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研究生:邱齡瑩
研究生(外文):Ling-Ying Chiu
論文名稱:上市櫃公司經營績效影響因素之探討:COVID-19疫情前後期之比較
論文名稱(外文):A study of determinants of operating performance of public-listed companies: Comparison of before and after COVID-19
指導教授:黃振豊孔繁華孔繁華引用關係
指導教授(外文):Cheng-Li HuangCheng-Li Huang
口試委員:徐志順鄭佳綾
口試委員(外文):Chih-Shun HsuChia-Ling Cheng
口試日期:2022-01-21
學位類別:碩士
校院名稱:淡江大學
系所名稱:會計學系碩士在職專班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2022
畢業學年度:110
語文別:中文
論文頁數:40
中文關鍵詞:公司治理經營績效COVID-19(新冠肺炎)
外文關鍵詞:Corporate GovernanceBusiness PerformanceCOVID-19
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本研究探討上市櫃公司經營績效影響因素之探討,比較COVID-19疫情前後期之差異。經營績效包括財務績效ROA、ROE及市場績效Tobin’s Q;相關影響因素包括公司治理相關變數、財務特性、研發費用及公司背景因素。研究樣本期間包括2019年COVID-19疫情發生前及2020年疫情發生後之上市櫃公司。透過統計迴歸分析。
本研究實證結果,主要發現在2019年疫情發生前,本國法人機構持股比例、外資法人機構持股比例、銷貨收入成長率、負債比率、研發費用、公司規模,對經營績效指標ROA、ROE、Tobin’s Q有顯著相關聯;在2020年疫情發生後,大股東持股比例、本國法人機構持股比例、外資法人機構持股比例、銷貨收入成長率、負債比率、研發費用、公司規模,對經營績效指標ROA、ROE、Tobin’s Q有顯著相關聯。
在疫情前後期之變動差異方面,2020年外資法人持股、營收成長率、負債比率、研發費用率、公司規模、上市櫃公司與上年度ROA與財務經營績ROA及ROE有顯著的相關聯,外資法人機構持股比例、營收成長率及上市櫃公司在市場績效Tobin’s Q有顯著的相關聯。根據迴歸分析了解,2020年疫情發生後,這些影響因素跟經營績效的關聯性皆呈下降,亦即反應疫情帶給企業存在更多的不確定性及風險。
The study explores the factors influencing the operating performance of listed companies, and compares the differences between the pre- COVID-19 and post-COVID-19 epidemic. Operational performance includes financial performance ROA, ROE and market performance Tobin’s Q; related factors include corporate governance-related variables, financial characteristics, research and development expenses and company background factors. The study sample period included listed companies before the COVID-19 outbreak in 2019 and after the outbreak in 2020. Through statistical regression analysis.
The empirical results of this study mainly found that the shareholding ratio of domestic legal person institutions, the shareholding ratio of foreign legal person institutions, sales revenue growth rate, debt ratio, research and development expenses, and company size before the outbreak of the epidemic in 2019 had a significant impact on the operating performance indicators ROA, ROE and Tobin's Q is significantly correlated; the shareholding ratio of major shareholders, the shareholding ratio of domestic legal person institutions, the shareholding ratio of foreign legal person institutions, the growth rate of sales revenue, debt ratio, research and development expenses, and company scale after the outbreak of the epidemic in 2020. The performance indicators ROA, ROE, and Tobin's Q were significantly correlated.
In terms of changes before and after the epidemic, foreign legal person shareholding, revenue growth rate, debt ratio, R&D expense ratio, company size, listed cabinet companies in 2020 are significantly correlated with the ROA of the previous year and financial and operating performance ROA and ROE , there is a significant correlation between the shareholding ratio of foreign legal entities, the growth rate of revenue and the market performance of listed companies in Tobin's Q. According to the regression analysis, after the outbreak of the epidemic in 2020, the correlation between these influencing factors and business performance has declined, which means that responding to the epidemic has brought more uncertainty and risks to enterprises.
第壹章 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 研究架構與流程 4
第貳章 文獻探討與假說發展 6
第一節 公司經營績效 6
第二節 影響公司經營績效之相關因素 7
第參章 研究設計 10
第一節 研究模型 10
第二節 變數定義及說明 11
第三節 樣本來源、樣本選取期間與統計分析方法 14
第肆章 實證結果與分析 17
第一節 敘述性統計分析 17
第二節 相關係數分析 20
第三疫 情前後年度之迴歸分析迴歸分析 24
第四節 疫情前後年度經營績效差異之迴歸分析 28
第五節 研究假說實證結果 30
第伍章 36
第一節 研究結論 36
第二節 研究建議 37
參考文獻 38

圖目錄
圖1-1 研究流程圖 5

表目錄
表1-1 2019年~2022年全球經濟成長率預測概況 1
表3-1 樣本結構 14
表3-2 樣本公司產業分布 15
表4-1 2019年敘述性統計資料 18
表4-2 2020年敘述性統計資料 19
表4-3 2019年相關係數 22
表4-4 2020年相關係數 23
表4-5 2019年迴歸分析 26
表4-6 2020年迴歸分析 27
表4-7 疫情前後年度績效變動差異之迴歸分析 29
表4-8 研究假說實證結果彙整 31
表4-9 疫情前後年度績效差異之研究假說實證結果彙整 34
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