台灣紡織業之業外收益與獲利力對Tobin's Q之相關性研究

Abstract

紡織業上下游供應鏈整合完整、特色公司眾，許多公司早就進行海外投資，且因產業發展早，不少公司配合政府政策，投資擴及許多非紡織相關產業，在會計上這些收益皆屬於業外，其獲利組成的複雜性、穩定性常常被質疑。本研究應用Panel資料，以Tobin’s Q作為衡量企業價值的代理變數，分析臺灣紡織業之公司特性與業內、業外獲利力、公司治理能力與企業價值的關係，研究期間為2003年至2011年共計9年，研究結果彙整如下。 1. 獲利力與Tobin’s Q呈現正向關係，財務績效指標ROE、ROA、OI皆與Tobin’s Q有一致、顯著的關係，可以發現財務績效的確影響企業市場價值。 2. 業外損益對Tobin’s Q的影響隨調整變數不同而有不同結果，以股東權益、總資產調整之業外損益的關係與Tobin’s Q在統計上並不顯著，營收調整之業外損益與Tobin’s Q是顯著且正向的，驗證了文獻回顧裡不同研究運用不同的價值代理變數，業外損益與企業價值關係時有時無。 3. 公司治理對Tobin’s Q有顯著影響，機構法人有正面顯著的影響，內部人的關係與Tobin’s Q是相反但不顯著，外部人的監督力更為市場所肯定。 4. 長期投資佔總資產比值高的公司，其Tobin’s Q顯著較高，其他差異還有業外損益高、內部人持股略低、機構法人持股率高、公司規模較大、IPO時間較長、負債比較低，但長期投資高低對企業的獲利力並無顯著的影響。 5. 公司特性變數對Tobin’s Q的影響：上市櫃年限(IPO)與Tobin’s Q呈現正向顯著的關係；企業規模(SIZE)呈現不顯著但一致的負向關係；負債比(DR)與Tobin’s Q均不顯著，符號也無一致的方向性。

The supply chain of the textile industry in Taiwan is complete and with many companies infused with various characters; some of them inject their capital into overseas investment. The relatively longer history of the industry and government policies had consequently brought these investments to all sorts of non-textile industries, from which the income is recorded as non-operating income in accounting and its sophisticated composition and uncertainty often raises issues. Panel data were applied in this study and Tobin’s Q is used as proxy for corporate value to analyze the relation between corporate value and corporate characters, operating and non-operating profit, and corporate governance for the Textile Industry in Taiwan. This study analyzed the statistics gathered from 51 textile companies for the period from 2003 to 2011. The findings are summarized in the following: 1. The correlation between profitability and Tobin's Q is positive. For all three financial performance indicators in use, ROE, ROA, and OI, their relationships with Tobin’s Q are consistent and significant. Therefore, financial performance does affect the market value of corporations. 2. The effect of non-operating Earning on Tobin’s Q differs as the adjustment variable alters. If adjusted with stockholders’ equity or total assets, the correlation between non-operating Earning and Tobin’s Q is not statistically significant; however, if adjusted with revenue, their relationship turned to be positive and significant. This proved the finding in the literature review section that different proxies for corporate value will affect the significance of the relationship between non-operating Earning and Tobin’s Q and sometimes even make it seem not existent. 3. Corporate governance has significant impact on Tobin’s Q. Institutional ownership has positive correlation with Tobin’s Q. Though not substantial, insider control has slight negative correlation with Tobin’s Q; the power of external supervision is more recognized by the market. 4. For those corporations with higher long-term investments ratios, the Tobin’s Qs of them are obviously higher. Other dissimilarities also include higher non-operating profit, slightly lower insider holdings, higher institutional ownership, larger corporate scale, longer trading history on stock market, and lower debt ratio. However, long-term investments ratios do not significantly affect companies’ profitability. 5. The company characteristic variable affects Tobin's Q in the following ways. There is a strong and positive correlation between the length of trading time after the companies’ IPO Tobin’s Q. The relationship between company scale and Tobin’s Q is not substantial but consistently negative. Meanwhile, debt ratio shows no considerable nor directional correlation with Tobin’s Q.