1,987

100.0

2,238

100.0

短期借款

370

8.7

1,346

13.2

-

-

-

-

應付票據和帳款

47

1.1

1,018

6.9

-

-

4

0.2

流動負債

544

12.9

2,860

28.0

13

0.7

64

2.8

長期借款

57

1.4

1,645

16.1

-

-

-

-

負債總額

681

16.1

5,038

49.4

13

0.7

213

9.5

股本

1,386

32.8

2,980

29.2

2,165

108.9

920

41.1

資本公積

2,113

49.9

642

6.3

1,262

63.5

8

0.4

保留盈餘

-346

-8.2

1,371

13.4

-1,443

-72.6

1,096

49.0

非控制權益

385

9.1

25

0.2

-

-

-

-

權益總額

3,550

83.9

5,165

50.6

1,974

99.3

2,025

90.5

1:其他金融資產為定期存款超過三個月但低於一年之存款。

資料來源:公開資訊觀測站

 

四家上市櫃(含興櫃)公司2014年上半年綜合損益表簡表 單位:新台幣百萬元

公司/項目

A公司

B公司

C公司

D公司

營業收入

178

2,652

0

179

營業毛利

41

837

0

4

毛利率(%)

23.1

31.6

0

2.2

研究發展費用

303

175

95

-

營業利益

-363

181

-122

-10

淨利歸屬母公司業主

-228

157

-122

4

每股盈餘()

-1.65

0.53

-0.58

-0.04

10/9股票收盤價()

148.5

21.45

154.5

13.85

10/9股票成交量(千股)

2,945

205

1,241

34

資料來源:公開資訊觀測站

引用通告地址: http://www.jerry-finance.com/trackback.php?tbID=333&extra=c1cfd8
評論: 7 | 引用: 49 | 閱讀: 46217
  • 1 
阿治 [ 2014-10-13 22:11 | 回覆 | 編輯 刪除 ]
1.紡織公司通常需要比較多的土地、廠房設備,以此來看,B公司應該是紡織公司。
2.生技公司通常會比較重視其自身的專利權、商標權,所以,無形資產比重比較大,由此觀之,A、C公司應該是生技股。
3.比較不解的是,D公司為什麼會有那麼高比重的"投資性不動產",這是幹啥用的?是紡織股轉型為營建公司?還是生技公司暫時性的投資?這部分可以請老師指導一下嗎?
高雄屏東叫小姐line: PZ5 [ 回復於2016-12-01 21:07 | 編輯 刪除 ]
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天兵 [ 2014-10-16 22:17 | 回覆 | 編輯 刪除 ]
1、從存貨,土地,廠房等可知,B公司是紡織業。
2、A,C公司為生技公司。
3,D公司,保留盈餘尚有1096百萬元,而本業毛利率僅2%,是業外賣土地賺的嗎?
sfy [ 2017-05-23 10:35 | 回覆 | 編輯 刪除 ]
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摘要: 財報數字的終極障礙?? - 財報短篇 - Jerry 財報知識網
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摘要: 財報數字的終極障礙?? - 財報短篇 - Jerry 財報知識網
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