本研究運用縱橫平滑移轉迴歸模型,臆測布蘭特原油價格對玻璃產業的總資產報酬率及玻璃產業公司的每股盈餘之平滑移轉效果。研究結果發現玻璃產業公司總資產報酬率與公司負債比及公司規模呈現線性關係,且影響結果並不大,而玻璃產業公司每股盈餘對公司負債比及公司規模呈現非線性關係。進一步對EPS好壞受控制變數之影響進行評估與衡量後也發現,當布蘭特原油價格小於門檻值時,玻璃產業公司應降低公司負債比與增加公司規模;但是當布蘭特原油價格大於門檻值時,玻璃產業公司應增加公司負債比與減少公司規模,才能使公司的EPS增加。此一發現可以提供公司對於能源價格變化而調整公司負債比與公司規模之參考。 This research aims on using Panel Smooth Transition Regression Model (PSTR) to conjecture Brent oil price effect on Return on Total Asset of glass industry company and the Smooth Transition effect of glass industry corporations’ EPS. This research shows that Return on Total Asset of glass industry corporations has linear relation with company’s debt ratio and scale, for which results in insignificant effect, also glass industry corporations’ EPS presents nonlinear relation with company’s debt ratio and scale. Taking one step further on the assessment and measurement of the EPS effected controlled variables, it discovers that when the Brent oil price is lower than threshold value, glass industry corporations should reduce company’s debt ratio and increase company’s scale, but when the Brent oil price is higher than the threshold value, glass industry corporation should increase company’s debt ration and reduce scale in order to increase company’s EPS. This approach could provide the reference on resource price changing has on company’s debt ratio and scale to the company.