臺灣紡織產業之財務風險指標、股權結構與Tobin's Q關係之研究

Abstract

本研究主要建構2003至2011年台灣紡織產業之Balanced Panel Data。鑑於以往大多數之研究皆以歷史資料所建構之財務指標 (例如ROA、ROE)來衡量其與企業價值之間的關係。有別於此，本文改以Z-SCORE、MZ-SCORE、ZFC為財務風險之衡量指標，來探討財務風險指標對紡織產業企業價值之影響。 公司治理亦成為近期熱門話題之一，因此本研究也在三大財務風險指標後分別導入公司治理變數，期望結合財務風險指標與股權結構的觀點來進一步探討其對企業價值的影響。 實證結果發現，在財務風險指標方面皆顯示出：當公司發生財務危機的可能性越低時，其Tobin’s Q值越高，也就代表公司的價值越高。在股權結構方面， 僅內部持股人比率與Tobin’s Q值呈現顯著負相關。即內部持股人持股比率越高時，公司的價值較低；而機構投資人和Tobin’s Q值則無顯著的相關性。

This study is focused on constructing balanced panel data of Taiwan Textile Industry from 2003 to 2011. In view of the past, most of the research used the historical data to construct the financial indicators (such as ROA and ROE) to measure the enterprise value. To be different, this study uses Z-Score, MZ-Score and ZFC as a measurement of financial risk to discuss the relationship between the financial risk indicators and the enterprise value of Taiwan Textile Industry. Corporate governance also becomes a popular issue recently. So this study not only uses financial indicators, but also uses corporate governance variables as a proxy of shareholding framework to measure the enterprise value. The empirical results show as follows: in respect of financial risk indicators, the lower the possibilityof financial crises, the higher the value of Tobin's Q. It also means that the company could have higher value. In respect of the ownership structure, only the internal shareholding ratio has a significant negative relation with Tobin's Q. It means that the higher ratio internal shareholding ownership has, the lower value enterprise gets; however, institutional shareholding ownership ratio has no significant relationship with Tobin's Q.