劇烈變動負債比對公司績效的影響

Abstract

本研究以2001年至2010年之臺灣上市櫃公司為樣本，從負債比率的角度出發，結合融資方式及資金用途兩個面向，探討資本結構對公司營運及市場績效的影響。本研究首先探討哪些籌資用途驅使企業大幅調升或調降其負債比，依財務資料將樣本公司之資金用途區分為彌補金流短缺（OCF）、投資機會（I）、充實營運資本（WC）、增發股利（Payout）或償還負債（Repay）、多種用途（Multiple）等五類子樣本。接著研究融資方式與公司的營運及市場績效的關聯性，分別以相對產業的資產報酬率（ROA），以及相對大盤與產業之累積異常報酬率（CAR）來衡量公司績效。最後則檢驗不同資金用途對公司績效之影響，以及資金用途的不同是否造成績效的差異性。本研究結果如下： 1.負債比上升之企業其舉債資金約有7成用於投資活動以及充實營運資本，而負債比下降之企業利用內部融資或現金增資取得的資金，約有9成用於償還負債以及投資活動。 2.不同融資方式對公司未來的營運績效有顯著影響，內部融資表現最佳，其次為現金增資，負債融資表現則最差。 3.不同融資方式對公司未來的市場績效有顯著影響，內部融資表現最佳，其次為負債融資，現金增資表現則最差。 4.籌資用途對公司未來的營運及市場績效亦有顯著影響，惟其對績效之影響小於融資方式。

Using the data of the listed firms in Taiwan between 2001 and 2010, this thesis studies how the ways of financing and the uses of funds from financing activities affect the long-run operating and stock performance of the fund-raising firms that dramatically change their leverage. The ways of financing include: debt issuance, retained earnings, and equity issuance, and the uses of funds include: operational cash flow, investment, working capital, payout or repay, and multiple uses. The thesis also investigates how the ways of financing affect the uses of funds. The empirical results of this thesis can be summarized as follows. 1.The firms that increase debt ratios use 70% of the proceeds from debt issuance on investment and working capital. On the other hand, the firms whose debt ratios decrease due to equity financing use 90% of the proceeds on repaying debts and investment. 2.There is a significant relationship between the ways of financing and the firms’ operating performance. The firms using internal financing have the best performance, and the firms using debt financing have the worst. 3.There is a significant relationship between the ways of financing and the firms’ stock returns. The firms using internal financing have the highest stock returns, and the firms issuing equity have the lowest ones. 4.There is a significant relationship between the uses of funds and the firms’ operating and stock performance. However, the effects of the uses of funds on firm performance are much weaker than those of the ways of financing.