企業經營屬性與Tobin's Q關係之研究--以現金殖利率作為擇股的交易策略

Abstract

以台灣上市櫃中，入選年度現金殖利率前三十大之公司作為研究對象，研究期間為2001年至2010年共十年，探討企業經營屬性：企業業齡、規模、產業、上市櫃、公司治理、負債比率、營收成長率，對於企業評價指標Tobin's Q之關係。以台灣上市櫃公司之年度前三十大現金殖利率公司作為研究對象，研究期間為2001年至2010年共十年。首先在未分類下觀察企業經營變數對於Tobin's之影響，再將樣本依據產業類別作區分，分析在不同的公司特性下是否造成差異。 實證結果顯示： 一、在未分類樣本下，公司規模、營收成長率及法人持股比例能顯著提升公司之市場評價；內部人持股比例則顯著降低公司評價，符合「利益掠奪假說」 二、高科技公司其上市、負債比率、入選次數顯著負向影響市場評價；非高科技公司之規模與營收成長率顯著正向影響市場評價 三、公司治理為重要變數，加入公司治理變數後解釋力均大幅提升；內部人持股型態分解，將有助於我們能更確切解釋對公司在評價上之影響

We analyze the relationship between the attributes and Tobin's Q. The observations of this paper are the top thirty of cash dividend yield companies in Taiwan during 2001 and 2010. We divided our sample firms into high-tech groups or non high-tech groups. This paper uses index to describe the attributes of business administration, the years after IPO, the size of firms, industry category, TSE company or OTC, ratio of insider ownership, debt ratio and revenue growth ratio. The empirical results showed that, first, in unclassified samples, company size, revenue growth rates and corporate shareholding ratio can enhance the company’s market valuation, and insider ownership will reduce it. Second, in high-tech samples, TSE, debt ratio, the selected number can reduce market valuation. In non high-tech samples, size and revenue growth rates can enhance the company’s market valuation. Third, corporate governance is an important variable. Joining the corporate governance variables, the explanatory power increased dramatically; the type decomposition of insider ownership will help us to be more precise interpretation of the company in the evaluation.