公司治理下電子業之財務預警模型

The Model of Financial Alert of Electronic Industry under Corporate Governance

賴鈺城(Yu-Cheng Lai) ； 李崑進(Kun-Chin Lee) ； 李善玉(Shan-Yu Li)

《華人前瞻研究》 6卷1期 (2010/05) Pp. 1-23

https://doi.org/10.6428/JCTF.201005.0001

摘要

本研究以國內上市（櫃）公司之電子製造業為樣本，針對財務變數及公司治理變數，以Logistic迴歸建立我國上市（櫃）公司財務危機預警模型。研究結果發現，財務危機預警模型加入公司治理變數後，相較傳統研究僅有財務變數，模型能提升財務危機之預測能力。其次，研究顯示當企業有財務危機徵兆時，其經營能力及財務結構會明顯轉弱，其中應收帳款週轉率下降、董監事持股減少最為顯著。本文研究結果有助於財務危機公司發生之預測。

關鍵字

公司治理 ； 財務預警 ； 電子業 ； Logistic迴歸模型

並列摘要

In this paper, the variable of financial ratios and corporate governance factors are used to develop the financial alert model. Logistic regression is employed here to construct financial alert model for the listed companies and OTC in Taiwan stock market. The empirical main results are follows.
1. The forecasting ability of financial alert model can be strengthened by adding corporate governance factors into this model.
2. When the businesses have a sign of financial crisis, accounts receivable turnover rate and the percentages of shares of board of directors are decreasing. Therefore, to observe the change of these two variables can forecast the financial crisis.

並列關鍵字

Corporate Governance ； Financial Distress ； Electronic Industry ； Logistic Regression Model