[[alternative]]Threshold Effects between Capital Structure and Operating Performance of Electronic Listed Firms in Taiwan

Abstract

[[abstract]]本研究旨在探討電子資訊產業公司財務槓桿運用與公司價值之門檻效果 (Threshold Effect)，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。研究分別以資產報酬率、權益報酬率、每股盈餘及 Tobin q值四個變數作為公司價值之衡量因子，分別進行負債門檻測試。實證結 果發現，只有代表公司內部無形資產與未來成長機會的Tobin q值存在單一門檻 效果，且其兩區間之影響係數(α1及α2)皆呈現正向變動關係，但其中係數α 2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。另在不考慮是否存在門檻效果的假設下時，吾人發現 公司價值代理變數之資產報酬率及權益報酬率皆呈現門檻區間上下一正一負不對 稱之非線性關係，顯示負債比率適度的使用確實可提高電子資訊產業公司價值， 但過度使用卻又會導致公司價值下降。故建議公司經理人應於適當限度下，妥善 運用財務槓桿，以達到公司價值有效極大化。[[abstract]]Threshold Effects between Capital Structure and Operating Performance of Electronic Listed Firms in Taiwan. This paper aims at investigating whether application of financial leverage affects operating performance or firm value of electronic listed firms in Taiwan. We apply newly-developed panel threshold regression model to the observed "balanced panel data" to testif there exists an optimal debt/asset ratio which may result in threshold effects and asymmetrical responses of the firm value to the debt/asset ratio. Return on Asset(ROA), Return on Equity, Earings Per Share(EPS) and Tobing q value are selected as the indicators or proxy variables to evaluate the operating performance of the observed listedfirms. The result shows that there only one single threshold effect exists if Tobing q value is selected as the proxy variable, while all of the observations can be divided into two "regimes" depending on whether the debt ratio is smaller or large than the single threshold value. Two cofficients(α1 and α2) are all postive whileα1 is significant for the first half regime where the debt ratio is smaller than the single threshold value(γ). This result indicates that the operating performance is positively related to debt level; however, firms with lower debt will benefit the value of firms. This suggests that financial managers should use financial leverage wisely in order to maximize the firm value.[[sponsorship]]政治大學會計學系; 中華會計教育學會[[conferencetype]]國內[[conferencedate]]20041023~20041024[[booktype]]紙本[[iscallforpapers]]Y[[conferencelocation]]臺北市, 臺