台灣IC零件通路業之財務風險指標、公司治理與Tobin's Q關係之研究

Abstract

本研究主要以台灣IC零件通路商探討其財務風險指標、公司治理對市場評價Tobin’s Q之影響，以經濟新報(TEJ)之上市、櫃公司為樣本，研究期間為2004年至2013年(共計10年)，總計有29家公司，有效樣本為277筆。 本研究以Tobin’s Q值為市場評價的代理變數，透過綜合性的財務風險指標Z-Score、MZ-Score、ZFC來衡量公司的財務風險，公司治理方面則以股權結構為代理變數，將股權結構分為內部人與機構法人兩大面向加以探討。本研究實證果如下： 1.綜合財務風險指標(財務面向) 由於財務風險指標係綜合公司獲利能力、償債能力及資本結構而成，而公司財務狀況健全的話市場自然給予較高的評價，並且直接反映在股價上，實證結果綜合財務指標，Z值、MZ值、ZFC值與Tobin’s Q呈現顯著正相關；ZFC值與Tobin’s Q則呈現顯著負相關。顯示公司發生財務危機的可能性越低時，其市場評價則越高。此結果與本假設一致。 2.股權結構方面 2.1內部持股比率對Tobin’s Q值呈現正相關但不顯著。董監事持股與市場評價則呈現正相關，董監事持股比率愈高時，因其為維護自身利益，發揮其監督功能，進而提高公司價值，市場的評價則越大。 2.2外部持股比率與Tobin’s Q呈現顯著正相關，與本假設一致。顯示外資如果持股比率愈高時，因其為維護自身利益，發揮其監督功能，進而提高公司價值，市場的評價則越大。

This study examines the influence of financial risk and ownership structures on market valuation index Tobin’s Q in Taiwan IC Component Distributor. All the data in this study are collected from TEJ, including listed and OTC companies. The number of observation is 277 and the period under starts from year 2004 to 2013. The study takes Tobin’s Q as proxy variable to reflect enterprise value. Also through a comprehensive financial risk benchmark as Z-Score、MZ-Score、ZFC to evaluate the company operation performance. As for corporate governance, ownership structure is considered a proxy variable, which is divided into two large aspects on six shareholding variables: board directors, managers , major shareholders, QFⅡ,SITE and proprietary dealers. The empirical results are as follows. The more sound financial status, the less possibility of financial distress; a higher Tobin’s Q value is corresponding to higher market valuation. In respect of the ownership structure, the relationship between the internal holding ratio and Tobin’s Q value is not significant.In regard to institutional investor, there is a positive and significant relationship between Tobin’s Q value. It means that the higher ratio of internal shareholding ownership is, the higher valuation of the market will be.