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| Title: | 台灣上市櫃公司經營績效的決定-權益法之長期股權投資所扮演的角色
The Determinants of Performance of Listed Companies in Taiwan : The Role of Equity Method of Long-term Investment |
| Authors: | 洪若維
Hong, Ruo-Wei |
| Contributors: | 翁永和
Weng, Yung-Ho
洪若維
Hong, Ruo-Wei |
| Keywords: | 權益法之長期股權投資
經營績效
轉投資
Equity Method of Long-term Investment
Company Performance
Reinvestment |
| Date: | 2020 |
| Issue Date: | 2020-09-02 12:52:54 (UTC+8) |
| Abstract: | 在台灣，有超過八成的上市櫃公司進行轉投資，當投資公司持有被投資公司之股權達百分之二十時，必須使用權益法之長期股權投資進行資產的認列及評估。本研究從權益法之長期股權投資作為研究台灣上市櫃公司經營績效的切入點，以權益法之長期股權投資、公司特性、人力資源管理、財務政策與股權結構的構面對其經營績效分析，探討各個解釋變數與被解釋變數之影響力。在OLS模型的建構下，迴歸結果發現「權益法之長期股權投資」、「經營時間」、「人員穩定性」、「研發費用支出」與「股利政策」對經營績效有負向顯著影響；「董監事持股比率」以及「外資持股比率」則對公司的經營績效有正向顯著影響；「資本結構」對公司資產報酬率為負向顯著影響，對公司股東權益報酬率具正向顯著影響。另外，從實證結果得出樣本公司持有權益法之長期股權投資時，將面臨多角化折價的困境。
More than 80% of public companies have reinvestment in Taiwan. When company hold 20% shares of investees, the company have to recognize the shares they held as the equity method of long-term investment. This study show that company performance is based on the equity method of long-term investment, company characteristics, human resource management, financial policy and equity structure. We will analyze company performance and evaluate the regression results of various dependent variables and independent variables, using the data of the public companies from the Taiwan Economic Journal. Under the OLS model, the regression results show that " the Equity Method of Long-term Investment", "Operating Year", "Employee Turnover", "Research Expense", and "Dividend Policy" have a negative and significant impact on company performance. "Director-to-Supervisor Shareholding Ratio" and "Foreign Shareholding Ratio" have a positive and significant impact on the company performance. "Capital Structure" has a negative and significant impact on the company’s ROA, and a positive and significant impact on the company’s ROE. Finally, the regression results show that the diversification discount occurs in the sample companies holding the equity method of long-term investment. |
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| Description: | 碩士
國立政治大學
行政管理碩士學程
107921077 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107921077 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202001255 |
| Appears in Collections: | [行政管理碩士學程(MEPA)] 學位論文
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