本文以2008年至2015年之橫斷面季資料,初步取得上市(櫃)休閒相關企業共計32家,剔除資料不足之樣本企業後,剩餘25家休閒相關企業共計737筆資料進行實證分析,加以探討規模結構性改變下財務管理對「休閒相關產業」的影響及其傳遞過程。過去文獻對於負債比率對於營運績效之影響有著不同之看法,若以規模加以衡量則可發現負債比率與規模間存有相當之顯著影響,因此本文於考量規模後探討負債比率對於企業績效之影響。而營運資金與企業績效在過去的文獻中顯示出存有最適規模點,故本文亦將營運資金管理列入企業績效之影響因素從而進行分析。 本文如果傳統的OLS回歸方法僅用於估計,結果可能無法找到變量之間的所有可能的關係,若考量規模及結構性改變後負債比率與企業之經營績效呈現非線性之U型顯著關係,當SIZE≦7,539萬元以及7,539萬元≦SIZE≦45,031萬元皆呈現負向之顯著影響,但當45,031萬元≦SIZE則轉變成為正向之顯著影響。
Based on the panel data of 2008 to 2015, this study examines the impact of debt ratio on the performance of leisure-related industries as well as its transmission process. The empirical results show that the debt ratio is negatively correlated with the performance when the size of the firm is less than $ 450.31 million, & this relationship turned into positive situation when the size of the firm is greater than $ 450.31 million. This results imply that the impact of debt ratio on the performance differs at specified threshold of firm’s size. If the traditional OLS regression method is only used for estimation, the results might not be possible to find all the possible relationships between variables