保留盈餘對總資產比例對公司績效之影響 －以屬於製造業之S&P500公司為例

Abstract

過去的文獻多不重視保留盈餘對總資產比例對企業經營績效之影響，但Altman(1968)提出的財務危機預警模型中，該比例是此模型中相當重要的一個變數，代表一間企業的成長性。故本研究欲探討保留盈餘對總資產比例對績效的影響；並探討不同規模大小，該比例在績效上之表現是否有不同結論。研究顯示保留盈餘對總資產比例與公司績效成正比；公司規模愈大，持有較高保留盈餘對總資產比例，會有較佳的總資產報酬率；公司規模愈大，持有較高保留盈餘對總資產比例，股東權益報酬率愈大，但規模小的公司，持有較高保留盈餘對總資產比例對公司績效無顯著影響。

There was little literature which discussed the influence of retained earnings to total assets on performances in the past. However, in the financial distress prediction model that Altman (1968) proposed, retained earnings to total assets was a quite important variable. It stands for the growth of the firm. Hence, the study is going to confirm the relationship between retained earnings to total assets and performance. Besides, it also discusses that retained earnings to total assets makes different impacts on performance at a different firm size. The study shows that retained earnings to total assets has a positive impact on performance. The larger of the firm size, with an increasing degree of the ratio of retained earnings to total assets, the return on assets increase. The larger of the firm size, with an increasing degree of the ratio of retained earnings to total assets, the return on equity increase. However, having higher ratio of retained earnings to total assets has no significant effect on ROE in the small size of firm.