企業取捨營收成長與報酬提升之決策探討

Study of the Decision for Trade-off between Sales Growth and Return Enhancement

黃宜鈞(Yi-Chun Huang)

指導教授 ： 陳明賢

國立臺灣大學/管理學院/財務金融學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.10060

摘要

本研究以多元迴歸模型，探討當企業遇到營收成長與報酬率提升無法兼得之困境時，應該要採行何種取捨決策，才能有效的提升其企業價值。

本研究假設對於處於不同經營現況、不同景氣大環境以及不同次產業裡的企業而言，在此困境下應會有相異的決策結果，因此我們以企業的淨值報酬率(ROE)代表其所處在之不同的經營現況，以樣本所屬年份代表企業當期所處在之景氣大環境，以台灣證券交易所定義之電子業八大類股區分企業所屬之次產業，將企業依據此三因子分成不同類型，分別探討其最適之決策。

實證結果發現，當企業遇到營收成長與報酬率提升無法兼得之情形時，若該企業經營狀態優良，則景氣好時，由於此二變數對企業價值有相同顯著的影響，故企業應仔細衡量二變數取捨後對於企業價值的總和效果，景氣衰退時，則建議企業可以選擇以提升報酬率為重的策略方向。若該企業之經營狀態僅為次佳，則犧牲營收成長來成就報酬率的提升應是企業該選擇的策略方向。經營狀態次差的企業在景氣較佳之時，應該要選擇著重在報酬率的提升之上，反之則應該選擇著重在營收成長上。至於對於經營狀態較差的企業來說，我們則建議其應將營收成長設定為優於報酬率提升的經營目標。

此外，對於半導體業、電腦及週邊設備業、光電業、電子零組件業以及資訊服務業的企業來說，由於營收成長與報酬率的提升對於企業價值有相同程度的影響，故當企業遇到不能兩全之情形時，應該要仔細評估其取捨決策對於整體企業價值的總和影響，我們的迴歸係數結果或許可以提供企業評估的參考依據。而對於網路通訊業及電子通路業來說，則建議可以直接選擇以營收成長為重的策略方向。

關鍵字

營收成長率 ； 報酬率 ； 股東報酬率 ； 企業價值

並列摘要

This paper aims to provide the decision suggestions for firms which confront the dilemma of choosing between sales growth and return enhancement.

We assume the decision will be different between firms under different operating performance, different economic environment and different sub-industries. Therefore, we divide our samples into different groups by the three factors, using return of equity to represent corporate operating performance, the year from which the data are acquired to represent different economic environment, and the definition from Taiwan Stock Exchange to define each firm’s sub-industry. And we discuss the best decision for each type of firms to enhance their firm value.

Our empirical study result shows that when firms confront the dilemma of choosing between sales growth and return enhancement, if the firm is under a top performance and is in a boom market, a careful measure of the offset effect from the trade-off between sales growth and return enhancement should be conducted since the two factors have the same impact on firm value, but a return-focus strategy will be suggested if there is a recession. If the firm is under a second-tier performance, choosing to focus on the return enhancement will be a better choice. If the firm’s performance is under the average, a return-focused decision needs to be made when the market is booming, but when there is a recession, the strategy should focus on sales growth. For firms with lousy performance, sales growth will always be the only choice.

Besides, firms under the semi-conductor, computer-peripherals, optoelectronic, and electronic components industry should carefully consider the offset impact on the corporate value when making the trade-off decision between sales growth and return enhancement, since the impact from the two is at the same level to the corporate value. However, for firms under the network communication and

並列關鍵字

sales growth ； return ； shareholders value ； corporate value

參考文獻

2.Alberts, William and James McTaggart (1984). “Value based strategic investment planning”. Interfaces, January-February 1984, pp. 138-151.

4.Arzac, Enrique R. (1986). “Do Your Business Units Create Shareholder Value?” Harvard Business Review, Jan-Feb, 1986.

10.Levinthal, Daniel and Brian Wu ( 2007).” The Rational Tradeoff between Corporate Scope and Profit Margins: The Role of Capacity-Constrained Capabilities and Market Maturity”. Woking Paper.

12.Ramezani, Cyrus A., Luc Soenen and Alan Jung (2002). Growth, Corporate Profitablity, and Value Creation. Financial Analysts Journal, 58(6), (Nov./Dec.), 56–67.

13.Rust, Roland T., Christine Moorman and Peter R. Dickson (2002). “Getting Return on Quality: Revenue Expansion, Cost Reduction, or Both?” The Journal of Marketing,Vol. 66, No. 4 (Oct., 2002), pp. 7-24.