固定資產行為與績效關聯性之研究--以台灣科技公司為例

Abstract

本研究以1986年至2006年間的台灣上市電子公司為研究對象，從企業內部管理的角度切入，探討採取不同固定資產管理行為的企業是否在績效上也有所差異，還有市場投資人是否會感受到此差異而給予不同的評價之問題。先利用部分調整模型所得到的係數，依照生產結構與調整速度兩個構面將企業劃分為四種固定資產管理行為類型，再加入其他自變數以及交互作用項進行迴歸統計分析。 研究結果發現：採取不同固定資產管理行為的企業，不論是在本身經營績效上，或是市場評價上確實有差異，但兩者結果並不一致；此外固定資產管理行為也會受到與其他變數的交互作用而影響其績效表現，對積極專業型企業而言，增加舉債能降低所得稅費用，進而提高經營績效，然而市場對於高營運槓桿加上高財務槓桿的企業，會因為整體風險過高而降低評價；對穩定專業型企業而言，當該企業規模尚小，處於快速成長的階段時，其經營績效較好，然而市場會偏好企業規模較大，處於穩定獲利的成熟階段企業；對快速調整型企業而言，高程度的研發投入使營業費用上升，加上營業利益變化率的不穩定會使經營績效下滑，然而市場對於低營運槓桿企業若能採取較高的財務槓桿者，會給予較高評價。

The purpose of this study is to investigate the relevance between the behavior of fixed assets and firm’s performance in Taiwan’s technology industry during 1986 to 2006. The partial adjustment model was used to divide companies into four kinds of fixed asset behavior, and then added to other independent and interacting effect variables to the regression. This research found that firm performance is different when enterprises adopt different fixed asset behavior, furthermore, the interacting effect has an influence on performance. In the case of aggressive specialized types of enterprise, increasing financial leverage can reduce income tax expenses and improve ROA, but lower Tobin’s Q to the enterprise with high operating and high financial leverage. As towards stable specialized types of enterprises, the enterprises at the small size and fast growth stage will have higher ROA, but also a higher Tobin’s Q relative to larger enterprises and more mature firms at the big size and maturity stage. As to fast adjusting types of enterprise, high R&D makes operating expenses rise, and an unstable rate of change in operating income will reduce ROA, besides if the enterprises with low operating leverage can adopt higher financial leverage, the Tobin’s Q is better.