美國ICT廠商經營能力對企業淨值的影響

本研究利用1998年至2005年之追蹤資料（panel data），針對143家美國資通(Information and Communication Technology, ICT) 產業（包含半導體廠商38家，電子零組件廠商42家，電腦週邊廠商63家）上市公司，探討廠商經營能力對每股淨值（book value per share）的影響。實證結果發現，保留盈餘、每股盈餘、每股盈餘變動率對於半導體、電子零組件與電腦週邊等三個產業廠商每股淨值皆有顯著且正向的影響；半導體產業及電子零組件產業的淨利（損）對於每股淨值的影響為一正一負；而存貨對於每股淨值的影響在電腦週邊與設備產業中為正，對其餘兩產業廠商淨值影響均為負向；總資產與營業利益率兩項變數僅在電子零組件產業中呈現正向顯著。綜合上述結果，廠商經營能力的確會影響其每股淨值，但由於產業特性的不同，代表ICT廠商經營能力的變數對於每股淨值亦會有不同的影響。

關鍵字

每股淨值；資通訊；經營能力；一般動差法；財務比率

並列摘要

This thesis uses panel data from 1998 to 2005, and is aimed at 143 U.S. Information and Communication Technology enterprises listed on the U.S. Stock Exchange. It contains 38 semiconductor firms, 42 electronic components and accessories firms, and 63 computer equipment firms. And we utilize Generalized Method of Moment to observe the operating variables of each industry and influence each book value per share . The empirical result shows that retained earnings, earnings per share (EPS), and EPS fluctuation rate all influence book value per share significantly and equidirectionally among three industries. The influence of net income (loss) to book value per share of semiconductor industry and electronic components and accessories industry are in the order of negative and positive. Influence of inventory to book value per share in computer equipment industry is positive, and book value per share in other two industries is negative. Total assets and operating income ratio are merely significant in electronic components and accessories industry. The above results reveal that the operating variables we choose have certain explanatory ability, and as a result of the industrial characteristic difference, the influence of operating ability variables to book value per share are discrepant among each industry.