電子業上市公司資金成本之研究

Abstract

資金成本，基本上是反應了資金供給者 ( 股東、債權人）對提供資 金所欲獲得報酬率的平均值。 電子業在這幾年來一向予人高成長高獲利 的印象，然而由於其產品生命週期相對於傳統製造業為短， 所以在高成 長高獲利的背後也隱藏了高度的風險。 理論上，風險愈高，資金成本也 應該愈高；換句話說，電子業的資金供給者理論上會要求較傳統製造業為 高的報酬率。因此本研究的研究目的有二： 1.比較近幾年來(81-84 年)，電子業的資金成本是否高 於傳統製造業？ 2.進一步探討 影響資金成本的因素，並期從這個層面探 討電子業與傳統製造業的 不同。 研究期間為民國 81-84 年，選取電子業上市公司 21 家，傳 統製造業 36 家， 使用 CAPM 模式估計樣本公司權益資金成本並進而求 算其加權平均資金成本。然後透過 TTest、逐步迴歸針對樣本公司進行橫 斷面的分析， 得到以下結論： 一、平均而言，電子業的資金成本高 於傳統製造業，即對電子業提供資金者 會較提供給傳統製造業者 要求較高的平均報酬率。 二、不管電子業或傳統製造業，當公司負債 比例越高，資金成本越低。這個 結果也否定了M&M理論槓桿中立 性的主張。 三、不管電子業或傳統製造業，當公司營運風險越高，資 金成本越高。尤其 在電子業，這樣的關係更加的顯著。 四、 電子業的公司，公司獲利性越高，資金成本越低。 五、從本研究 的研究樣本分析結果，無法說明電子業存在有最佳資本結構。 The cost of capital actually is the average rate of returnstockholders or creditors require for offering money to a company or aproject. In the recent years， electronic industry has made a deepimpression of earning so much and growing so soon on us，but it takes arisk as a result of shorter product life cycle compared withtraditional one. Theoretically， high risk give rise to high cost ofcapital， so people offering money to eletronic industry should claimhigher rate of return than traditional one . Accordingly，the first goalof my study is to know whether the cost of capital of electronic industryis higher than traditional one's or not. Furthermore，I want to find thefactors influence the cost of capital and clarify the possiblly differentfactors between electronic industry and traditional one. My studying period is from 1992 to 1995 and the sample includes 21companies representing electronic industry and 36 companiesrepresenting traditional industry. I used CAPM model to estimate thecost of retained earnings of each selected company and then calculatedthe weighted average cost of capital of it. Furthermore, I used two statistical methods (Ttest and stepwise regression) to latitudinallyanalyze my sample. Finally, my observations were as follows. 1.On an average, the cost of capital of electronic industry is higher than traditional one's. 2.Not only traditional industry but also electronic one，the higher the debt ratio is,the lower the cost of capital is. 3.Not only traditional industry but also electronic one，the higher the business risk is, the higher the cost of capital is. Especially in electronic industry, such relation is fairly significant. 4.In electronic industry， the more the profit is, the lower the cost of capital is. 5.It is not observable for my study that companies in electronic industry have optimal capital structure.