| 摘要: | 本文目的主要係利用會計資訊變數與統計科學方法，探討電子業外部監控、融資決策對現金增資影響，提高企業經營績效。實證分析上，以2009-2016年台灣上市上櫃電子業，辦理現金增資公司計108家，固定資產規模相當之未增資公司對照樣本計108家，合計216家樣本。實證結果顯示，通過本文之研究假說, H1: 利息費用 (或資產報酬率ROA)與現金增資呈顯著正向影響。H2: 股東權益報酬率 (ROE)與現金增資呈顯著負向影響。H3: 外部監控 (會計師) 與現金增資呈顯著負向影響。研究發現，影響台灣上市櫃電子業公司現金增資的主要原因，通過顯著性檢定之解釋變數為ROA、ROE及會計師更換3個變數。管理涵意，建議經理人之財務決策：1.先行重視會計師更換之外部監控，增強公司治理能力。2.當公司稅後淨利增加，利息費用過高時，宜償還負債 (融資決策)、降低利息費用，則ROA降低，由於負債減少，平均股東權益增加，帶動ROE上升，公司獲利能力增強，降低企業辦理現金增資的機率。實證價值與限制，本文之貢獻，與過去文獻不同之處，在於使用Logistic模型，找出電子業現金增資的主要原因，據以提出財務決策與建議，提供經理人與投資人選股與融資決策參考，增補既有文獻之不足。
This paper primarily used accounting information system and statistical methods, to explore the impact of outsider monitoring and financial decisions on seasoned equity offerings (SEO) and to improve corporate performance in the electronic firms. Empirical analysis, using the electronic firms in the Taiwan listed from 2009 to 2016 years. There were 108 companies that SEO and 108 non-SEO companies with a fixed-asset size equivalent to 216. Empirical results show, that the hypothesis of this study were accepted H1：The interest expense (or return on assets ROA) has a significant positive effect in SEO, H2：The return on equity (ROE) and SEO have a significant negative effect, H3：Outsider Monitoring has a significant negative impact on SEO. Finding, that the main affecting the SEO in Taiwan’s listed electronics firm is ROA, ROE and CPA. Implications, this paper recommended managers’ financial decisions were, firstly pay attention to strengthen corporate governance capabilities in the outsider monitoring of accountant replacement. Secondly, when the company's net profit after tax increases and the interest expense is too high, repaying debt (e.g. financing decisions), reducing interest expenses, decreasing the ROA, and increasing the stockholder’s equity and reducing liabilities, then improving ROE and profitability. That made it be possible to predict in advance the probability of decreasing for enterprises to SEO. Empirical value and limitations, the contribution of this article was, using the Logistic model find out the key factors for the SEO. According to the proposed financial decisions and recommendations, providing managers and investors with selected stocks and financing decision-making strategy, and add to the gaps of existing literature. |
