公司績效評估準則建置之研究

CCUR > College of Business > Department of Business Administration & Graduate Institute of International Business Administration > Thesis > Item 987654321/28048

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/28048

Title:	公司績效評估準則建置之研究 Constructing Evaluation Criteria for Corporate Performance
Authors:	劉維哲 Liu, Wei-Che
Contributors:	國際企業管理學系
Keywords:	公司績效財務決策投資準則 corporate performance financing decision evaluation criteria
Date:	2014-06
Issue Date:	2014-09-05 13:57:24 (UTC+8)
Abstract:	企業常基於投資或擴大規模之目的而進行購併，個人投資者亦常經由購買某些公司之股票，以期獲取報酬，因此如何選取具備高績效潛力之公司以作投資甚為重要。而過去文獻及現有財務理論均顯示，財務決策與企業績效具顯著關聯性，因此公司管理者若能採行適當財務決策，則企業之績效必能提升，進而成為受投資者青睞。倘若能依據公司之財務決策情況，進一步判定其公司績效現況，亦或未來績效，那麼投資者以及欲採購併購之企業將能能據此作為購併或投資標的之重要準則。然又因過去文獻研究所使用的財務決策：包含三大構面、即投資、融資、股利，而各構面下又包括多個衡量指標，再者各研究學者對可能影響公司績效之可能構面看法及分析結論多有分岐，個別構面所採用之衡量指標也各有不同。故本研究將整合過去研究所有可能構面及衡量指標，探討如何依據財務決策判定公司績效狀況，並找出影響公司績效之關鍵決定因素，以作為投資參考依據。　　實證結果顯示，依產業不同而影響公司績效之關鍵決定因素不盡相同，如半導體業、光電業、電子零組件業與電腦及週邊設備以獲利能力為關鍵決定因素；而食品工業為流通性。此外，預測未來公司績效之正確率，以一年前之績效預測最為準確。 Mergers and acquisitions are often carried out due to the need of corporate expan-sion. Private investors commonly seek some private investments such as purchasing stocks in order to gain profits. All of above need investment information regarding how to select companies with potential in performance. Past literatures and the existing fi-nancial theories has shown that financial decisions are associated with corporate per-formance. If company managers can make proper financial decisions, the corporate performance may be boosted consequently and as a result, the company may become the investment targets. Furthermore, if the current or future corporate performance can be projected based on the undertaken financial decisions, the investors can use this im-portant information as the guidelines for the mergers and acquisitions or investment targets. The financial decisions in the past literatures included three constructs, invest-ment decisions, financing decisions and dividend policy, and under each dimension there are multiple proxies. However, the researchers may consider different constructs in their studies and apply various proxies for any one of these three dimensions. Therefore, the objective of this study is to integrate all possible dimensions and the related proxies considered in the past literatures and explore the association between financial decisions and corporate performance. The key determinants affecting the company's performance will be determined in this study and used to identify the corporate performance status in selecting possible investment targets. The empirical results show, different effects according to the key industries of the determinants of corporate performance varies, for example, the semiconductor industry, optical industry, electronic components and computer and peripheral equipment industry and other industries in profitability as the key determinant, Food industry is liquidity. Furthermore, the prediction accuracy of the future performance of the company in order to predict the performance of a year ago is most accurate.
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