營運槓桿、成長機會與績效之關聯性-以台灣電子產業為例

Abstract

企業的經營需要配置不同種類的資產，各種資產的比重形成企業的資產結構。固定資產投資的規模、架構和經濟效益直接影響著未來企業的成長，而企業未來的成長機會也會更近一步地影響未來的營運槓桿策略，所以研究固定資產投資活動，對於了解企業成長有其重要性。本研究將企業成長機會分成領先指標與落後指標，來探討對於企業對於營運槓桿的影響。並以台灣上市櫃電子公司為樣本數，運用相關分析與Panel Data中的固定效果模型與隨機效果模型來進行實證分析，並進一步使用Chow Test來檢視固定資產比率是否在亞洲金融風暴前後產生結構性改變。 前學者相關文獻都由上而下來分析企業的營運槓桿與財務結構對於經營結果與績效有什麼影響，但營運結果對於未來，也就是對於下一期營運槓桿的投資上也有著回饋效果，故本研究由下而上反向探討風險、績效與偶發事件對於公司策略營運面的營運槓桿之關連性與其回饋效果。依據相關文獻，以投資機會集合（IOS：股東權益對市值比、每股盈餘對市值比、營業收入成長率、淨值成長率）、財務績效（股東權益報酬率）、規模（Log營業收入）、風險（資產報酬率的標準差）做為解釋變數，來視其對營運槓桿策略的影響（固定資產比率、資本支出對總資產比、折舊費用對總資產比）。 結果分析（一）台灣資訊電子產業正穩定的往最適固定資產結構調整，有一固定資產比率均衡點（二）在亞洲金融風暴前後，台灣資訊電子產業的固定資產結構受到影響，產生結構性的轉變。 根據過去散見於有關企業固定資產結構之文獻，本文將一公司的營運槓桿給予操作性定義為創造公司產能的固定資產，而所得的結論為，在考量公司規模的條件下，企業有一最適固定資產結構。

The operations of an enterprise needs different sorts of assets, the proportion of the different type of assets is an instrumental determinant of a business operation. The scale of investments in fixed assets, and the corporate structure directly affect the future growth of a business. Nevertheless, future growth opportunities also directly influence the investment in operation leverage. This study considers that the growth opportunities set and financial profitability values are important to the operation leverage of a business. Accordingly, the present study focuses on listed electronic companies in Taiwan to distinguish between analysis methods derived from Fixed Effect Model, Random Effect Model and Chow Test to examine whether fixed assets structures were influenced by the 1997 Financial Turmoil in Asia. According to the related literature, focus is often directed over the top-down view of the overall business operation, but the results of those operations provide feedback to the future operation leverage. This study uses the feedback of risks, performance and contingencies to examine the relationship between the operational and financial structures. As employed by related literature, this study uses the investment opportunity measures (Market-to-book assets, Market-to-book-equity, The earnings/price ratio, Sales growth ratio and Equity growth ratio), profitability measure (Return on equity), size of scale (Log sales), and risk value(the standard deviation of return on assets) as dependent variables to explain their relation to the operation leverage of a company(Fixed assets rate, The ratio of total capital expenditure incurred to book total assets and The ratio of total depreciation to book total assets). The empirical results are shown as below: (1) The fixed asset structure of Taiwanese listed electronic companies are adjusted to an optimal situation. (2) The fixed asset structure of Taiwanese listed electronic companies changed their asset structure around the 1997 Financial Turmoil in Asia.