金融風暴、財務結構與公司營運－以台灣地區電機機械產業為例

Financial Crisis, Capital Structure and Corporate Operations –A Case Study of Electrical Machinery Industry in Taiwan.

周麗茹(Li-Ju Chou)

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.2014.00040

摘要

本文首先利用事件研究分析法，檢視2008年第3季美國次級房貸金融風暴事件發生後，台灣地區電機機械產業12家樣本公司的營業收益，所受衝擊以及其復原狀況。然後，將樣本公司依四種不同的資本結構加以分類，比較各類別公司因應外來不利衝擊的表現。
縱橫資料分析結果顯示，對銀行授信依賴程度高的公司，其營收受到金融風暴的影響較小。擁有高股東權益比與高應付帳款比的公司，同樣享有因應金融風暴衝擊的能力。而對長期負債依賴性高的公司則易於受到金融風暴的負面影響。

關鍵字

金融風暴 ； 電機機械產業 ； 資本結構

並列摘要

Firstly, the use of event study analysis, view the third quarter of 2008 after the U.S. subprime mortgage financial crisis incident, Taiwan Electric Machinery Industry 12 samples of the company's operating income, which suffered from the impact and recover the situation. Then, the sample companies be classified according to four different capital structure, comparing each class of the company in response to adverse external shocks performance.
Panel data analysis showed that the dependence on high bank credit company, its revenues have been less affected by the financial turmoil. Have a high equity ratio and accounts payable higher than companies enjoy the same response to the financial crisis shocks. The high dependence on long-term debt of the company is vulnerable to the negative impact of the financial crisis.

並列關鍵字

Financial crisis ； Electrical machinery industry ； Capital Structure

參考文獻

財團法人國家政策研究基金會 http://old.npf.org.tw

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