臺灣博碩士論文加值系統

本研究主要探討COVID-19疫情前後財務營運指標對工業電腦業股票報酬之影響，並檢驗供應鏈之干擾效應。研究樣本取自台灣經濟新報資料庫(Taiwan Economic Journal, TEJ)，期間為2012 Q1至2023 Q3之季資料，以上市櫃工業電腦產業上中下游各四家公司，合計十二家公司，458筆樣本。以2019年Q4(含)之前定義為「疫情前」，2020年Q1(含)之後定義為「疫情後」。依變數為股票報酬率，自變數為十六個財務五力，干擾變數為公司總市值。資料分析方法包括相關分析、複迴歸分析及交乘迴歸分析，得到以下結論：
一、 經由相關分析發現：疫情前，流動比率與持股週轉率%_月和股價報酬率有顯著相關。疫情後，平均收帳天數與持股週轉率%_月與股價報酬率有顯著相關。
二、 經由複迴歸分析發現：疫情前，流動比率及持股週轉率%_月對股價報酬率呈現顯著影響。疫情後，持股週轉率%_月對股價報酬率呈現顯著影響。
三、 經由交乘迴歸分析發現：疫情前，上游對下游之負債比率、平均收帳天數對股價報酬率有呈現顯著影響；下游之持股週轉率％_月對股價報酬率有呈現顯著影響；中游對下游之每人營收、持股週轉率％_月對股價報酬率有呈現顯著影響。疫情後，上游對下游之ROA-綜合損益、ROE-綜合損益、負債比率及平均收帳天數對股價報酬率有呈現顯著影響。

This study primarily investigates the impact of financial operating indicators before and after the COVID-19 pandemic on the stock returns of the Industrial Personal Computer industry and examines the moderating effect of the supply chain. The research sample was obtained from the Taiwan Economic Journal (TEJ) database that was covering quarterly data from Q1, 2012 to Q3, 2023. The sample consists of totally twelve companies that were four companies each from the Up-mid-downstream supply chain of the industrial personal computer industry listed on the Taiwan Stock Exchange (TWSE). There was a total of 438 observations. The period before Q4, 2019 was defined as "Pre-pandemic" and Q1, 2020 (inclusive) was defined as "Post-pandemic". The dependent variable was the stock returns; the independent variables consist of sixteen financial indicators; the moderating variable was the company total market capitalization. The analytical methods included the Pearson analysis, multiple and interactive regression analyses. The conclusions are as the following.
1. The results of Pearson analysis revealed there are significant correlation between the current ratio and the shareholding turnover ratio with the stock returns before the pandemic; there are significant correlation between the average accounts receivable and stock turnover rate with the stock returns after the pandemic.
2.The results of multiple regression analysis show that liquidity ratio and stock turnover ratio have significant impacts on the stock returns before the pandemic. After the pandemic, all operational indicators are insignificant.
3. The results of interactive regression analysis demonstrate that before the pandemic, the impact of debt ratio, average accounts receivable and the revenue per person on stock returns in the upstream vendor is different from that of downstream before the pandemic; the impact of the stock turnover ratio on stock returns in the midstream vendor is different from that of downstream before the pandemic. After the pandemic, the impacts of ROA, ROE, debt ratio and average accounts receivable on stock returns in the upstream vendor is different from that of downstream before the pandemic.

第一章　緒論
第二章　文獻探討
第三章　研究設計
第四章　研究結果/實證分析
第五章　結論與建議

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