財務彈性、公司規模與企業價值

本文主要研究2003-2019年臺灣上市櫃公司間財務彈性對企業價值的影響程度，並探究不同公司規模是否會對企業價值產生不同影響，其中加入負債比率、公司治理相關變數來進行多元迴歸，分析負債比率及公司治理對於公司規模之間的相關性，進而以門檻迴歸分析出公司規模的門檻值以了解不同規模下財務彈性對企業價值的影響。研究結果顯示，財務彈性與企業價值有顯著負相關，代表財務彈性越高融資約束越小，企業價值越大。此外，當公司規模大於門檻值後，此現象不存在，意味著財務彈性對於規模較小的公司來說更為重要。

關鍵字

財務彈性；公司規模；企業價值；門檻迴歸

並列摘要

This research focuses on financial flexibility for Taiwan listed companies on enterprise values between 2003 to 2019. The study delves into whether firm capacity directly impacts on enterprise values. Multiple regression analyses are performed with the inclusion of debt ratio and corporate governance-related variables. This research also studies the correlation between debt ratio and corporate governance to company size, in order to run threshold regression to analyze the value of company size to understand the impact of financial flexibility on enterprise value under different scopes. The results show that the financial flexibility correlates negatively with the enterprise value, which indicates that a high financial flexibility comes with small financial constraints, leading to a greater enterprise value. However, this statement no longer exists once the company size surpasses the threshold. In other words, financial flexibility has less impact scaling up, meaning it is more important for smaller companies.