台灣IC設計與IC封測產業財務流動性之研究

Abstract

企業的經營首重流動性及獲利性，本研究旨在探討企業的流動性，在同一產業鏈中，不同的產業特性、不同的資產規模、及股價的高低，其流動性是否存在有顯著差異? 本研究是以台灣半導體產業中之IC設計產業及IC封測產業之上市、上櫃、及興櫃公司為研究對象，利用敘述統計研究法、二因子變異數分析及Scheffe事後多重比較檢定來進行分析，並比較在不同產業特性、資產規模、及股票高低之下之各財務衡量指標所呈現的差異，最後，再探討影響其流動性差異的顯著性。 研究結果發現： 1. 企業財務流動性會因產業特性之不同而有所差異。就全體樣本的實證結果顯示，所有的財務流動性衡量指標皆因產業別不同而呈現顯著差異。 2. 企業財務流動性會因資產規模之不同而有所差異。就全體樣本的實證結果顯示，存貨週轉率及長期付息負債比率及與營業活動現金流量相關之研究變數會因企業資產規模不同而存在顯著差異。 3. 企業財務流動性會因股價高低之不同而有所差異。就全體樣本的實證結果顯示，在所有研究變數中唯存貨週轉率、營業活動現金流量佔銷貨淨額比、及營業活動現金流量佔稅後淨利比無顯著差異存在，其餘衡量指標在股價高低的分類下則呈現顯著差異。也就是說這些在股價高低的分類下呈現顯著差異的財務衡量指標在市場評價方面具有解釋能力。

Liquidity and profitability is the primary goal of business operation. Based on the principle of business continuity, enterprises are generally seeking the targets of profitability, liquidity, and solvency as their core management. In order for enterprises to seek sustainable operation, to keep competency, and finally to reach their management targets, financial ratio indexes are closely monitored. However, do different industrial characteristic, asset size, and stock price lead to different financial performances? This paper aims to investigate whether there are significant differences within the financial indexes under the differential of industrial characteristic, asset size, and stock price performance. The research subjects are TSEC/OTC listed and merging stock IC design and IC Packaging and Testing houses from semiconductor companies in Taiwan. The study uses descriptive statistics, Two-Factor ANOVA and Scheffe’s method for comparisons and analyses of financial performances under different industrial characteristic, asset size, and stock price performance, and further explores the significance of variables affecting the three types of characteristic. The findings are: 1. From overall empirical results of the samples, companies with different industrial characteristic, even though within the same industrial value chain, the financial liquidity indexes reveal significant differences. 2. From overall empirical results of the samples, companies with different asset size, the financial liquidity indexes of inventory turnover ratio, long-term debt ratio, and all three OCF related ratios reveal significant differences. 3. On the influence of market evaluation based on corporate stock price, the empirical results reveal no significant differences on inventory turnover rate, OCF/NS and OCF/NI ratio among overall samples under Two-Factor ANOVA analysis. The rest of financial liquidity indexes are significantly different, based on corporate stock price performance. This means that those liquidity indexes with significant difference do contain explanative capability in terms of market evaluation.