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    Title: 物價變動對各產業經營績效之非線性分析比較
    Other Titles: Nonlinear analysis and comparison of price changes for operating performance of various industries
    Authors: 林洋廣;Lin, Yuan-Guang
    Contributors: 淡江大學財務金融學系碩士班
    聶建中;沈中華;Nieh, Chien-Chung;Shen, Chung-Hua
    Keywords: 公司負債比;物價變動;速動比率;資產報酬率;Debt ratio;price change;quick ratio;Return on Assets
    Date: 2016
    Issue Date: 2017-08-24 23:33:25 (UTC+8)
    Abstract: 物價為衡量所有產品價格變動之情形,是反映整體經濟活動的重要指標。物價對於產業經營績效雖然沒有直接衝擊,但也間接造成影響。本研究採用González, Teräsvirta and van Dijk(2004, 2005)所發展縱橫平滑移轉迴歸模型(Panel Smooth Transition Regression Model, PSTR)探討物價變動對各產業經營績效之非線性分析,是否具有平滑移轉效果,比較各產業之間的差異性,並進一步利用產業績效受控制變數之影響進行評估,提供各產業對於經營績效決策之考量。樣本期間為2008年第一季至2015年第三季之資料,共31筆,以物價變動為門檻變數同時亦為自變數,另外兩個自變數為公司負債比、速動比率。資產報酬率為應變數,探討物價變動在不同區間下,物價變動、公司負債比、速動比率對於各產業經營績效之非線性分析。
    實證結果發現,物價變動對大部分產業經營績效存在著顯著的平滑移轉效果,且速動比率、公司負債比和物價變動在大部分之門檻區間皆對各產業經營績效有顯著性的影響。因此在大部份產業可在不同物價變動年增率透過提高公司負債比和速動比率或是降低公司負債比和速動比率來增加產業之經營績效,本研究期望讓公司價值達到最大化。
    This study uses panel smooth transition regression model to investigate whether Price change for for operating performance of various industries exists panel smooth transition effect. Furthermore, this study measures and evaluates operating performance by the influence of independent variables. The research period was from the first quarter of 2008 to the third quarter of 2015 and totally 31quarterly data were calculated.This empirical study will apply price change as threshold variables, price change, debt ratio and quick ratio as independent variable.Depndent variable use return on assets. Empirical investigation show that the price is less than the threshold value, or when near threshold, nolinear analysis of price change, debt ratio and quick ratio for operating performance of various industries.
    Empirical show that price chage on most of operating performance of various industry significant smooth transition effects and most of the companies whose debt ratio, quick ratio and price change significantly affects in return on assets between any threshold.Therefore, most of industry are available in different price change by increasing debt ratio and quick ratio or reduce debt ratio and quick ratio to raise the operating performance of the industry between any threshold .This study expect to maximize the value of the company.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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