電子產業資本結構與營運績效之非線性關聯性研究- 縱橫門檻效果分析

Abstract

本研究即主要在探討財務槓桿的運用與公司價值之間之互動關係，運用縱橫門檻（Panel Threshold）自我迴歸模型，檢測是否存在一最適負債門檻值，使公司價值之走勢受到負債比率之影響而呈現上下不對稱之兩個以上區間關係。而本研究分別以資產報酬率、權益報酬率、每股淨值、每股盈餘及Tobin q值五個變數為公司價值標準，檢定是否存在一最適負債門檻值。實證結果發現，只有Tobin q值存在單一門檻效果，且其兩區間之影響係數（ 及 ）皆呈現正向變動關係，但其中係數 為相當不顯著，此結果與本文所臆測公司價值於負債比率門檻上下，呈現一正一負的非線性關係有所差異。故建議公司經理人應有限度的運用財務槓桿以提高公司之價值及經營績效。

This paper mainly investigates the mutual relationship between the use of financial leverage and firm value. By using the panel threshold autoregression model to examine the presence of the optimal debt ratio threshold, which divides the influence of debt ratio on firm value into two asymmetric regimes. In this research, we use returns on assets, returns on equity, the book value of per share, earnings per share and Tobin's q as the standard of firm value to test the presence of the optimal debt ratio threshold. We empirically finds that only the Tobin's q exists a single threshold effect, and the influence coefficients（ and ）of the two regimes are all positive to the Tobin's q. However, coefficient is very insignificant. This result is different from our early guessing that the optimal debt ratio threshold, which divide the influence of debt ratio on firm value into two asymmetric regimes. So, we suggest that manager should limitedly make use of financial leverage to raise the value and performance of firms.