觀光業盈餘管理、股利政策對公司績效影響之研究─資本結構之干擾效果

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Title:	觀光業盈餘管理、股利政策對公司績效影響之研究─資本結構之干擾效果 The Impact of Earnings Management and Dividend Policy on Corporate Performance of Tourism：The Moderating Effects of Capital Structure
Authors:	詹益婷
Contributors:	財務金融學系
Keywords:	盈餘管理股利政策公司績效信用風險模型資本結構 earnings management dividend policy corporate performance credit risk model capital structure
Date:	2017
Issue Date:	2017-10-03 10:04:40 (UTC+8)
Abstract:	本研究資料蒐集從2000年到2014年止，觀光業財務危機公司和正常公司，由於觀光業包括食、衣、住、行、育與樂等方面，因此相關樣本的選取，採用相同產業且固定資產規模相當的公司分群比較，合計238家。因為高負債伴隨著高風險，因此，進一步考慮公司負債比率大於50%，將發生財務危機的前一年到前三年，逐年進行Logistic迴歸分析，找出影響公司績效的關鍵因素。實證結果顯示，當公司負債比率大於50%，影響公司績效的指標是經營能力、獲利能力和現金流量，因此本研究建議，公司制定一套完善的存貨管理機制，來提高存貨週轉率，提升經營能力；加強控制成本和費用，提高每股盈餘和內部保留比率，增強獲利能力；加深控制現金流入及流出，減少閒置資金的機會成本，擴大每股現金流量，達到公司的永續經營。 This study collected data from 2000 to 2014 and the total samples up to 238 which are including 119 survey listed firms of financial crisis and other same industry and sim-ilar fixed assets listed firms. Because high debt is accompanied by high risk, further consideration of the firm’s debt ratio is bigger than 50%. And through Logistic regres-sion analysis to find out the factors the affect the firm performance. The empirical re-sults of this study show that if the debt-to-equity of the group firms is more than 50%, the operating capacity, profitability and cash flow will influence the firm performance. This study suggests that the firms could develop a set of perfect inventory management mechanism, to improve inventory turnover rate and enhance management ability. Two, to strengthen the control of costs and expenses, improve earnings per share and retention ratio, and enhance profitability. Three, deepen the control of cash inflows and outflows, reduce the opportunity cost of idle funds, expand the cash flow per share, to achieve the firm’s sustainable management.
Appears in Collections:	[Department of Banking & Finance ] Thesis

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