財務槓桿、公司治理與公司績效之實證研究

An Empirical Study on Financial Leverage, Corporate Governance and Corporate Performance

吳克(Ko Wu) ； 余惠芳(Hui-Fun Yu) ； 黃曉如(Hsiao-Ju Huang) ； 邱資凱(Tzu-Kai Chiu)

《全球管理與經濟》 8卷2期 (2012/12) Pp. 40-54

https://doi.org/10.6565/JGME.2012.8(2).3

摘要

本文利用統計科學方法建構企業信用風險模型（Credit Risk Models），考慮舉債情形，找出影響公司績效之顯著變數，期能在公司未發生財務風險（Financial Risk）前，預測出可能發生之機率，達到預警與風險管理之效。實證分析上，針對266 家上市櫃信用風險公司及正常公司進行1:1研究，採用K-S檢定、M-U檢定及Logistic迴歸分析。實證發現，當負債比率＞50%，影響公司績效之主要指標有財務結構、償債能力、經營能力、獲利能力、現金流量與公司治理指標；調整融資決策，增加流動負債，提高長期資金適足率，改善財務結構。當負債比率≦50 %，檢視公司股利政策，降低內部保留比率、每股盈餘與現金再投資比率，提高公司經營與獲利能力。研究建議，不論負債比率是否高於50%，避免會計師更換、設置獨立董監事，增強公司治理能力，降低公司發生信用風險的可能性，進而提高公司績效。因此，本文之實證價值與管理涵義為，避免會計師更換、設置獨立董監事，公司治理能力增強，降低公司發生信用風險的可能性。

關鍵字

融資決策 ； 股利政策 ； 公司治理 ； 信用風險

並列摘要

The objective of this study is to use statistical methods to construct a credit risk models, discussed the debt ratio. That made it be possible to predict in advance the probability of a company experiencing financial risk, and raised corporate performance. Empirical analysis, the author built up a credit risk model using K-S test, M-U test and Logistic regression model. Finding, In the case when debt ratio＞50%, that can significantly affect corporate performance in terms of the financial structure, solvency, operating performance, profitability, cash flow and corporate governance. Adjust financing decision, increase liquid liabilities and long-term funds adequacy ratio, improving financial structure. When debt ratio≦50%, viewing dividend policy, reduce retention ratio, EPS and cash flow reinvestment ratio, that can enhance operating performance and profitability. Our empirical results suggest that avoiding switch of CPAs, establishment of independent directors and supervisors in order to enhance corporate governance power. Implications, avoiding switch of CPAs, establishment of independent directors and supervisors could reduce credit risk.

並列關鍵字

Financing Decision ； Dividend Policy ； Corporate Governance ； Credit R