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題名 台灣上市櫃公司經營績效的決定-權益法之長期股權投資所扮演的角色
The Determinants of Performance of Listed Companies in Taiwan : The Role of Equity Method of Long-term Investment作者 洪若維
Hong, Ruo-Wei貢獻者 翁永和
Weng, Yung-Ho
洪若維
Hong, Ruo-Wei關鍵詞 權益法之長期股權投資
經營績效
轉投資
Equity Method of Long-term Investment
Company Performance
Reinvestment日期 2020 上傳時間 2-Sep-2020 12:52:54 (UTC+8) 摘要 在台灣，有超過八成的上市櫃公司進行轉投資，當投資公司持有被投資公司之股權達百分之二十時，必須使用權益法之長期股權投資進行資產的認列及評估。本研究從權益法之長期股權投資作為研究台灣上市櫃公司經營績效的切入點，以權益法之長期股權投資、公司特性、人力資源管理、財務政策與股權結構的構面對其經營績效分析，探討各個解釋變數與被解釋變數之影響力。在OLS模型的建構下，迴歸結果發現「權益法之長期股權投資」、「經營時間」、「人員穩定性」、「研發費用支出」與「股利政策」對經營績效有負向顯著影響；「董監事持股比率」以及「外資持股比率」則對公司的經營績效有正向顯著影響；「資本結構」對公司資產報酬率為負向顯著影響，對公司股東權益報酬率具正向顯著影響。另外，從實證結果得出樣本公司持有權益法之長期股權投資時，將面臨多角化折價的困境。
More than 80% of public companies have reinvestment in Taiwan. When company hold 20% shares of investees, the company have to recognize the shares they held as the equity method of long-term investment. This study show that company performance is based on the equity method of long-term investment, company characteristics, human resource management, financial policy and equity structure. We will analyze company performance and evaluate the regression results of various dependent variables and independent variables, using the data of the public companies from the Taiwan Economic Journal. Under the OLS model, the regression results show that " the Equity Method of Long-term Investment", "Operating Year", "Employee Turnover", "Research Expense", and "Dividend Policy" have a negative and significant impact on company performance. "Director-to-Supervisor Shareholding Ratio" and "Foreign Shareholding Ratio" have a positive and significant impact on the company performance. "Capital Structure" has a negative and significant impact on the company’s ROA, and a positive and significant impact on the company’s ROE. Finally, the regression results show that the diversification discount occurs in the sample companies holding the equity method of long-term investment.參考文獻 中文部分呂彥慧（2000）。股權結構、監督機制、轉投資、交叉持股與公司經營績效之關係—以台灣新上市公司為例。國立中山大學財務管理學系研究所碩士論文。王克陸、包曉天（2002）。企業轉投資與其系統風險關係之研究－台灣紡織業與電子業之比較。中華管理學報，3，65-74。洪榮華、陳香如、柯璟瑩（2005）。從代理理論的角度探討董事會特性、股權結構與負債之關聯性。管理與系統，12(4)，33-53。陳美華、洪世炳（2005）。公司治理、股權結構與公司績效關係之實證研究。企業管理學報，(65)，129-153。倪衍森、廖容岑（2006）。家族企業負債代理成本及股利政策之研究－以台灣上市公司為例。管理與系統，13(2)，153-179。李慧曦、陳彥豪（2006）。企業研發投入管理與經營績效指標之研究。績效與策略研究，3(1)，100-119。林美倫（2007）。研發支出對經營績效及股權評價影響之研究。臺南科大學報（人文管理），26(1)，115-133。何雍慶、方慧臻（2007）。以資源基礎理論與體制理論觀點探討台灣壽險業新產品進入市場順序之研究。企業管理學報，(73)，95-123。林亭汝、沈永祺、洪仁財（2008）。台灣TFT-LCD業經營績效之探討：以S-C-P產業組織理論為基礎。臺灣企業績效學刊，2(1)，1-29。楊朝旭（2008）。集團多角化對研發外溢調節效果之研究。會計評論，(46)，31-65。郭敏華（2009）。企業分析與評價（初版）。臺北市：新加坡商聖智學習。