企業經營屬性與Tobin's Q關係之研究－以每股盈餘作為擇股交易策略

Abstract

以台灣上市櫃公司中，入選年度每股盈餘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：產業類性、上市櫃別、股本規模、企業業齡、負債比率、獲利能力、營收成長性以及公司治理，對於企業評價指標Tobin's Q之關係。首先在未分類下觀察企業經營變數對於Tobin's Q之影響，再將樣本分別依據穩定度與產業類別作區分：累積入選次數超過三次之樣本為「穩定型」，三次以下為「偶發型」；「高科技產業」與「非高科技產業」。分析在不同的公司特性下是否造成差異。 實證結果顯示：一、「高科技產業」與「穩定型」樣本在Tobin's Q表現上顯著較為優異；二、不論公司類型，企業業齡與負債比率皆負向影響企業之評價，而高的穩定度與成長性則有利於企業之評價；三、公司治理方面，董監事持股比率負向影響Tobin's Q，符合「利益掠奪假說」；而經理人持股比率則正向影響Tobin's Q，符合「利益收斂假說」。

This paper examines the reciprocal relationships between the ratio of Tobin’s Q and firm attributes using the top thirty companies of the annual earnings per share as the sample. The yearly data are drawn from the database of TEJ from 2001 to 2010 for a total sample size of 148 companies. Firm attributes we used include industry category, capital size, IPO years, debt ratio, earning stability, revenue growth, corporate governance, etc. Dependent on selected frequency, the sample are distinguished into two categories：stable, unstable；technology industry and non-technology industry. We analysis if there are any different effective for Tobin's Q in different categories.

The results are as follows：1. Category of technology industry and stable have significantly better performance on Tobin's Q. 2. IPO years and debt ratio have negative effect on Tobin's Q. Earning stability and revenue growth have positive effect on Tobin's Q. 3. Board ownership have negative effect on Tobin's Q；manager ownership have positive effect on Tobin's Q.