財務績效之實證研究 – 以台灣面板、動態隨機存取記憶體、發光二極體、太陽能產業(3D1S) 為例

Abstract

現今之產業變化迅速，產業內公司即使先前已擁有優勢，也會因環境變動和競爭激烈喪失。此種趨勢於科技產業特別明顯，高額之資本支出和複雜之產品研發程序，使公司需持續投入資源維持競爭力。過去績效良好之公司可能因效率不當之管理而喪失競爭優勢。本研究旨在研究這些產業，並選取台灣面板、動態隨機存取記憶體、發光二極體、太陽能產業(3D1S)作為樣本。根據結構、行為、績效(S-C-P)模型，本研究採用產業變數和公司變數檢驗3D1S產業之財務績效表現。採用股東權益報酬率(ROE)作為績效指標，檢驗影響其變數。研究結果顯示所有之3D1S產業群體績效皆受營收成長率正向影響。高額之資本密集投資於固定資產會減損公司之績效表現。除太陽能產業外，當年度研發活動會負向影響其他產業組群之績效，但正向影響兩年後之績效表現。本研究實證結論係根據台灣3D1S科技製造業-共94家上市櫃公司之財務數據，並希望未來能對政府政策制定、產業經營者、股東等人做出實務理論相關之貢獻。

Industry has been fast changing, and firms in industry having advantages might lose its strength due to changing environment and competition. Especially in high tech industry, the high capital intensity and complex develop process require firm to constantly devote its resource to compete with others. The past well-performed industry might lose its competitive edge because of inefficient management. This raises my interest to explore some profit lagging technology firms, and Display, DRAM, LED & Solar (3D1S) are choose for this research. Based on Structure, Conduct, & Performance (S-C-P) model, this research uses industry variables and firm variables to examine Taiwan 3D1S firms’ financial performance. The research examined the factors related to financial performance measured by ROE. The result indicated that all 3D1S industry companies’ sales growth positively correlates to firm’s performance. High capital invested in fixed assets would negatively influence the company performance. Except solar industry, R&D activities would exert negative effect but with lagging positive effect to two year performance. The result is supported by empirical analysis of 94 Taiwanese stock listing technology manufacturing firms in 3D1S industries, and I hope to contribute managerial implication to related government policy maker, industry managers, and stockholders.