負債融資行為與績效關聯性之研究--以台灣科技公司為例

Abstract

本研究主要是想了解台灣電子資訊公司的融資行為模式，不同的行為是否影響了績效？投資人是否因此調整評價？本研究將針對台灣上市電子公司為研究對象，採用1986~2006年期間之台灣上市電子產業公司的財務報表，資料來源為台灣經濟新報資料庫(TEJ)。以「部份調整模型」對所有公司進行分類及管理行為定義，再以最小平方法建立多元迴歸模型，檢測四種型態的公司的市場評價及營運績效是否有所不同。 實證結果發現，不同融資行為模式的公司確實反映了不同的經營績效及市場價值。且過於激進或過於消極的財務策略不但無法造就好的經營績效，更無法獲得投資人的青睞。 以經營績效觀之，槓桿波動程度高的公司意味著在資本市場具有較大影響力，較易取得資金，且企業組織較能彈性調整，因此表現出較好的績效。在負債融資傾向高的情況下，槓桿波動程度將對經營績效造成負向影響。反之，負債融資傾向低的情況下，槓桿波動程度將對經營績效造成正向影響。以市場評價觀之，投資人將槓桿波動程度及融資舉債傾向視為財務策略的風險程度，因此融資舉債傾向大時，槓桿波動程度高者市場評價越差，融資舉債傾向小時，槓桿波動程度對市場評價無顯著影響；而槓桿波動程度大的情況下，負債融資傾向低與市場績效成反向關係，槓桿波動程度小的情況下，負債融資傾向與市場績效呈正向關係。

This study is an empirical work that investigates the relationship between management styles of debt financing and performance in Taiwan’s technology firms. Was corporate performance or market valuation affected by various styles of management? The numerical data from 1986 to 2006 was collected from Taiwan Economic Journal (TEJ). This study adopted the “Partial Adjustment Model” to divide all firms into four management styles and established multiple linear regression models by the Least Square Method. The empirical evidence indicates that there are distinct different management styles of debt financing performed separately, which were in the views of corporate performance and market valuation. Extreme finance strategies not only contribute to depressed performance, but also ac-quire no interest from investors. In the aspect of corporate performance, the higher level of fluctuation of leverage represented greater power in the capital market and superior social networking. Consequently, the firms adjusted their interior organization to optimize financial leverage . Under the circumstance of firms with a higher level of debt financing propensity, fluctuations in leverage had a negative impact on corporate performance and vice versa. In the view of market valuation, the level of fluctuation of leverage and debt financing propensity were regarded as two factors of risk in fi-nancial strategies. Therefore, under identical levels of debt financing propensity or fluctuation of leverage, riskier financing strategies contributed to lower valuation.