企業短期投資特性之管理風格對財務績效影響之研究-以台灣半導體產業上市、上櫃公司為例

Abstract

在面對瞬息萬變、競爭更為激烈的經濟環境中，企業為了維持其永續經營，常常採取多角化經營的策略，不斷的進行投資，就正面而言，投資行為可以分散公司之經營風險，增加公司的獲利能力，負面而言，可能會造成公司過度舉債，財務槓桿過高，導致公司經營不善；然而，當企業進行投資行為時，是否因為其管理風格的不同而產生不同的財務績效？或是管理者專注於本業的管理風格可為其股東創造較高的財富呢?投資人在選擇投資對象的時候，是否可透過企業的管理風格進行投資選擇，進而增加其財富。此為本研究所要深入研究的方向。 本研究是以台灣半導體產業上市、上櫃公司為研究對象，利用敘述統計研究法、ANOVA以及Scheffec事後檢定來進行分析並比較，在不同管理風格之下於各財務指標下所呈現出不同的財務績效，最後，再探討影響其管理風格之變數的顯著性。 研究結果發現： 1. 企業的管理風格對其財務報表要項的影響，就全體樣本的實證結果顯示，公司管理風格歸屬於保守者，其創造出營業收入較中庸與積極者還高，而多樣化短期投資在保守公司是較不明顯。 2. 企業管理風格對其獲利能力的影響，保守公司在獲利能力方面較中庸、積極公司佳，其純益率、股東權益報酬率以及每股盈餘(EPS)的績效，都是保守公司表現優於中庸公司，積極公司的績效則是最差。 3. 企業管理風格對其市場評價的影響，在市場評價方面若以損益表角度來觀之，整體樣本之保守型公司的本益比(P/E)優於積極型公司；市場評價若以資產負債表方面來觀之，股價淨值(P/B)比在整體樣本進行ANOVA分析卻無顯著差異存在，也就是說在股價淨值(P/B)比在市場評價方面不具有解釋能力。

In the environment of instant changes and tougher competition, to seek sustainable operation, enterprises often adopt diversified operation strategy and conduct constant investments. Positively, investments help disperse the operation risks and increase profitability. On the contrary, they may cause over debts and financial leverage, leading to poor operation. However, do different management styles lead to different financial performances? Provided that if management focuses on the core business, will shareholders have more wealth? This paper aims to investigate whether investors can select the investment objectives based on the management styles of companies, and therefore increase their wealth.

The research subjects are TSEC/OTC listed semiconductor companies in Taiwan. The study uses descriptive statistics ANOVA and Scheffe’s method for comparisons and analyses of financial performances under different management styles, and further explores the significance of variables affecting management styles.

The findings are: 1. From overall empirical results of the samples, companies with conservative management style create higher revenues than those with medium and aggressive management styles; diverse short-term investments are rare in conservative companies. 2. On the influence of profitability based on management styles, conservative companies yield profits that are better than both medium and aggressive companies. Conservative companies have better return on sales (ROS), net return on equity, and EPS than medium companies. Aggressive companies create the worst performance. 3. On the influence of market evaluation based on corporate management style, in light of profit and loss in market evaluation, conservative companies have better P/E than aggressive ones; in light of balance sheets, there is no significant difference in P/B among overall samples under ANOVA analysis. That is, P/B does not contain explanative capability in terms of market evaluation.