- 學位論文
智慧型手持裝置產業上中下游財務指標與股價報酬及風險關聯性之研究
A Study Of The Relationship Between Financial Indicators And Stock Return And Risk On All Streams Of Smart Handheld Devices Industry
摘要
智慧型手持裝置自推出以來，目前已從商務性產品轉變成為消費性產品而日漸普及，台而台灣在智慧型手持裝置產業有著完整的產業鏈，因此若能了解此產業上中下游公司的財務指標與股價報酬及風險的關係，將有助於投資決策的進行。 本研究之研究期間從2007年第一季至2011年第四季共20季，廠商家數90家，總計1,800筆樣本資料，研究結論如下： 一、對於全產業的公司，影響股價報酬率的財務指標有淨值報酬率、淨利變動率以及營收變動率，均為正向之影響，對於上游的公司，這三項財務指標同樣也有顯著性的正相關關係存在。 二、與系統風險相關的財務指標有負債比率及流動比率對全產業是正向的顯著相關，應收帳款周轉次數則是負向的顯著相關；而淨值報酬率在中游以及下游有比較明顯的正向顯著關係存在；負債比率在下游公司存有正向的顯著關係。 三、對於全產業的公司，影響風險溢酬的財務指標有淨值報酬率以及營收變動率，均為正向之影響，對於上游及中游的公司，這兩項財務指標同樣也有顯著性的正相關關係存在。 四、總結，對智慧型手持裝置產業的各項財務指標而言，淨值報酬率的高低以及營收變動率的成長與否，將影響股價報酬率及風險的承受程度，是整個產業的特性，因此這兩項財務指標可說是最重要的兩項指標。
並列摘要
The smart handheld devices transfor into the growing popularity of consumer products from business used since its launch. Taiwan has a complete industrial chain in handheld device industry, therefore, if they understand the relationship between financial indicators and stock return and risk on all streams of smart handheld devices industry will help the investment decision-making. The period of this study is from the fourth quarter of 2007 to the fourth quarter of 2011, including a total of 20 quarter, 90 firms, and 1800 sample data, the conclusions of this study are as follows: 1.For the whole industry, the financial indicators that affect the stock returns on Return on equity, Net profit growth rate, Revenue growth rate are the positive impact .For the upstream company, these three financial indicators are also significant positive. 2.Systemic risk, financial indicators, the Debt ratio and Current ratio of the whole industry is a positive significant correlation, Accounts receivable turnover is significantly related to negative; and Return on equity there are more obvious positive and significant relationship in the midstream and downstream companies; there is a positive significant relationship for the downstream company Debt ratio. 3.For the whole industry, the financial indicators that affect the risk premium return on Return on equity and Revenue growth rate both are the positive effect. For the upstream and midstream companies, two financial indicators are also significant positive correlation exists. 4.The summary of the smart handheld device industry, the financial indicators of the level of Return on equity and Revenue growth rate growth up or not, will affect the stock returns and risk tolerance level, the characteristics of the whole industry, two financial indicators can be said that the two most important indicators.