本研究探討我國經建會發布的景氣對策信號與企業現金流量的配合度對企業經營績效的影響。本研究以五家上市的營造公司為例，分析其在1992至2001期間，景氣燈號與公司現金流量的配合度，進而說明其對營建業經營績效之影響。本研究的會計資訊取自台灣經濟新報(TEJ)資料庫，現金流量的資訊包括營業現金流量(operation cash flow, OCF)、投資現金流量(investment cash flow, ICF)及融資現金流量(financial cash flow, FCF)。企業經營績效指標包括資產報酬率(return on assets, ROA)與權益報酬率(return on equity, ROE)。本研究發現，營造業的現金流量與景氣對策信號的變動越一致，其經營績效越佳，例如個案中的達欣工與大陸。此外，現金流量與景氣對策信號的變動越不一致，可能導致營造業發生經營困境，例如個案中的啟阜導致股票下市收場，太設股票變成全額交割。因此，企業設法管理其現金流量，並讓其與景氣燈號同步變動，為企業重要的策略思維。 This study illustrates the association of Business Monitoring Indicators (BMI), prepared by Taiwan Council for Economic Planning and Development (CEPD), and corporate cash flow, and its effect on business performance. This study uses five listed construction companies to describe the match degree of BMI and cash flow. The test data include ten years, from 1992 to 2001. Corporate cash flows have three measures, including operating cash flow (OCF), investment cash flow (ICF) and financing cash flows (FCF). The business performance metrics include return on assets (ROA) and return on equity (ROE). It found that if BMI and cash flow are change in same directions, it will have higher business performance. DACIN Engineering and Continental Holdings Engineering are as example in the case study. Moreover, if the changes are in different direction, it would have crisis in its business operation. For example, the stock of Chief were closed the trade from the public market, and Pacific Holdings stock became a change trading stock. Therefore, it is an important strategic thinking for companies to manage their cash flow and let them synchronized with the changes of BMI.
