臺灣半導體產業之財務風險指標、股權結構與Tobin’s Q關係之研究

Abstract

本研究觀察台灣上市櫃公司在實行公司治理之後，其綜合財務風險指標、公司治理以及企業經營屬性，對於市場評價指標Tobin’s Q之關係。研究期間為2003年至2011年共九年。2001年安隆事件發生後，公司治理相關的議題才被重視，而機構法人偏好投資公司治理佳的公司，因此機構法人之持股比例與公司治理有著密切的關係。然而，評估公司價值不應該只觀察獲利力的變化，反而更應該全面的從短期償債能力、長期償債能力、獲利力、營運能力以及成長力來綜合評估，所以本研究採用綜合財務風險指標來評估其對市場評價的影響。 本研究以Tobin’s Q值為反應市場價值的代理變數，並透過綜合性的財務風險指標Z-score、MZ-score及ZFC來衡量市場評價，而公司治理方面則以股權結構為代理變數，將股權結構分為二大面向：內部人與機構法人，並分別再細分為董監事、經理人、大股東、外資、投信及自營商等六個持股比率變數加以探討。 實證結果顯示：一、市場評價方面，Z、MZ及ZFC綜合財務風險指標皆正向影響市場之評價；破產風險越低，則市場之評價越高；二、公司治理方面，內部人持股比率與機構法人持股比率皆正向影響市場之評價；持股比率越高，則市場之評價越高；三、公司規模越大則市場之評價越高；企業業齡越大，則市場之評價越低；四、上市企業之市場評價會高於上櫃企業。

This study examines the influence of financial risk index, ownership structure and enterprise management properties on market valuation index Tobin’s Q in Taiwan’s semiconductor industry after an enterprise adopts corporate governance. All the data in this study are collected from 2003 to 2011. The issues about corporate governance have received considerable attention since the financial crisis of Enron Creditors Recovery Corp. broke out in 2001. The institutional investors prefer to invest in well-governed firms, so the shareholding ratio of the institutional investors is often a strong correlation of the quality of corporate governance. However, the value of an enterprise should not rest solely on its profitability but should be comprehensively assessed by its short-term liability, long-term liability, profitability, operating capability, as well as its growth ability. Therefore, this study adopts composite financial risk indicators to evaluate their impacts on the valuation of the enterprise. This study takes Tobin's Q as proxy variable value to reflect enterprise value and to evaluate the company operation performance with comprehensive financial risk benchmarks such as Z-score、MZ-score and ZFC. As for corporate governance, ownership structure is considered a proxy variable, which is divided into two large aspects on six shareholding variables: board directors, managers, major shareholders, QFII, SITE and own account dealers. The results are as follows: 1. From the aspect of operation performance, the more stable financial status is, the less possible company financial crisis happens; higher Tobin's Q value is corresponding to higher market valuation. 2. From the aspect of corporate governance, the shareholding ratio of insider investors and that of institutional investors have positive effects on valuation of the enterprise. The higher ratio of shareholding is, the higher valuation of the market will be. 3. The larger the size of the enterprise is, the higher valuation of the market will be; the earlier IPO date is, the lower the valuation of the market will be. 4. The company trade in the TSE would get a better valuation of the market than the company trade in the OTC.