臺灣上市、上櫃財務危機公司經營績效的影響因素之探討

A Study on the Factors of Influencing the Performance of Taiwan Companies with Financial Crisis

余曼菱(Man-Ling Yu)

指導教授 ： 戴錦周

共同指導教授 ： 賴煒曾(Wei-Tzeng Lai)

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2019年)

摘要

企業的經營狀況會反應在財務報表上，但是投資人卻需要等到財務報表揭露之後才能知道公司是否有出現財務危機的狀況。以往學者在研究財務危機的模型時，基本上都會以財務比率來做處理，因為大部分的學者認為企業在發生財務危機之前，會有一些現象顯示企業有經營不善或者是周轉不靈的情況發生，然而財務報表只是一個呈現企業整體的最終表現，因此我們可以從財務報表中的財務比率知道公司的經營狀況的變化。然而大部分的財務危機模型都是以財務比率為出發點來探討其發生的影響因素。故本研究將以經營績效的角度來探討財務危機的發生，並且在建立模型的過程中，除了使用傳統常見的財務結構指標之外，另外加入了股權結構指標、獲利能力指標和現金流量指標，藉以證明國內上市、上櫃公司的經營績效與財務危機之間是有關連性的。本研究選擇臺灣2015年至2017年上市、上櫃危機公司為研究對象。選取30產業，合計1151家。並且分為四個產業類別，分別為電力相關產業、食品貿易業、生活工業以及其他產業。

關鍵字

財務危機 ； 經營績效 ； 上市公司 ； 上櫃公司

並列摘要

The business situation of the company will eventually reflect on the financial statements, but the investor must wait until the financial statements are disclosed before they know whether the company has a financial crisis. In the past, when scholars studied the model of financial crisis, they basically dealt with the financial ratio, because most scholars believed that before the financial crisis, there would be some phenomena indicating that the company had poor management or was not working well. However, the financial statements are only the final performance of the company as a whole, so we can know the changes in the company's operating conditions from the financial ratio in the financial statements. However, most of the financial crisis models use the financial ratio as a starting point to explore the influencing factors. Therefore, this study will explore the occurrence of financial crisis from the perspective of business performance, and in addition to the traditional financial structure indicators. Other than the traditional financial structure indicators, the addition of equity structure indicators, profitability indicators and cash flow indicators. It is used to prove that the domestic listing, and over the counter performance of the companies with the financial crisis are related. A sample of 1151 Taiwan listed and over the counter companies with low Z-score in 30 industries across 2015-2017 was use in this research. It was divided into four industry categories, namely, power-related industries, food trading industries, living industries, and other industries.

並列關鍵字

Financial Crisis ； Operating Performance ； Listed Company ； Over the Counter Company

參考文獻

參考文獻

一、中文

1.伍忠賢(2001)，「財務危機的偵測與預防」，能力雜誌，539: 103-106。

2.吳克、余惠芳、黃曉如(2010)，「資訊透明、財務操作與公司績效之實證研究」，全球管理與經濟，6(1): 25-41。

3.江國華(2013)，「企業財務危機與公司經營績效關聯性之研究:以力霸企業集團事件為例」，國立臺灣大學社會科學院經濟學研究所碩士論文。