企業融資決策與經濟附加價值之關聯性研究－以台灣半導體產業為例

本研究旨在探討台灣半導體上市（櫃）公司多元融資決策與經濟附加價值之內生關聯性，故不僅考量單一融資工具決策，更將融資工具組合成多元融資決策，並以民國八十年至九十年47家台灣半導體上市（櫃）公司之縱橫資料，援引適用於縱橫資料並可修正內生性疑慮之二階段工具變數分析法，期嚴謹檢測並量化各融資組合模式之於企業經濟附加價值的貢獻度。實證結果發現，企業若採用內部資金（即未分配盈餘）與銀行借款籌資均對其經濟附加價值具有顯著正向影響（公司債具不顯著正向影響），但若以現金增資籌資則對經濟附加價值具有顯著負向影響，且實證估計係數於各融資組合模型中皆相當穩定，具堅韌性並與假說推論一致，故企業若援用內部資金與銀行借款籌資將顯著提升其經濟附加價值，然若利用現金增資籌資反將降低其經濟附加價值。相較之下，各融資工具之於經濟附加價值的貢獻度由大至小依序為：內部資金、銀行借款、公司債（不顯著正值）、現金增資（負值）。

關鍵字

經濟附加價值；融資決策；半導體產業；二階段工具變數分析法

並列摘要

Since companies' financing policies and economic value added (EVA) are simultaneously determined, this study attempts to examine the relationship of economic value added and financing policies in Taiwan semiconductor industry by incorporating not only one financing instrument, but also various combinations of four diverse financing instruments, such as internal retained earnings, bank loans, corporate bonds, and seasoned equity offerings. The panel data of 47 listed and OTC-listed Taiwan semiconductor companies for the period of 1991-2001 are collected, and the Two Stage Instrumental Variables Analysis technique is then applied. The empirical results are summarized as follows. The company's retained earnings and bank loans have significantly positive effects on EVA, but corporate bonds have insignificantly positive effects on EVA. In addition, seasoned equity offerings have significantly negative effects on EVA. These relationships are with robustness across diverse combinations of financing instruments, and are in line with the propositions of research hypotheses. The scale contributing to EVA of four financing instruments is ordered as internal earnings, bank loans, corporate bonds (insignificantly positive), and then seasoned equity offerings (negative).