金融風暴、財務結構與公司營運-以臺灣地區網路通訊產業為例

Financial Crisis, Capital Structure and Corporate Operation- A Case Study of Network Communications Industry in Taiwan

姜學仁(Hsueh-Jen Chiang)

指導教授 ： 賈昭南

淡江大學/商管學院/國際企業學系碩士在職專班/碩士(2014年)

https://doi.org/10.6846/TKU.2014.01118

摘要

本文以臺灣地區網路通訊產業 10 家公司的營業收益額為標的，探索美國次
級房貸金融風暴期間內，該產業資本結構與公司表現兩者間的關聯性。實證研究
首先採用事件分析法，並以營業收益自我迴歸模型為基礎，估計預測模型並計算
代表公司表現的營業收益異常值。其次，比較 2008 年第二季前後各八季的營業
收益異常值，觀察各樣本公司營運表現的差異。最後，採用縱橫資料分析法，估
計 2008Q1 到 2010Q2 風暴期間內，樣本公司淨值、長期負債、銀行授信與應付
帳款/票據四種資本結構變數，估計其對營收異常值的影響，判斷不同資本結構
的優劣。
實證估計結果顯示，10 家樣本公司的表現不一。縱橫資料估計結果顯示，
各樣本公司的平均差異並不存在，而在金融風暴期間內，公司規模愈大（高淨值
比）以及財務槓桿愈高的公司，皆為受災較嚴重的公司。

關鍵字

次級房貸風暴 ； 網路通訊產業 ； 公司營運 ； 財務結構

並列摘要

This thesis empirically examines the effectiveness of various capital structures in coping with the adverse effects of the U.S. subprime financial crises on the Network Communications industries in Taiwan. The quarterly sales of the 10 selected sample firms are examined. The event study method which uses the autoregressive model as the foundation for creating a forecasting model, are adopted to calculate the abnormal sales level to represent performances of the sample firms. Comparisons of the performances of the sample firms during the 8 seasons before and after the 2nd season of 2008 are conducted. The panel data analysis of the effects of 4 capital structures, namely the ratios of equity, long term liabilities, bank finance and accounts/ notes payables to total assets on the abnormal sales are then conducted using data covering the 10 seasons beginning from 2008Q1 to 2010Q2 and regression coefficients estimated.
The empirical studies have shown that the performances of the sample firms varies and firms that on average there is not significant difference among the samples firm is so far as the abnormal sales is concerned. However, the size as well as the level of leverage played important role in adversely affecting the performances of firms in the semiconductor industry.

並列關鍵字

Subprime mortgage crisis ； Network Communications industries ； Corporate operations ； Capital structure

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