本研究主要係探討財務比率資訊對外國專業投資機構投資決策之資訊內涵。主要實證議題包括：（一）探討不同產業下，影響外資投資策略之重要財務屬性為何？（二）前述財務屬性與外資持股變動之關係；及（三）財務比率資訊對外資持股變動之解釋能力是否因產業別之不同而有所差異？
本研究以民國84年至88年間之台灣上市電子業、紡織業、塑膠業、食品業公司為樣本，首先運用因素分析將十八項財務比率萃取出獲利能力、償債能力、經營能力、帳款變現性及財務結構等五個不同構面的財務屬性，並加入公司規模、本益比及產業加權指數變動作為控制變數，以迴歸模式進行產業別分析。
實證研究結果發現，就整體而言，獲利能力為外資持股最具決策攸關性之財務屬性。就個別財務因素觀之，獲利能力、經營能力、帳款變現性及財務結構屬性均符合本研究假說預期與外資平均持股比例呈正向關係。償債能力屬性在電子業、紡織業及食品業均與預期相符呈正相關，僅在塑膠業與外資持股呈現負相關，與預期假說相違。由於負債比對償債能力屬性之影響為負向，故負相關之研究結果表示負債比相較於其他財務比率對塑膠產業樣本公司之償債能力屬性具更明顯的影響力。如併考量塑膠業之流動比及速動比均較其他產業為高之情形，此發現可能意謂，外資基於塑膠業之產業特性，並不希望塑膠業公司積壓過多資源而導致喪失投資獲利的機會。
此外，實證結果亦顯示，迴歸模式之解釋力在不同產業下確實存在產業之差異性，故產業性質對財務比率分析具有重要影響力。 / By examining whether the detailed financial ratios are informative about subsequent changes in Qualified Foreign Institutional Investors’(QFII) shareholdings, this thesis investigates the usefulness of accounting fundamental signals in the QFII investment decisions.
Using a sample of firms listed in Taiwan Stock Exchange from electronics, textile, plastic and food industries over the period of 1995 to 1999, this thesis explores three empirical issues: (1) What are the important financial attributes for QFII’s investment decisions, measured in terms of changes in QFII shareholdings of specific companies? (2) The relationship between the shareholding change and the financial attributes. And (3) Would such relationship differentiate across industries?
Based upon a factor analysis approach, this thesis first extracts 18 financial ratios into five dimensions of financial attributes: profitability, operating management, account receivable turnover, liquidity, and financial structure. By incorporating these five financial attributes with company size, price-earning ratio and industrial stock price index into a multiple regression, the relationship between financial attributes and QFII shareholdings is then investigated.
The empirical findings indicate that profitability is the most relevant factor that affects the QFII shareholdings. The evidence also shows that consistent with the hypothesis, profitability, operating management, accounts receivable turnover, and financial structure are significantly and positively associated with QFII shareholdings for all industries related. With the exception of the plastic industry, liquidity is negatively related to QFII shareholdings. There is cross-industry difference in explanatory power of regression models used. This result might thus imply that industry factor plays a role in the usefulness of financial ratio analysis.
| Identifer | oai:union.ndltd.org:CHENGCHI/A2002001387 |
| Creators | 湯慧玲, Tang, Hui-Ling |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
Page generated in 0.0023 seconds