企業營運績效、財務槓桿與研究發展費用之關聯性研究(以電子業為例)

The Study of Relationship among Business Operation Performance, Financial Leverage, and the Expense for Research and Development (Taking Electronic Sector as an Example)

劉以德(Yi-De Liu)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200017

摘要

近十餘年來電子業在我國高科技產業中表現得一枝獨秀，其產業特色為生命週期短、技術更新快、市場成長率高以及產業風險大等，相關企業從研究發展到生產製造均投入大量資金以維持競爭力，然此龐大的資金實非個別企業或投資個人單獨所能承受，因此企業運用財務槓桿舉債經營的情形甚為普遍，惟財務槓桿與營運活動是否有相關性、研究發展與營運績效相關性如何。

本研究以電子業上市公司為研究對象，運用財務比率所形成的財務結構、償債能力、經營能力及獲利能力等四項構面，探討電子業所屬企業營運能力優劣之差異、財務槓桿與營運活動間的相關性以及研究發展經費與營運績效間的影響性。研究結果如下：

一、將二十三個財務比率變數以主成份分析，萃取出十七個變數分別歸屬獲利能力、經營能力、償債能力、財務結構等四項構面。

二、運用群集分析法將上市電子公司依其獲利能力、經營能力、償債能力、財務結構等四項因素，分為三個不同營運能力的群集，並以多變量多重比較法，來比較各群集營運能力的差異，其優劣順序為群集二、群集一、群集三。

三、電子業各上市公司在營運能力上雖各有差異，但在運用財務槓桿舉債經營時，普遍未能審慎評估獲利能力，致負債愈多而稅後淨利愈低。

四、本研究發現電子業中，上市公司營運能力越佳的企業，其研究發展費用投資越大，且獲利能力也愈好，而營運能力較差的企業，其研究發展費用投資較少，且對獲利能力的助益也越不大。

關鍵字

營運績效 ； 財務槓桿 ； 研究發展費用

並列摘要

For the past decade or so, the electronics sector has outshined any other sectors in the hi-tech industry of Taiwan.The characteristics of this particular industry are: a shorter life cycle, a faster technology renovation, a higher market growth rate, and a bigger industry risk, etc. The correlated business ranges from research and development to manufacturing production, and a large amount of investment has been put into the business to maintain the competing power. However, such huge amount of investment cannot be fully supported by any non-business entity or any individual investment, therefore, it is quite common to see a business using the financial leverage for debt financing; yet whether there is any correlation between the financial leverage and the operation activity, and how the correlation would become between the research and development and the operation performance will be issues to present in the next paragraphs.

Taking the listed companies from the electronics sector as the research objects, and apply the financial ratios to form the four aspects including the financial structure, the repayment ability, the operation ability, and the profitability to discuss the difference between the strength and the weakness of the subsidiary business operation ability in the electronics sector, the impact on the financial leverage and the operation activity, and the influence of the expense for research and development and the operation performance.The end result is as follows:

1.Taking the analysis of 23 financial ratio variables as the principal component, and extract 17 variables out of it and categorize them according to the following four aspects respectively as the profitability, the operation ability, the repayment ability, and the financial structure.
2.Based on the factors of the profitability, operation ability, repayment ability, and the financial structure of the listed electronics companies, make use of the cluster analysis to classify them into three clusters of different operation ability, and apply the multivariance of multiple comparison to compare the differences among the several clusters, and list them in sequence from good to bad such as: cluster two, cluster one, and cluster three.
3.Though there will be differences in terms of the operation ability among all listed companies in the electronics industry, when it comes to the financial leverage for debt financing, failure in evaluating the profitability cautiously would result in more debt, and the net profit after tax would be much lower.
4.Among the listed companies with better operation ability in the electronics industry, the more investment for the expense of research and development, the higher profitability a company would yield; as for those with worse operation ability, if they invest less for the expense of research and development, it would not have any noticeable advantage to the profitability.

並列關鍵字

Financial Leverage ； Operation Performance ； Expense for Research and Development

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