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    Title: 考量公司治理變數與市場機制變數下杜邦恆等式與股價評價模式之驗證 : 以台灣電子業上市櫃公司為例
    Other Titles: A empirical study of Du Pont identity and stock pricing model under corporate governance and market mechanism variables : the perspective of publicly listed electronic companies in Taiwan.
    Authors: 陳文章;Chen, Wen-chang
    Contributors: 淡江大學管理科學研究所企業經營碩士在職專班
    倪衍森;Ni, Yen-sen
    Keywords: 經營績效;經營風險;市場價值;公司治理;company performance;operating risk;market value;Corporate governance
    Date: 2006
    Issue Date: 2010-01-11 03:08:10 (UTC+8)
    Abstract: 證券發行人遵守公平揭露規則,有助於市場動態資訊均衡,亦合乎公平原則,惟在市場上證券發行人選擇性揭露資訊似難避免,因而導致市場資訊不對稱(Information Asymmetry)之情況,散戶投資人在面臨資訊失衡之投資環境,無從獲得正確投資資訊,致使投資行為易生盲從,往往成為投資利益追逐者中居於劣勢者,且屢見誤判情勢而造成投資損失。而散戶投資人對投資標的之資訊在取得上既失先機,此時,或可改變投資策略循以往歷史經驗與軌跡中尋找具有投資價值之投資標的,以從中獲取投資報酬。有鑑於此,本研究乃依據杜邦恆等式與股價評價模式之學理概念,架構一系列公司經營績效、經營風險及市場價值等三個構面之可能影響因素,包括考量非財務面之公司治理及市場機制二項因素,並以我國電子產業上市上櫃公司的實際經營資料為基礎,應用多元迴歸建立分析模型,進行實際驗證,而由歷史資料驗證所得知之結果,以供散戶投資人做為投資決策之參考,盼能消弭其投資盲點。本研究實證分析結果如下:
    一、依杜邦恆等式之意涵及驗證結果得知,公司舉債程度及經營效能二項因素與經營績效呈顯著關係,惟其是否有助於公司經營績效之提升,端視獲利能力發揮程度而定。
    二、營業利益率為公司持續性及長期性本業獲利之表徵,其波動程度關係著公司經營績效之穩定性。而由驗證結果得知,營業利益率標準差與公司經營績效呈負向關係,因此,由營業利益率標準差做為觀察公司經營風險之指標,應有助於投資決策之形成。
    三、就理論上而言,公司治理機制之建立,應有助於公司提高經營透明度,並可避免經營階層營私舞弊,進而提升經營績效,以達成企業永續經營的目標。而本研究驗證得知,公司治理程度與公司經營績效有顯著關聯性。
    四、公司董監事持股質押比率與公司經營風險達顯著正向關係;而公司舉債程度與董監事持股質押比率有同方向變動之現象。
    五、公司獲利、風險、成長之變動為影響公司市場價值之主要因素;另融資使用率、融券使用率二項因素與市場價值亦有顯著關係;公司治理程度與市場價值則無顯著關聯性。
    Security issuers follow the regulation of fair disclosure will contribute to a state of dynamic information equilibrium in the market and at the same time meet the principle of fairness. However, it is inevitable that security issuers may selectively disclose the information in the market, which would result in information asymmetry. When the individual investors could not obtain the correct investment information, they would invest blindly and make losses due to misjudgment of the situation. Since individual investors usually cannot obtain complete investment information, they may just change their investment strategies and look for other potential valuable investment objectives based on the past experiences and historical track records.
    Therefore, the study is based on the theoretical concept of Du Pont identity and stock pricing model to examine factors that would affect company performance, operating risk and market value. The factors include non-financial factors, corporate governance and market mechanism. Meanwhile, the data of domestic electronic companies listed in TSEC and OTC are used for multiple regression analysis. The purpose of the study is to provide individual investors references for future investment decision-makings. The empirical results of the study are as follows:
    1.According to Du Pont identity, debt ratio and operating efficiency have significant relationships with a company’s performance. But it depends on the profitability ability to determine if the company’s performance is improved.
    2.Profit margin is the symbol of a company’s persistent and long-term profitability. The extent of margin fluctuation is related to the stability of a company’s operating performance. Based on the empirical result, the profit margin standard deviation has a negative relationship with the company’s performance. Thus, it would be helpful in investment decision making if the profit margin standard deviation is considered as a benchmark for observing the operating risk.
    3.Theoretically, the establishment of corporate governance mechanism should increase a company’s operating transparency to avoid management fraud. The company, in the mean time, can improve performance so as to sustain through the built-up mechanism. Therefore, the level of corporate governance has a significant relationship with the company’s performance.
    4.Pledged shares ratio of director and operating risk are positively related. Moreover, debt ratio and pledged shares ratio of director move toward the same direction.
    5.The change of profitability, risk and growth is the main factor that affects a company’s market value. In addition, short sells and short interest utilization ratio are significantly related to the market value. However, there is no statistically significant relationship between the level of corporate governance and market value.
    Appears in Collections:[Department of Management Sciences] Thesis

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