本研究探討台灣電子業上市公司在不同公司規模下資本結構對公司績效之 非線性影響,採用 González, Teräsvirta and van Dijk (2004, 2005)所發展的縱橫平滑移轉迴歸模型(Panel Smooth Transition Regression Model, PSTR),以公司規模作為模型中的門檻變數,觀察資本結構對公司績效是否存在平滑移轉效果,並進一步分析平滑移轉效果下負債比率、董監事持股比率與公司規模對公司績效之影響變化。 實證結果顯示,公司規模對公司績效存在平滑移轉效果。其中除了董監事持股比率對公司績效(ROE)於各個門檻值內皆不具有顯著影響、公司規模對公司績效(EPS)於門檻值大於 18.3272 時及負債比率對公司績效(EPS)於門檻值小於18.3272 時也不具有顯著影響外,其餘董監事持股比率及負債比率對公司績效在各門檻間均存在著或正或負的關係,且影響皆為顯著,但公司規模較大電子業改變董監事持股比率與負債比率對公司績效的影響較為有限。
This study explores the non-linear impact of capital structure on corporate performance under different firm size – evidence from listed electronic companies in Taiwan, using González, Teräsvirta and van Dijk (2004, 2005) developed cross-sectional smooth transfer attribution model (Panel Smooth Transition Regression Model, PSTR), using firm size as the threshold variable in the model, to observe whether the capital structure has a smooth transfer effect on the corporate performance, and further analyze the smooth transfer effect of the debt ratio, changes in the impact of the directors and supervisor′s shareholding ratio and the size of the firm on the corporate performance. The empirical results show that the firm size has a smooth transfer effect on the corporate performance. Except that the directors and supervisor′s shareholding ratio has no significant effect on the corporate performance (ROE) within each threshold, the firm size has no significant effect on the corporate performance (EPS) at the threshold of more than 18.3272 and the debt ratio has no significant effect on the corporate performance (EPS) at the threshold of less than 18.3272, the remaining directors and supervisor′s shareholding ratio and debt ratio have a positive or negative relationship between the various thresholds of the corporate performance, and the impact is significant, but the larger electronic companies changes the directors and supervisor′s shareholding ratio and debt ratio has a more limited impact on the corporate performance.