非集團業公司治理機制對公司績效影響之研究：資本結構之調節效果

文化大學機構典藏 CCUR > 商學院 > 財務金融學系 > 博碩士論文 > Item 987654321/38179

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题名:	非集團業公司治理機制對公司績效影響之研究：資本結構之調節效果 The Impact of Non-Group Companies Corporate Governance System for Corporate Performance: The Moderation Effect of Capital Structure
作者:	張閔涵
贡献者:	財務金融學系
关键词:	公司治理機制公司績效資本結構投資決策 corporate governance system corporate performance capital structure investment decision-making
日期:	2017
上传时间:	2017-09-26 11:06:12 (UTC+8)
摘要:	本文以企業會計資訊系統與統計科學方法，找出影響非集團業公司績效之顯著變數，由於高槓桿伴隨著高風險，本文進一步檢定公司治理之監控機制，是否對公司績效有顯著影響。實證結果發現，影響非集團業公司績效之顯著變數指標為經營能力、償債能力與獲利能力指標。透過資本結構調節效果，可得知影響高槓桿非集團業公司績效之顯著變數，為經營能力及公司治理指標。研究建議，非集團業應提升現金流量允當比率、利息保障倍數，降低業外收支率，提升企業經營能力、償債能力與獲利能力；高槓桿非集團業以重視會計師保留意見為主，提升現金流量允當比率，以增強企業公司治理、經營與償債能力，可降低企業發生信用風險之機率。實證價值與意涵，高槓桿非集團業重視外部人會計師保留意見，將降低發生財務危機的可能性，進而提高公司績效，值得投資決策參考。 This paper primarily uses the accounting information system and statistical methods, sought to identify the significant variables that affect the performance of non-group companies, with high leverage associated with high risk, this paper further tests the monitoring mechanism of corporate governance, whether it has a significant impact on corporate performance. The empirical results show that the significant variables that affect the performance of non-group companies are the solvency index, management ability and profitability index. Through the effect of capital structure interference, we can know that the significant variables that affect the performance of highly leveraged non-group companies are management ability index and corporate governance index. It is suggested that the non-group industry should enhance the cash flow allowance ratio and interest protection multiples, then reduce the non-operating income and expenditure ratio so as to enhance the solvency ability, operation ability and profitability. The high lever non-group industry can reduce the rate of occurrence of credit risk by in-creasing the allowable ratio of cash flow, and enhancing the corporate governance, operation and profitability. Empirical value and implication, highly leveraged non-group industry, the attention of third-party accountants outside, will reduce the possibility of occurrence of financial crisis then enhance corporate performance. The paper is useful to any researchers or practitioners who are focused on investment decision-making reference.
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