光電產業上中下游財務績效與股價關聯性之研究

A study of the relationship between financial performance and stock prices on all streams of optoelectronics industry

林文淦(Wen-Kan Lin)

指導教授 ： 古永嘉

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2011年)

摘要

光電產業未來之發展不可小覷，其產業結構也逐漸完整，然而對於投資大眾而言，未來有發展潛力的產業總是最吸引人的，因此投資大眾最關心的股票報酬率作為本研究之主要研究變數。本研究之研究期間從2003年第四季至2009年第四季共25季，廠商家數16家總計333筆樣本資料。研究結論如下所述：
一、對於台灣光電產業之個股實質報酬率而言，營業毛利率與負債比率為負向影響，稅後淨利率、淨值成長率和TCRI信用評等為正向影響。
二、光電產業上、中、下游之財務指標對個股報酬率的影響
1.對於光電產業上游廠商之個股實質報酬率，ROA(C)稅前息前折舊前、營業毛利成長率、總資產成長率、負債比率和平均售貨天數為負向影響，稅後淨利率和淨值成長率為正向影響。
2.對於光電產業中游廠商之個股報酬率有顯著影響的財務指標為淨值成長率，且為正向影響。
3.對於光電產業上游廠商之股實質報酬率，營收成長率為負向影響，營業毛利成長率和淨值成長率為正向影響。
三、光電產業上、中、下游廠商之財務變數多重比較實證結果
1.在光電業上游廠商方面，營業毛利率、TCRI信用評等、平均收帳天數、平均售貨天數有較高的平均數。
2.在光電業中游廠商方面，營收成長率、總資產成長率、淨值成長率、TCRI信用評等有較高的平均數。
3.在光電下游廠商方面，稅後淨利率、負債比率、平均收帳天數、應付帳款付現天數與季底普通股市值有較高的平均數。

關鍵字

財務比率,股票報酬率,光電業

並列摘要

The future development of photovoltaic industry is underestimated. The industrial structure is gradually complete. However, for investors, the future development potential of the industry is always the most attractive. Therefore, investors are most concerned about stock returns which are the study variables. The period of this study is from the fourth quarter of 2003 to the fourth quarter of 2009, including a total of 25 quarter, 16 firms and 333 sample data. The conclusion of this study is as follows:
1.For the real rate of return of stocks in Taiwan's optoelectronics industry, the operation margin and debt ratio have negative effects, net margin, net growth rate and TCRI credit rating have positive effects.
2.The impact on stock returns of optoelectronics industry from the financial indicators of all the streams as following:
(1)For the upstream manufacturers of real stock return in the photovoltaic industry, ROA (C) pre-tax income before interest and before depreciation, operating margin growth rate, growth rate of total asset, debt ratio and average sales days have the negative effect. However, Net Margin and net growth rate have positive effect.
(2)For midstream manufacturers of photovoltaic industry, there is significant effect on the net growth rate, and also has the positive effects to stock returns
(3)For the downstream manufacturers of photovoltaic industry, internal rate of return has negatively effect to revenue growth. However, internal rate of return has positive effect to operating margin growth rate and growth rate of net.
3.For all the streams of optoelectronics industries, the empirical results of multiple comparisons in financial variables as following:
(1)For upstream firms in the optoelectronics industry, the operating margin, TCRI credit rating, the average number of billing days, and the average number of day sales have a higher average than others.
(2)For midstream companies in the photovoltaic industry, the revenue growth rate, total asset growth rate, net growth rate, and TCRI credit rating have a higher average than others.
(3)For downstream companies in the photovoltaic industry, the net margin, debt ratio, Average Collection Days, accounts payable days and Market Value have higher average than others.

並列關鍵字

financial ratios, stock returns, optoelectronics industry

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