台灣汽車電子產業經營績效評估模式之研究

Abstract

汽車之功能不再只侷限於交通運輸上，反而更講究高精密性與環保性。因此讓汽車電子被稱為繼電腦、通訊、消費電子3C產品之後，聚集高科技技術為一體之新興產業。台灣在消費性電子產業與面板產業蓬勃發展之下，可應用於汽車上之電子產品與技術眾多。本研究乃以台灣上市櫃車用半導體廠商之公司治理構面間如存在顯著性差異時其經營績效獲利能力亦會有明顯差異為立論，假設公司治理構面對台灣上市櫃車用半導體廠商之經營績效獲利能力確實有相當程度之影響力。本研究之所引用資料為民國九十四年至民國九十九年，共計16家上市櫃汽車電子廠商，係分別針對8家台灣主要上市櫃車用半導體廠商以及8家上市櫃車用電子零組件廠商。各廠商選取16項財務比率、6項公司治理比率及國際原油價格共計23項自變數，並以總資產報酬率、營業利益率、稅前淨利率及股東權益報酬率共計4項作為依變數，利用主成份分析與逐步迴歸分析進行研究。研究結果顯示，應收帳款因素與資產運用效率因素對於台灣汽車電子產業之經營績效獲利模型是具有顯著影響的。組織規模及資產運用效率因素與公司治理因素對於台灣車用半導體業之經營績效獲利模型是具有顯著影響的。長期償債能力及應收帳款因素與資金使用結構因素對於台灣車用電子零組件業之經營績效獲利模型是具有顯著影響的。經由實證分析結果可以發現台灣車用半導體產業與車用電子零組件及整體汽車電子產業對於經營績效獲利能力之顯著影響因素有著很極大差異性，亦即本研究納入之公司治理相關變數對於車用半導體產業之經營績效獲利能力具有顯著影響性。另外，推論由於台灣車用半導體廠商本為生產其他半導體產品之廠商，而後轉為以車用半導體產品為主要業務，因此本身公司亦較具規模與制度，公司經營者家族色彩較淡，主要為專業經理人管理公司運作，因此公司治理因素對於車用半導體產業之經營績效獲利能力影響顯著。

Instead of being limited to transportation, the function of cars emphasizes precision and ecology, hence automotive electronics becomes an emerging industry. This purpose of this study is to analyze corporate governance of automotive semiconductor company listed on the Taiwan Stock Exchange whether there are some significant differences. According to 16 listed automotive electronics companies’ financial report from 2006 to 2010 ( 8 listed automotive semiconductor companies and 8 listed automotive electronic components companies respectively), this study takes 16 financial ratios, 6 corporate governance ratios and crude oil price as independent variables and then takes ROTA, OPR, EBTM and ROE as dependent variables. Principal Component Analysis and Stepwise Regression Analysis are adopted. The results are as listed below: Accounts receivables and operating efficiency of assets have significant effects in Taiwan automotive electronics industry. Size of company, operating efficiency of assets and corporate governance have significant effects in Taiwan automotive semiconductor industry. Long-term liquidity, accounts receivables and capital structure have significant effects in Taiwan automotive electronic components industry. After empirical analysis, we realize that the operation performance has significant differences between Taiwan automotive semiconductor industry and Taiwan automotive electronic components industry. Corporate governance does have significant effects in operation performance in Taiwan automotive semiconductor industry.