財務危機對公司價值的影響

本研究以 2015 至 2019 年 TEJ 所列之台灣上市公司作為研究樣本，並納入公司治理、財報變數以及其他控制變數進而探討財務危機對公司價值的影響。由實證結果分析後，得出以下結果:(ㄧ)當企業存貨去化速度變慢作為財務危機代理變數時對公司價值有顯著負向影響。(二) 當企業營業利益率不足支付利息支出率為財務危機代理變數時對公司價值有顯著負向關係。(三) 當企業庫藏股佔比>15%為財務危機代理變數時不利於對公司價值的提升。

關鍵字

財務危機；公司價值；公司治理

並列摘要

This study takes Taiwan listed companies listed in TEJ from 2015 to 2019 as the research sample, and includes corporate governance, financial reporting variables and other control variables to explore the impact of financial crisis on corporate value. After analyzing the empirical results, the following results are obtained. First, as a proxy variable of financial distress, the slow rate of inventory removal has a significant negative impact on firm value. Second, When the operating interest rate of an enterprise is not enough to pay the interest expense rate as the agent variable of financial distress, it has a significant negative relationship to the value of the company. Third, When the proportion of treasury stock > 15% is the proxy variable of financial crisis, it is not conducive to the improvement of corporate value.

並列關鍵字

Financial Distress ； Firm Value ； Corporate Governance

參考文獻

Alabdullah, T. T. Y., Nor, M. I., Ahmed, E. R., & Yahya, S. (2018). The determination of firm performance in emerging nations: Do board size and firm size matter. Management, 5(3), 57-66.

Google Scholar

Al‐Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Monzur Hasan, M. (2019). Corporate social responsibility performance, financial distress and firm life cycle: evidence from Australia. Accounting & Finance, 59(2), 961-989.