臺灣博碩士論文加值系統

本論文透過TEJ蒐集兩千多間台灣企業的資料，並且將資料範圍設定在1995年至2018年間共24年，檢視資本結構、營運資金以及公司治理的品質如何影響小型以及中型企業在台灣的財務表現。平行數據幫助我們使用回歸模型做統計的計算。結果顯示公司的資本結構由負債比率替代對公司的財務指標(總資產報酬率，股東權益報酬率) 會有非常顯著的負面影響；公司的營運資金由現金營業循環替代的話也對於公司的財務指標會有負面影響；公司的治理品質由董事會規模、現金股利分配以及董事百分比替代的話對公司的財務指標分別會有不一樣的影響。

This study examines the impact of capital structure, working capital and governance quality on financial performance of small and medium enterprises in Taiwan using a sample of more than two thousand firms from Taiwan economic journal (TEJ) during the twenty-four year period, 1995 – 2018. Panel data helps to make statistics for using the regression model. The result shows that a firm’s capital structure surrogates by debt ratio has a significantly negative impact on the firm’s financial measures (Return on asset, ROA, and return on equity, ROE); firm’s working capital surrogates by cash conversion cycle (CCC) have a negative impact on the firm’s financial measures; firm’s governance quality surrogates by board size, cash dividend distribution, percent of director have a different impact on the firm’s financial measures.

摘要...i
Abstract...ii
Acknowledgement...iii
Table of Contents...vi
List of Tables...vii
List of Figures...viii
Chapter 1 Introduction...1
1.1 Motivation...1
1.2 Target and question...2
1.3 Research object and scope of the study...2
Chapter 2 Literature Review...4
2.1 Capital structure hypothesis...4
2.2 Working capital hypothesis...5
2.3 Governance quality hypothesis...7
Chapter 3 Data...9
3.1 Methodology...9
3.2 Sample...12
Chapter 4 Empirical results...18
4.1 Regression results...18
4.2 Regression results for high P/B ratio and low P/B ratio firms...20
4.3 Regression results for high debt ratio and low debt ratio firms...22
4.4 Regression results with matrix high tech and non-high tech...25
Chapter 5 Conclusions...27
References...29
Extended Abstract...32

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