Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/28734
標題: 台灣TFT-LCD產業財務槓桿操作與獲利能力之關係
A Study on Relationship between Financial Leverage Operation and Profitability in TFT-LCD Industry in Taiwan
作者: 陳嘉瑩
CHIA-YING CHEN
關鍵字: financial leverage;財務槓桿;profitability;獲利能力
出版社: 應用經濟學研究所
摘要: 
本文認為我國TFT-LCD產業具備高度資本密集及擴廠競爭的產業特性與趨勢,因此藉由操作財務槓桿以提升獲利能力,成為廠商提升競爭能力的重要課題。本研究針對我國TFT-LCD產業建立其財務槓桿操作與獲利能力關係之聯立實證模型並據以做成實證分析。
實證樣本採用橫斷面與時間數列並存資料,蒐集2001年第三季至2004年第一季TFT-LCD產業代表性的五家主要廠商的財務季報表及公司結構狀況資料,作為實證模型估計依據。由於產業資料特性造成「獲利能力」與「財務槓桿」互動影響,無法由同期變數直接解釋,故選擇以平均移動影響的方法,建立解釋變數以作為兩者的替代變數,建立較合理的模型。
並配合實證模型採用似無相關回歸(SUR)估計方法,檢定因變數「獲利能力」與「財務槓桿」是否互為影響。實證結果:財務槓桿操作對獲利率有正面顯著影響,顯示台灣TFT-LCD產業的確有必要操作中長期財務槓桿以維持獲利能力;而產業獲利能力對於財務槓桿操作為負面顯著的估計結果,表示中長期獲利能力的增加,可減少廠商財務槓桿操作的壓力。

This study investigates the relationship between financial leverage operation and profitability in thin-film-transistor liquid crystal display, TFT-LCD, industry in Taiwan. TFT-LCD industries are recognized to be highly capital-concentrated and are still financing for building more plants, therefore operating financial leverage to increase profitability becomes an important issue for the industry. Therefore in this study we try to establish simultaneous model in finding the mutual effect between the financial leverage and the profitability.
The empirical samples use cross-section and time series data, collected from quarter reports of five major manufacturers in the industry, dated from 2001-Q3 to 2004-Q1, and the firm structural data. Due to limitation that the characteristics of “profitability” and “financial leverage” affect each other, therefore this study uses moving average method in establishing a reasonable model in combination with Seemly Unrelated Regression method to verify the effects of these dependant variables.
The result indicates that operating financial leverage to increase profitability is evident, this shows that the industry is in necessity to operate financial leverage to maintain their profitability; whereas the negative evident of the financial leverage to profitability relation shows that increase in long-term profitability can reduce the pressure of the manufacturer in operating the financial leverage.
URI: http://hdl.handle.net/11455/28734
Appears in Collections:應用經濟學系

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