長期投資類型與公司績效之研究-以台灣電子產業為例

Abstract

本研究以一種探索性的方式，將長期投資分類為不同目的，探討不同長期投資行為對於績效與價值之間的關係。在永續經營的前提下，企業從事長期投資只是一種財務性質投資、是策略多角化目的，或是另有其他意圖，而這些手段對於績效與價值影響又是如何？另外本研究亦探討公司規模是否造成長期投資決策對於績效的不同影響結果。 本研究以台灣上市電子產業250家公司為研究樣本，期間為2004-2008共五年，實證結果發現：財務性投資不論對於公司內外部績效皆無顯著影響，但長期而言，會造成外部績效之減損；策略性長期投資則不論長短期皆對績效有負向影響，但是市場投資人卻對此類型投資給予正面肯定；其他目的長期投資短期並無顯著影響，但到了長期確實會造成績效之降低。公司規模方面，則無法證實公司規模愈大，會使得策略性長期投資對於績效愈好的結論。

We classify the long-term investment with different types to investigate the relationship between long-term investment behavior and firm performance. Under the premise of sustainability, Enterprises engaged in long-term investment is because of financial, strategic or other intentions? How do these purposes impact on firm performance? In addition, this study would figure out whether the different sizes of the companies will alter the result. In the end, we want to understand the general behavior on long-term investment in Taiwan Electronics Industry. Our study listed 250 companies in Taiwan during 2004-2008 as study samples. The empirical results show that the financial purpose will not affect firm performance significantly. But in long-term prospect of view, financial purposes will decrease firm value. Strategic purpose has negative effect on performance but positive on value no matter in short-term or long-term. Long-term investment for other intentions has no evidence on short-term effect, but do have negative effect in the long run. About company size, we could not conclude that the bigger of its size, the better performance it would has. Last but not least, this study tells that Taiwan electronic companies should pay more attention on strategic long-term investment, and reduce the financial and other intentions’ long-term investment.