| 摘要: | 本研究主要目的是探討財務決策中投資、融資、股利決策對公司績效的相關性影響。過去文獻顯示財務決策對公司績效具相關性，而過去的文獻大都基於不同的研究，使用不同的衡量指標，考慮的構面不同，其所產生之結果也不盡相同，使得學者之間的結論有所分歧，故本研究係根據過往的文獻，整合過去衡量財務決策及公司績效所使用的指標，經探索性因素分析後，產生五大構面：投資支出、資產規模、資產變現性、獲利性、股利發放性，用以探討投資、融資、股利決策三者與公司績效的相關性。
本研究以台灣經濟新報2012年底的資料為資料來源，樣本選擇為已於台灣上市3年不包含金融機構之普通股公司資料，研究變數則以台灣經濟新報資料庫內所提供的資料為主，運用迴歸分析來探討投資、融資、股利決策與公司績效的相關性。
研究結果顯示以盈餘報酬來衡量公司績效，影響電子零組件業、光電業、半導體業最高的構面為獲利性，電腦及周邊設備業則為資產規模；若以托賓斯Q來衡量公司績效，電子零組件業最高者為資產規模，光電業、半導體業、電腦及周邊設備業則為獲利性。
The main objective of this study is to explore the relationship between financial decisions, namely investment policy, financing policy, dividend policy, and corporate performance. Even though in the past literatures, the association between financial deci-sion and corporate performance has been discussed and confirmed, the constructs and the related proxies for the financial decision considered vary with studies. The results regarding the effect on corporate performance from the past studies disagree. Hence, this study integrates all possible measures for the financial decision used in the past studies, and reexamines the relationship between financial decision and corporate per-formance. By applying exploratory factor analysis (EFA), five constructs are extracted and named as investment expenditure, asset size, liquidity, profitability, dividend pay-out to explore the relationship between investment decision, financing decision, dividend policy, and corporate performance.
The data source is the 2012 Taiwan economic Journal (TEJ). The sample selected includes companies that have been already on the common stock market for at least three years but excludes all financial institutions. The multiple regressions are applied to assess the relationship between investment decision, financing decision, dividend policy, and corporate performance.
The result show that if we use ROA. , ROE. ,EPS. to measure performance then the highest dimensions affectation in electronic components, optical, semiconductor in-dustry is profitability and in computer and peripheral equipment industry is asset size. And if we use Tobin’s Q to measure performance then the highest dimensions affecta-tion in electronic components industry is asset size and in other industry is profitability. |
