摘要
本研究主要探討企業投融資期限錯配對企業績效的影響，以及產業集中度是否對企業投融資期限錯配與企業績效之間的關係帶來影響。研究結果顯示，投融資期限錯配對資產報酬率存在顯著負相關，代表企業以短期資金支應長期資金需求時，反而降低每一元總資產可創造的淨利，即投融資期限錯配將對企業營運績效帶來負面影響。另外，當市場處在高度寡占的市場環境下，投融資期限錯配對資產報酬率及股東權益報酬率均無顯著影響，而在相對競爭的產業集中程度下，投融資期限錯配對資產報酬率則存在顯著負面影響。此結果顯示不同的產業集中程度對於投融資期限錯配與資產報酬率之間的關係確實帶來不同的影響。本研究之成果不僅為理解投融資期限錯配對企業績效之影響機制提供了一個新的微觀視角，也為企業管理者之投融資決策提供了一定的經驗證據與參考。
並列摘要
This study primarily investigates the impact of mismatches in the maturity of corporate financing on firm performance, as well as whether industry concentration affects the relationship between mismatches in financing maturity and firm performance. The results show a significant negative correlation between mismatches in financing maturity and asset returns, indicating that when companies use short-term funds to meet long-term capital needs, it reduces the net profit generated per unit of total assets. Thus, mismatches in financing maturity have a negative impact on firm operational performance. Furthermore, when the market is in a highly concentrated environment, mismatches in financing maturity have no significant impact on asset returns and equity returns. However, in industries with relatively competitive levels of concentration, mismatches in financing maturity have a significant negative impact on asset returns. These results demonstrate that different levels of industry concentration do indeed bring about different effects on the relationship between mismatches in financing maturity and asset returns. The findings of this study not only provide a new micro perspective for understanding the mechanism through which mismatches in financing maturity affect firm performance but also offer empirical evidence and references for corporate managers' financing decisions.