負保留盈餘公司之市價淨值比與公司治理關係研究

Abstract

當一家公司保留盈餘小於零時，代表未分配盈餘為負而且法定盈餘公積已經無法彌補公司經營上的虧損，意味著該公司已經虧損累積一段時間。這不僅在投資市場上是一項負面訊息，除了會影響股價、投資人投資意願外，更是財務危機的預警指標，Altman（1968）與其他學者認為當企業的保留盈餘為負時，該企業將有破產、呆帳的財務危機之特性。但是在股票市場中，卻發現有不少公司雖然保留盈餘小於零，卻仍有不錯的股價，不只淨值大於面額、市價淨值比甚至遠超過一。這樣的公司除非未來具有成長性否則不應該有價值存在，明顯地違反了企業獲利反映企業價值的假設。本研究利用市價淨值比去探討負保留盈餘公司有何特性。尤其當財務出現警訊之公司具有亮眼股價表現時，推測除非是投資人對未來持樂觀預期，否則必有公司治理因素存在。本研究針對1998至2007年的台灣上市（櫃）公司資料，利用公司營運治理等相關變數，針對負保留盈餘公司進行迴歸分析。結果顯示當虧損公司未來不具有獲利能力時，可發現存在著公司治理因素，尤其以董監事質押比例最為明顯，然而董監事質押換取現金目的為何才是影響公司績效之關鍵；另外機構法人在投資虧損公司時，針對市價淨值比小於一之樣本群可發現市價淨值比效應；在董監事持股方面，當公司營運不善時，董監事持股方面，顯示當公司營運不善時，董監事持股比例對公司股價影響力越高，支持利益收斂假說觀點。

When a firm has negative retained earnings that means the company had been loss for a long time, also is a negative information to investors. Not only will affect stock price but also is one of the financial distress warning indicators of looking over enterprise's financial crisis (Altman, 1968). But we still can find out lots of negative retained earnings companies their stock price are greater than the par value or the P/B ratio is larger than one. We estimate there are two possible for that situation: First, the loss of the company is just temporary. Second, the stock price was operated artificially. Therefore we use P/B ratio to observe the implicit information from loss firm. According to our empirical result, we have observed that when a firm doesn’t have the profitability in the future, there did have some other factors will affect the stock price. The rate of directors’ stock mortgaging has a significant impact on P/B ratio. The institutional investors are unwilling to hold the company which P/B ratio is less than one and there isn’t a perfect number for the board size. Besides, the percentage of directors’ shareholding has a positive impact on P/B ratio which support the convergence-of-interest hypothesis.