資本結構、自有資金與公司績效之實證研究

An Empirical Study of Capital Structure, Own Funds Ratio and Corporate Performance

余惠芳(Hui-Fun Yu) ； 梅國忠(Kuo-Chung Mei) ； 羅素妃(Su-Fei Luo)

《華人前瞻研究》 6卷1期 (2010/05) Pp. 39-51

https://doi.org/10.6428/JCTF.201005.0039

摘要

本研究採用二元Logistic廻歸做為建構企業財務預警模式(Financial early-warning models)，比較企業資本結構不同，當自有資金比率≤50%、自有資金比率＞50%，能否更準確地區別財務危機公司與正常公司，找出影響公司績效(Corporate Performance)的顯著變數，降低發生財務危機機率，提高公司績效。實證結果發現，預測公司績效主要變數集中在財務結構、經營能力、獲利能力與公司治理指標；資本結構自有資金比率≤50%，降低營業費用率，可提高公司獲利能力；適當提高負債比率、長期資金適足率、固定資產週轉率，可改善財務結構；資本結構自有資金比率≤50%、自有資金比率＞50%，重視內部人(Insider)獨立董監事監督，實施公司治理(Corporate governance)，可提高公司績效。準此、本研究實證價值與管理涵義為公司治理與公司績效。

關鍵字

資本結構 ； 自有資金 ； 公司治理 ； 公司績效

並列摘要

This paper primarily uses Binary Logistic Regression Model to establish financial early-warning models. In its empirical analysis, this is first study that attempts to compare capital structure, when own funds ratio ≤50% or own funds ratio ＞ 50%, could have been accurate financial distressed and non-distressed companies. Finding out significant variables to influence corporate performance, and lower the likelihood of financial distress. Findings, Influence the achievement result of the company have financial structure, operating performance, profitability and corporate governance indicators are the principal ratio variables. Own funds ratio ≤50%, lower operating expense ratio (X16), its can improve profitability an appropriately high debt ratio (X1), long-term funds adequacy ratio (X2) and fixed asset turnover (X10), which in turn means good financial structure. When own funds ratios ≤50% or own funds ratio ＞50%, establishing insider independent directors and supervisors (X31), increase corporate governance power and the achievement result of the company. The paper is useful to researchers or practitioners who are focused on corporate governance and corporate performance implementation.

並列關鍵字

Capital Structure ； Own Funds Ratio ； Corporate Governance ； Corporate erformance