A Study on the Financial Risk of Taiwan’s Listed Electrical Machinery Industry: An Application of Panel Data Regression

[[abstract]]摘要 本文針對1998年至2007年我國電機產業62家上市公司之財務風險與經營績效進行研究，除了採用財務構面之五力分析，選取傳統財務比率作為財務風險的變數外，並納入一重要變數：「標準化未預期盈餘」（Standard Unexpected Earning，SUE），同時以縱橫資料（panel data）之固定效果模型(fixed effect model)進行實證分析。本研究實證結果發現，標準化未預期盈餘（SUE）、負債比率、每股稅前淨利及營收成長率對淨利率呈顯著正相關；速動比率、營業費用率、資產週轉率、應收帳款週轉率、平均每人營業額及SUE*每股稅前淨利對淨利率呈顯著負相關。然而，在考量傳統財務比率對產業經營績效之影響性外，標準化未預期盈餘（SUE）確實能作為衡量電機產業經營績效之參考，其顯著性不亞於傳統之財務比率變數，作為衡量產業經營績效之重要指標。[[abstract]]ABSTRACT The aim of this research is to analyze 62 listed companies’ financial risk and operational performance on the electrical machinery industry from 1998 to 2007 This research used five forces analysis of financial structure and such traditional financial ratios for financial risk variable Besides we further consider the most important variable-standard unexpected earning in our model This research applied the panel data regression with fixed effect to analyze the impact of net income The result of this analysis found out that it presents remarkable positive correlation on standard unexpected earning debt ratio pretax margin per share and opening income rate against profit margin On the other hand quick ratio operating expenses rate assets turnover account receivable turnover ratio sales per employee and the integrated indicator (SUE* per share pre-tax income) present negative correlation against profit margin However standard unexpected earning is not inferior to traditional financial variable ratio In conclusion standard unexpected earning is an important index standard to examine electrical machinery industrial operational performanc