我國半導體製造業與電腦及其週邊產業上市公司增資與財務績效之關聯性研究

Abstract

以往探討增資之相關論文,大部分將重點放在增資宣告對股價的影響,甚少探討增資對公司財務績效的影響,至於將產業再細分以探討增資效益之遞延性的相關研究更少. 因此, 就電子產業對我國製造業的重要性以及半導體製造業與資訊產業--電腦及其週邊產業兩者的息息相關 , 再加上之前的相關研究並未對電子產業作細部的分類分析, 而產業特性往往會影響財務績效的表現, 尤其是半導體製造業與電子產業裡的其它產業的差異性頗大, 因此, 本研究就半導體製造業與電腦及其週邊產業在增資的財務效益上做一比較, 除了裨利探討兩者酬資需求差異外, 其產業特性對公司理財政策的影響亦是深入研究的重點. 本研究使用 Spearman序列相關係數與 Pearson相關係數檢定半導體製造業與電腦及其週邊產業增資之財務績效遞延效果 , 使用t 檢定檢定半導體製造業與電腦及其週邊產業在負債率 營運槓桿與財務槓桿上的大小差異, 經本研究實證 得到下列結論: (一)半導體製造業增資效益遞延時間約3~4年, 增資後第五年增資效益更為顯著, 且增資遞延性長, 電腦及其週邊產業增資遞延時間約1年以內, 且增資效益延續性短 , 通常不超過兩年; (二)增資效益遞延時間愈長的企業, 其舉債程度愈低; (三)半導體製造業之營運槓桿大於電腦及其週邊產業之營運槓桿 ; (四)半導體製造業的財務槓桿小於電腦及其週邊產業之財務槓桿 .

Taiwan's IC manufacturing and PC industries have enlarged their shares of the most important and fast growth electronic industries in Taiwan manufacturing sector for the past decade. However very few studies have considerde such a contingency by separating Taiwan's electornic industries into different sub group in conducting industrial dynamic, financial behavior and resultant financial performance. In the study we first attempt to explore the defferent relatioship between capital changea and their lagging financial impacts by talking industrial contingency (separating IC manufacturing and PC industries) into account. Subsequently we investigate how the natural of these two industries varies and financial behavior/policy differs. Statistically we adopt the "Spearman's Rank correlation coefficient" and "Pearson Product-Moment coefficient of correlation" to test the hypothesis that different time lags of improved financial performance resulted from capital changes do exit in IC manufacturing and PC indurtries. The different industrial natural and affected financing behavior have been confirmed by T-testing their debt ratio, operating leverage and financial leverage between these industries. The empirical results and managerial implications are summarized as follows: (1)The time lag of improved financial performance resulted form capital changes is about three to four years in IC manufacturing but less than one year in PC industry. (2)The positive lagging effect from capital changes in IC manufacturing is most significant in the fifth year after its corresponding capital changes. However, the positive effect on financial performance generally last less than two years in the PC industry. (3)The longer is the lag of improved financial performance from capital changes the less is a firm's debt ratio. The debt ratio of IC manufacturing firms is significant lower than that of PC firms. (4)The operating leverage of Taiwan IC manufacturing firms is much higher than that of PC firms. (5)The financial leverage of Taiwan IC manufactiring firms is much lower than that of PC firms. (6)As the good timing of capital expenditures and supporting long-term financing (equity and long-term debt) decisions are most critical to IC manufacturing firms, efficient working capital management particularly regarding inventory and account receivables is paramount to PC firms.