台灣DRAM與TFT-LCD產業負債比、政府政策與公司治理之研究

Abstract

2008年下半年以降，為政府刻意扶植之二兆產業—動態隨機存取記憶體產業（以下稱DRAM）及薄膜電晶體液晶顯示器產業（以下稱TFT-LCD），陷入2007年底以來金融風暴的紓困泥淖中最深。其主要造成經營困境的原因，乃是負債比過高，企業帳上流動的現金無法支應即將到期的債務及利息。因此本文欲探討此二產業之負債比與公司經營治理及政府政策間的關聯。採多元迴歸分析方法，取樣國內上市櫃DRAM及TFT-LCD共11家公司上市以來的各年度財務比率資訊，計有81個樣本數。研究發現DRAM及TFT-LCD的負債比相對電子產業來的偏高；另自2002行政院宣布「新世紀兩兆雙星產業發展計畫」施行之後的年度，此二產業負債比及來自泛公股銀行借款比例確有提高現象。至於影響此二產業負債比的公司經營因素，影響為正者有公司規模、成長機會；影響為負者則為獲利性及流動性。而公司治理的影響，除短期負債比與董監持股呈反向關係外，其餘負債比皆與董監持股、董監質押呈正向關係。

Since the mid-year of 2008, the “two trillion” industries, “Dynamic Random Access Memory” (DRAM) and “Thin Film Transistor Liquid Crystal Display” (TFT-LCD) who are both deliberately promoted by our government, faced critical challenges brought by the financial crisis started from the end of 2007. One major reason for companies’ difficulties is the high debt ratio; meaning that the companies’ cash flow could not cover the oncoming expired principal and interest. This paper aims to study the relationship between these “two trillion” industries’ debt ratio, corporate business management, corporate governance, and government policies. The analysis method adopted is multiple OLS regression. Eleven DRAM and TFT-LCD companies listed in TSEC are chosen, the 11 companies’ financial ratio (including 81 samples) since they listed till 2008 are analyzed. Research findings are as the followings: (1) The debt ratios of DRAM and TFT-LCD are higher than those of the total electronic industry. (2) After the Executive Yuan announced the "Two Trillion, Twin Stars Industries Development Plan” in 2002, the percentage of the debt borrowed from government banks and their total debt rations also increased. (3) Managements factors that have positive correlations with corporate debt ratio are size of the company and its growth opportunity. Liquidity and profitability, on the contrary, have negative impacts. (4) As to influence of corporate governance, only the short-term debt ratio is negatively related to the pledged shares ratio of directors’ and supervisors’ shareholdings. The other kinds of debt ratio are positively linked with shareholding ratio of directors and supervisors, and the pledged shares ratio of directors’ and supervisors’ shareholdings.