臺灣博碩士論文加值系統

本研究從探討產業特性與企業盈餘成長持續性的關聯角度出發，探究多項產業特性，如：產品性質、產業進入障礙、產業資本密集度與無形資產強度等，對於企業未來盈餘成長的影響，並進一步地結合個別公司盈餘持續特質，冀望結合產業特性與公司特質下，對於企業未來盈餘成長與營運績效表現，提供更多之解釋與預測力。本研究以2003年至2012年美國上市公司為觀察對象，實證結果發現如下：
一、個別產業特性觀察下，我們發現若為製造非耐久財與提供服務之產業、產業存在相對較高之進入障礙，以及產業屬於資本密集度高與無形資產強度者，產業內企業未來經營績效的成長持續性較高。
二、結合產業特性與公司特質觀察時，我們發現控制公司規模與未來成長機會下，某些產業特性彰顯盈餘持續效果將消失。研究結果發現，若企業屬無形資產強度高之產業，搭配其個別公司盈餘持續特質時，對於公司未來經營績效具預測力。

The aim of this paper is to explore both effects of industry-specific and firm-specific determinants of firm’s growth of earnings. We explore a wide variety of industry specifics, such as types of products, barriers to entry, capital and intangible intensities, and to investigate the influence of these industry effects of firms’ earnings persistence. Moreover, combined with firm characteristics, we further examine whether those firm- and industry-specific factors help us to predict individual firm’s future growth of earnings. During the period of 2003 to 2012, we find that firms with industry-specific phenomena provide more explanatory and predictability of their earnings. The firms which provide nondurable goods and services, belong to the higher barriers-to-entry industry, with higher capital intensities or intangible intensities, can lessen the speed of mean reversing earning. However, if we link firm-specific indicators of earnings persistence with industry specifics, the earnings predictability of some industry phenomena seems to disappear. The empirical results indicate that only firms which have higher intangible intensities combine with their firm-specific earnings persistence factors remain the predicting power of future firm performance.

論文摘要 I
Abstract II
誌謝 III
目錄 IV
表目錄 V
圖目錄 VI
第一章 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 論文架構與研究流程 4
第二章 文獻探討 6
第一節 企業經營績效成長持續性之關聯性 6
第二節 產業特性與企業經營績效之關聯性 8
第三節 公司特質與企業經營績效之關聯性 12
第三章 研究方法 14
第一節 研究架構與假設 14
第二節 實證方法及變數衡量 17
第三節 研究樣本及資料來源 22
第四章 實證結果 27
第一節 企業經營績效成長率之持續性 27
第二節 產業特性與企業經營績效成長之持續性 35
第三節 公司特質與企業經營績效成長之持續性 42
第四節 整合產業特性與公司特質之迴歸模型檢測 45
第五章 結論與建議 54
第一節 研究結論 54
第二節 研究限制與建議 55
參考文獻 56

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