A Study on the Correlation among Capital Structure, Employment System, and Corporate Performance

[[abstract]]本研究主要探討台灣兩家便利商店領導企業，在資本結構、雇傭制度與公司績效上是否存在關聯性差異或存在交互影響。本研究採用VAR向量自我迴歸模型、 Granger 因果關係檢定、衝擊反應分析及變異數分解等方法來檢驗統一與全家兩家領導企業個變數之間的關聯性，樣本期間從2002年到2018年。本研究實証結果發現：(一) 全家資本結構與公司績效存在交互影響關係，統一則不顯著。而且兩家企業之間存在交互影響。(二) 統一雇傭制度與股東權益報酬率有顯著正相關。全家雇傭制度與資本結構變動率有顯著正相關。(三) 全家資本結構對公司績效衝擊較為顯著，但統一資本結構對公司績效的衝擊較不明顯。 The study aimed to explore whether a correlation or interaction existed among capital structure, employment system, and corporate performance regarding the two leading convenience store enterprises in Taiwan. The study adopted the Vector autoregression (VAR) model, the Granger causality test, impulse response analysis, and variance decomposition to examine the correlations among variables for the two enterprises: Uni-president and FamilyMart. The samples fell in the period from 2002 to 2018. The empirical results of the study revealed the following. 1) An interaction was found between capital structure and corporate performance for FamilyMart, but no significant interaction was found for Uni-president. Additionally, an interaction existed between the two enterprises. 2) A significant positive correlation was found between the employment system and ROE (Return on Equity) for Uni-president. A significant positive correlation was discovered between employment system and the rate of capital structure change for FamilyMart. 3) The impact of capital structure on corporate performance was more significant for FamilyMart than for Uni-president; there was no obvious impact of capital structure on corporate performance in Uni-president’s case