企業資本結構與經營績效關聯性之研究 －以台灣LED上市上櫃公司為例

Abstract

本研究主要目的在探討企業資本結構與經營績效關聯性，並做假說推導，以台灣證券交易所公開資訊觀測站所揭露105年第3季之各家LED上市上櫃公司財務及股價之資訊，採用實證迴歸分析法加以分析研討，論述以台灣LED元件及照明領域的22家上市上櫃公司之實證結果。 本研究認為企業經營績效主要體現在其財務結構、償債能力、經營能力、獲利能力等四項，因此本研究運用可反映公司經營績效之財務分析五力分析法其中之收益力、安定力、活動力、成長力四項分析，作為衡量企業經營績效之分析指標，並於最後對台灣LED產業做SWOT分析及波特五力分析。

This study focuses on investigating the relationship between corporate capital structure and operating performance, adopting empirical regression analyses to verify the hypotheses. The research work serves as a case study for twenty-two listed LED companies in Taiwan. It retrieves the data from market observation post system of Taiwan Stock Exchange for disclosed financial reports and market price of the 3rd quarter in 2016. The finding indicates that the key corporate operating performance represents on four phases – financial structure, solvency, operating ability and profitability. The study adopts four analytical methods – profitability, stability, activity and growth force to measure corporate operating performance of twenty-two listed LED companies. Finally, the study provides analyses of SWOT and Porter’s five forces for Taiwan LED industry.