Gu et al. (2018)提出一個模型，說明營運彈性會影響風險對於營運槓桿變化的反應。同時，他們提供美國股票市場的實證證據支持該理論。本文以2008年至2018年期間台灣證券交易所和台北證券交易所的上市公司進行實證，結果發現，營運彈性對於營運槓桿與系統風險之間的關係具有負向干擾效果。也就是說，低營運彈性公司的系統風險會隨著營運槓桿提高而增加，另一方面，高營運彈性公司的系統風險會隨著營運槓桿提高而降低。

Gu et al. (2018) built a model to show that operational flexibility determines the conditional response of risk to changes in operating leverage. They also support the theory by providing empirical evidence in the U.S. stock market. By examining firms listed on the Taiwan Stock Exchange and the Taipei Exchange over the period from 2008 to 2018, we find that operational flexibility has a negative moderating effect on the relation between operational leverage and systematic risk. That is, systematic risk increases with operating leverage for inflexible firms, in the other hand, systematic risk decreases with operating leverage for flexible firms.

中文摘要 Ⅰ
英文摘要 Ⅱ
誌 謝 Ⅲ
目 錄 Ⅳ
表目錄 Ⅴ
圖目錄 Ⅵ
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 論文結構 4
第貳章 文獻探討 5
第一節 營運槓桿與風險 5
第二節 營運彈性與風險 6
第參章 研究方法 8
第一節 研究架構與研究假說 8
第二節 變數定義與衡量 12
第三節 模型設定與參數估計方法 18
第四節 樣本與資料來源 21
第肆章 實證結果與分析 24
第一節 變數敘述性統計 24
第二節 系統風險影響因素迴歸分析及營運彈性干擾效果 29
第伍章 結論與建議 44
第一節 研究結論 44
第二節 研究建議 45
參考文獻 47


表目次
表1 樣本公司按產業別與交易場所分類次數統計 23
表2 共同因子模型參數估計結果 25
表3 變數敘述性統計 26
表4 變數相關係數矩陣 28
表5 迴歸模型不同自變數組合變異數膨脹因子 29
表6 系統風險(SYS1)影響因素迴歸模型參數估計 33
表7 系統風險(SYS3)影響因素迴歸模型參數估計 34
表8 系統風險(SYS4)影響因素迴歸模型參數估計 35
表9 系統風險(SYS1)影響因素迴歸模型參數估計(加入營運彈性主效果) 37
表10 系統風險(SYS3)影響因素迴歸模型參數估計(加入營運彈性主效果) 38
表11 系統風險(SYS4)影響因素迴歸模型參數估計(加入營運彈性主效果) 39
表12 系統風險(SYS1)影響因素迴歸模型參數估計(刪除OpLev<0觀察值) 41
表13 系統風險(SYS3)影響因素迴歸模型參數估計(刪除OpLev<0觀察值) 42
表14 系統風險(SYS4)影響因素迴歸模型參數估計(刪除OpLev<0觀察值) 43


圖目次
圖1 研究架構 9

一、中文部分：
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江淑玲，1990，公司財務流動能力與風險結構關係之研究，東吳大學會計學研究所碩士論文。
李昀，2017，出口密集度對股票流動性之影響，高雄第一科技大學金融系碩士論文。
姜清海，1988，營運槓桿度與財務槓桿度與系統風險間的交互關連之研究，台灣工業技術研究院工程技術研究所碩士論文。
陳壹柔，2015，公司對大陸投資與股票流動性，高雄第一科技大學金融系碩士論文。
張錫芬，1989，槓桿作用程度與股票系統風險關連之研究，交通大學管理科學研究所碩士論文。
闕河士，2000，台灣證券交易所股票貝它日內型態之實證，第二屆亞太管理學術研討會論文集，頁IIB4-1~12，成功大學。
顏錫銘，闕河士，菅瑞昌，1998，公司高階主管股權控制與資本結構關係之實證研究，中國財務學會年會暨學術研討會，中國財務學會，中央大學。

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