張裕任、王泰昌、吳琮璠（2009）。公司治理機制與外資持股偏好關聯性之探討。管理與系統，16(4)，505-532。林美鳳、梁嘉紋、金成隆（2010）。公司股權結構與外資持股關係之研究。中山管理評論，18(1)，101-142。鄭凱文（2010）。長期投資類型與公司績效之研究─以台灣電子產業為例。交通大學科技管理研究所碩士論文。王雍智、潘家玲（2010）。資本結構與公司績效關聯性之研究－臺灣股市的新啟示。企業管理學報，(85)，71-110。王元章、張椿柏（2011）。從核心代理問題的角度探討股權結構，董事會特性對公司價值之影響。證券市場發展季刊，23(2)，131-174。李淑華、蔡彥卿（2011）。合併財務報表規範、盈餘組成份子持續性及股市理性定價之研究。證券市場發展季刊，23(3)，153-198。林宛瑩、汪瑞芝、游順合（2012）。研發支出、內部董事與經營績效。會計審計論叢，2(1)，61-90。李淑華、簡雪芳、蔡彥卿（2014）。權益法長投之投資淨收益：盈餘持續性與股市反應。管理與系統，21(3)，483-516。經濟部中小企業處（2017）。《2017中小企業白皮書》，39-40。詹錦宏、林明薰、溫秀英（2017）。台灣上市公司的股利政策與企業價值。會計學報，7(2)，65-94。張幸惠（2018）。盈餘管理與公司治理關聯性：以中國銀行業為例。會計審計論叢，8(1)，49-80。英文部份Beams, F. 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國立政治大學
行政管理碩士學程
107921077資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107921077 資料類型 thesis dc.contributor.advisor 翁永和 zh_TW dc.contributor.advisor Weng, Yung-Ho en_US dc.contributor.author (Authors) 洪若維 zh_TW dc.contributor.author (Authors) Hong, Ruo-Wei en_US dc.creator (作者) 洪若維 zh_TW dc.creator (作者) Hong, Ruo-Wei en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-Sep-2020 12:52:54 (UTC+8) - dc.date.available 2-Sep-2020 12:52:54 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2020 12:52:54 (UTC+8) - dc.identifier (Other Identifiers) G0107921077 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131821 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 行政管理碩士學程 zh_TW dc.description (描述) 107921077 zh_TW dc.description.abstract (摘要) 在台灣，有超過八成的上市櫃公司進行轉投資，當投資公司持有被投資公司之股權達百分之二十時，必須使用權益法之長期股權投資進行資產的認列及評估。本研究從權益法之長期股權投資作為研究台灣上市櫃公司經營績效的切入點，以權益法之長期股權投資、公司特性、人力資源管理、財務政策與股權結構的構面對其經營績效分析，探討各個解釋變數與被解釋變數之影響力。在OLS模型的建構下，迴歸結果發現「權益法之長期股權投資」、「經營時間」、「人員穩定性」、「研發費用支出」與「股利政策」對經營績效有負向顯著影響；「董監事持股比率」以及「外資持股比率」則對公司的經營績效有正向顯著影響；「資本結構」對公司資產報酬率為負向顯著影響，對公司股東權益報酬率具正向顯著影響。另外，從實證結果得出樣本公司持有權益法之長期股權投資時，將面臨多角化折價的困境。 zh_TW dc.description.abstract (摘要) More than 80% of public companies have reinvestment in Taiwan. When company hold 20% shares of investees, the company have to recognize the shares they held as the equity method of long-term investment. This study show that company performance is based on the equity method of long-term investment, company characteristics, human resource management, financial policy and equity structure. We will analyze company performance and evaluate the regression results of various dependent variables and independent variables, using the data of the public companies from the Taiwan Economic Journal. Under the OLS model, the regression results show that " the Equity Method of Long-term Investment", "Operating Year", "Employee Turnover", "Research Expense", and "Dividend Policy" have a negative and significant impact on company performance. "Director-to-Supervisor