台灣太陽能光電產業經營績效之研究

Abstract

本研究以我國太陽能光電產業為實證對象。選取期間為2000年第1季至2007第3季，台灣證券交易所之18家上市（櫃）公司為樣本，蒐集該等公司營業資料，採用panel data 資料型態進行分析處理，並以隨機效果（random effect）與固定效果（fixed effect）為估計方法。本研究以產業經濟學的「結構、行為、績效」理論為架構，且以各項產業組織研究指標探討我國太陽能光電產業經營績效。 本研究使用的解釋變數為總資產額自然對數代表廠商的規模，設備投資自然對數和研發支出自然對數代表廠商的投資行為，以每股盈餘、股東權益報酬率和資產報酬率代表經營績效。經由實證結果，得到下列幾項結論： （一）廠商規模對投資行為及對經營績效之影響 廠商規模對設備投資與研發支出，皆有統計顯著正向的影響；總資產額對廠商的每股盈餘、股東權益報酬率，亦有統計顯著正向的影響，然而總資產額對資產報酬率，則有統計顯著負向的影響。 （二）投資行為對經營績效之影響 研發支出愈大的廠商對其每股盈餘及股東權益報酬率，皆有統計顯著正向之影響。 （三）廠商規模及投資行為對經營績效之影響 廠商總資產額愈大（規模愈大）對其每股盈餘及股東權益報酬率，皆有統計顯著正向之影響；研發支出愈大的廠商對其股東權益報酬率，有統計顯著正向之影響；然而廠商總資產額愈大（規模愈大）對其資產報酬率，則有統計顯著負向之影響。

Abstract This study uses the firms of Solar power energy Photovoltaic industry in Taiwan as empirical objects. We collected 18 firms from 2000 1st to 2007 3rd as empirical sample. We use the data form is panel data and use fixed and random effect approaches, respectively, to verify. This study was based on Mason-Bain,s “Structure-Conduct-Performance” industrial economy theory. By researching the market performance of Solar power energy Photovoltaic industry in Taiwan, the empirical results could test industrial structural theory and provide the results to managers of the firms. The independent variables are total assets, investment of plant and investment of research and development. Dependent variables earnings per share, return on equity and return on asset indicate firm,s performances. The empirical results are as follows: The results show that total assets have significantly positive effects on earnings per share and return on equity, but have significantly negative effect on return on asset. On the other hand, investment of research and development has significantly positive effects on return on equity.