本文係研究我國上市公司槓桿、成長與托賓Q間之關係。文中選取1988年至1993年間,在台灣證券交易所上市之第一、二類股票為研究樣本,並按篩選標準選取共764個有效觀測樣本為研究對象,運用多元迴歸分析法加以分析。文中首先將樣本依托賓Q大於1及小於1劃分成二類,並將成長變數當成預測變數,再選取公司槓桿、風險、規模及產業別為預測變數及控制變數,探討在不同的公司績效下,槓桿、風險、規模與成長間之關係。結果發現,當公司托賓Q大於1時,其銷貨收入成長率與淨值成長率皆和槓桿間呈正向顯著關係;然當托賓Q小於1時,其銷貨收入成長率則與槓桿間則呈負向顯著關係,淨值成長率則與槓桿間關係不顯著。企業的β風險對公司成長之影響,皆未達顯著水準。另外,無論公司之托賓Q是大於1或小於1,公司規模對其銷貨收入成長率及淨值成長率皆呈顯著負向影響。
This paper attempts to examine the relationship between leverage, growth and Tobin's in Taiwanese Stock-Listed Companies. We collect their financial reports from 1988 to 1993, screen out 764 effective samples. We first separate the samples into two groups based on their Tobin's Q greater or less than 1. Then We use growth variable as a dependent variable, and leverage, β risk, size, industry dummy as independent variables. Try to find the relative phenomenon between these variables. The empirical results reveal that leverage has positive significant influence on corporate growth if its Tobin's Q greater than 1, but has negative significant influence on corporate growth if its Tobin's Q is less than 1.