| 摘要: | 本研究目的為分析台灣LED企業經營績效之影響因素。以經濟新報資料庫(TEJ)所收錄的21家上市上櫃公司為研究對象，研究期間從2003年第一季至2009年第二季，共涵括26季，並以此追蹤資料(Panel Data)進行實證迴歸分析。研究中主要考量兩類變數，一是產業結構變數，包括為市場佔有率、資本密集度；另一類為廠商行為變數，包括研發密集度、研發成長率、投資密集度、營收成長率、負債比率與金融風暴等。在廠商績效指標衡量方面，為求結果之穩健性，本研究分別採用股東權益報酬率及每股盈餘進行分析。實證結果發現：(1)在全體產業樣本中，市場佔有率、資本密集度、營收成長率、投資密集度、負債比率與金融風暴，皆達到顯著水準。(2)上/中游產業樣本中，有市場佔有率、資本密集度、營收成長率、投資密集度及金融風暴，達到顯著水準。(3)下游產業樣本的部份，則有市場佔有率、資本密集度、營收成長率、投資密集度、負債比率與金融風暴，達到顯著水準。This research focused on the parameters which impacted the Business Operational Performance of Taiwan LED industries. The data was collected from Taiwan Economic Journal CO. (TEJ) and targets for 21 TSE & OTC listed companies. Period of Data was collected from first quarter of 2003 to second quarter of 2009 accounts for total 26 seasons. Empirical regression analysis was carried out with TEJ panel data. Two main parameters were considered in this research. One parameter was industry structure including Market Share and Capital Intensity, and the other was factory behavior including Research & Development Intensity, Research & Development Growth Rate, Investment Intensity, Sales growth rate, Debt ratio, Financial Crisis, and so on. ROE (Return On Equity) and EPS (Earnings Per Share) are the indexes adopted for this study to evaluate company performance. Accroding to the empicical analysis results, we found the conclusions as blow: (1) Based on the samples of the whole LED industry, the market share, capital intensity, revenue growth rate, investment intensity, debe ratio and finanical crisis achieved significant levels, (2) For the samples which are in the upper/middle stream of LED industry, the market share, capital intensity, revenue growth rate, investment Intensity and finanical crisis achieved significant levels, (3) For the samples which are in the lower stream of LED industry portion, the market share, capital intensity, revenue growth rate, investment intensity, debe ratio and finanical crisis achieved significant levels. |
