考量公司治理變數與市場機制變數下之杜邦恆等式與股價評價模式之實證研究－以台灣上市櫃的電子股爲例

An Empirical Study of Du Pont Identity and Stock Pricing Models under Corporate Governance and Market Mechanism Variable: The Perspective of Publicly Listed Electronic Companies in Taiwan

10.29724/TMR.201007.0006

倪衍森(Yen-Sen Ni)；黃寶玉(Pao-Yu Huang)；陳文章(Wen-Chang Chen)

經營績效 ； 市場價值 ； 公司治理 ； Company Performance ； Market Value ； Corporate Governance

東海管理評論

11卷1期（2010 / 07 / 01）

167 - 199

繁體中文

本研究以依據杜邦恆等式與股價評價模式之學理概念，架構一個連接經營績效、經營風險與公司價值三項財務面因素的構面，並將此研究構面納入非財務面之公司治理及市場機制因素，來分析影響經營績效、經營風險與公司價值之成因及之間的關聯性，並聚焦於佔台灣股市市值權重最高之上市櫃電子公司為本研究的樣本，而獲致以下重要發現：其一為公司舉債程度愈高，經營績效反而不彰，董監事持股質押比率愈高時，經營風險亦隨之擴大，此說明公司治理對經營績效與經營風險皆有關連；其二為營業利益率標準差與經營風險呈正相關，此亦說明公司獲利的波動性，皆不利於經營風險的降低。其三除了公司獲利、經營風險、成長變動及公司治理為影響公司價值之主因，此外當納入市場機制之融資、融券變數時，融資與股價呈負向關係，此說明低股價的股票較易受散戶所青睞；但融券增加則並不易有軋空現象來提升股價，其可能源自內線交易者的佈空所致。

This study is based on the theoretical concept of Du Pont identity and stock pricing models to construct a financial dimension of company performance, business risks and firm value. Apart from financial factors, this study includes non-financial factors, such as corporate governance and market mechanism, to examine which factors would affect company performance, business risks and firm value. This research focuses on the data of electronic companies listed in TWSE and OTC, and several important findings are disclosed as follows:First, the higher debt ratio will worse company performance, and the higher pledged ratio of the board of directors will increase business risks, these results show that corporate governance is related to company performance and business risks. Second, the standard deviation of profit margin and the change of total assets are positively related to company performance; this means the increase in volatility of profit margin and the change of total assets are not conductive to decrease business risks. Third, profitability, business risks, growth and corporate governance are the main factors to affect market value. In addition, margin buying is negatively related to stock price, and this means that personal investors prefer to use margin buying in trading low-price stocks; however, the increase in short selling is not easy to lift up the share price by means of future buying force caused by previous short selling, and the possible reason might be from insiders' short selling strategy.

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