金融風暴、財務結構與公司營運 : 以台灣地區塑膠工業為例

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Title:	金融風暴、財務結構與公司營運 : 以台灣地區塑膠工業為例
Other Titles:	Financial crisis, capital structure and corporate operations : a case study of plastics industry in Taiwan
Authors:	劉淑芳;Liu, Shu-Fang
Contributors:	淡江大學國際企業學系碩士在職專班賈昭南
Keywords:	次級房貸風暴;塑膠工業;財務結構;Subprime Mortgage Crisis;Plastics industry;Capital Structure
Date:	2014
Issue Date:	2015-05-04 09:45:57 (UTC+8)
Abstract:	本文以臺灣地區塑膠工業12家公司的營業收益額為標的，探索美國次級房貸金融風暴期間內，該產業資本結構與公司表現間的關聯性。實證研究首先採用事件分析法，並以營業收益自我迴歸模型為基礎，估計預測模型並計算代表公司表現的營業收益異常值。其次，比較2008年第二季前後各八季的營業收異異常值，觀察各樣本公司營運表現的差異。最後，採用縱橫資料分析法，估計2008Q1到2010Q2風暴期間內，樣本公司淨值、長期負債、銀行授信與應付帳款/票據四種資本結構變數，估計其對營收異常值的影響，判斷不同資本結構的優劣。實證估計結果顯示，12家樣本公司的表現不一。縱橫資料估計結果顯示，金融風暴特別不利於高槓桿比的公司。然而，應付帳款/票據則扮演不顯著的震盪吸收角色。 This thesis empirically examines the effectiveness of various capital structures in coping with the adverse effects of the U.S. subprime financial crises on the Plastics industry in Taiwan. The quarterly sales of the 12 selected sample firms are examined. The event study method which uses the autoregressive model as the foundation for creating a forecasting model, are adopted to calculate the abnormal sales level to represent performances of the sample firms. Comparisons of the performances of the sample firms during the 8 seasons before and after the 2nd season of 2008 are conducted. The panel data analysis of the effects of 4 capital structures, namely the ratios of equity, long term liabilities, bank finance and accounts/ notes payables to total assets on the abnormal sales are then conducted using data covering the 10 seasons beginning from 2008Q1 to 2010Q2 and regression coefficients estimated. The empirical studies have shown that the performance of the12 sample firms varies and that firms with high leverage ratio suffered a lot during the financial crisis period. However, account/notes payable plays insignificant role in absorbing the external shocks.
Appears in Collections:	[Graduate Institute & Department of International Business] Thesis

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