Shareholding Ratio" and "Foreign Shareholding Ratio" have a positive and significant impact on the company performance. "Capital Structure" has a negative and significant impact on the company’s ROA, and a positive and significant impact on the company’s ROE. Finally, the regression results show that the diversification discount occurs in the sample companies holding the equity method of long-term investment. en_US dc.description.tableofcontents 目錄摘要 i英文摘要 ii目錄 iii表格目錄 iv圖片目錄 vi第一章 緒論 1第一節 研究動機與背景 1第二節 研究目的 2第三節 研究範圍與方法 3第二章 文獻回顧 4第一節 經營績效及相關理論 4第二節 權益法之長期股權投資定義與相關研究文獻 8第三節 經營績效與權益法之長期股權投資及相關理論與實證文獻 15第四節 其他因素及其相關理論與實證文獻 18第三章 樣本資料之現況分析 29第四章 實證模型設定 42第一節 變數說明及預期影響結果 42第二節 實證模型建立 48第五章 實證結果分析 49第一節 變數說明及預期影響結果 49第二節 各解釋變數之相關性分析 51第三節 實證結果分析 53第六章 結論與建議 66第一節 研究結論 66第二節 研究建議 67參考文獻 68 zh_TW dc.format.extent 7463172 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107921077 en_US dc.subject (關鍵詞) 權益法之長期股權投資 zh_TW dc.subject (關鍵詞) 經營績效 zh_TW dc.subject (關鍵詞) 轉投資 zh_TW dc.subject (關鍵詞) Equity Method of Long-term Investment en_US dc.subject (關鍵詞) Company Performance en_US dc.subject (關鍵詞) Reinvestment en_US dc.title (題名) 台灣上市櫃公司經營績效的決定-權益法之長期股權投資所扮演的角色 zh_TW dc.title (題名) The Determinants of Performance of Listed Companies in Taiwan : The Role of Equity Method of Long-term Investment en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分呂彥慧（2000）。股權結構、監督機制、轉投資、交叉持股與公司經營績效之關係—以台灣新上市公司為例。國立中山大學財務管理學系研究所碩士論文。王克陸、包曉天（2002）。企業轉投資與其系統風險關係之研究－台灣紡織業與電子業之比較。中華管理學報，3，65-74。洪榮華、陳香如、柯璟瑩（2005）。從代理理論的角度探討董事會特性、股權結構與負債之關聯性。管理與系統，12(4)，33-53。陳美華、洪世炳（2005）。公司治理、股權結構與公司績效關係之實證研究。企業管理學報，(65)，129-153。倪衍森、廖容岑（2006）。家族企業負債代理成本及股利政策之研究－以台灣上市公司為例。管理與系統，13(2)，153-179。李慧曦、陳彥豪（2006）。企業研發投入管理與經營績效指標之研究。績效與策略研究，3(1)，100-119。林美倫（2007）。研發支出對經營績效及股權評價影響之研究。臺南科大學報（人文管理），26(1)，115-133。何雍慶、方慧臻（2007）。以資源基礎理論與體制理論觀點探討台灣壽險業新產品進入市場順序之研究。企業管理學報，(73)，95-123。林亭汝、沈永祺、洪仁財（2008）。台灣TFT-LCD業經營績效之探討：以S-C-P產業組織理論為基礎。臺灣企業績效學刊，2(1)，1-29。楊朝旭（2008）。集團多角化對研發外溢調節效果之研究。會計評論，(46)，31-65。郭敏華（2009）。企業分析與評價（初版）。臺北市：新加坡商聖智學習。張裕任、王泰昌、吳琮璠（2009）。公司治理機制與外資持股偏好關聯性之探討。管理與系統，16(4)，505-532。林美鳳、梁嘉紋、金成隆（2010）。公司股權結構與外資持股關係之研究。中山管理評論，18(1)，101-142。鄭凱文（2010）。長期投資類型與公司績效之研究─以台灣電子產業為例。交通大學科技管理研究所碩士論文。王雍智、潘家玲（2010）。資本結構與公司績效關聯性之研究－臺灣股市的新啟示。企業管理學報，(85)，71-110。王元章、張椿柏（2011）。從核心代理問題的角度探討股權結構，董事會特性對公司價值之影響。證券市場發展季刊，23(2)，131-174。李淑華、蔡彥卿（2011）。合併財務報表規範、盈餘組成份子持續性及股市理性定價之研究。證券市場發展季刊，23(3)，153-198。林宛瑩、汪瑞芝、游順合（2012）。研發支出、內部董事與經營績效。會計審計論叢，2(1)，61-90。李淑華、簡雪芳、蔡彥卿（2014）。權益法長投之投資淨收益：盈餘持續性與股市反應。管理與系統，21(3)，483-516。經濟部中小企業處（2017）。《2017中小企業白皮書》，39-40。詹錦宏、林明薰、溫秀英（2017）。台灣上市公司的股利政策與企業價值。會計學報，7(2)，65-94。張幸惠（2018）。盈餘管理與公司治理關聯性：以中國銀行業為例。會計審計論叢，8(1)，49-80。英文部份Beams, F. 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