专注论文查重修改6年+经验

触控面板产业自由现金流量组成及影响因子之探讨

【中文摘要】:从Apple推出iPhone以来,苹果Smart Phone迅速席捲全球,并掀起一波触控面板(Touch Panel)热潮,在消费性电子应用陆续增加下,人性化触控面板技术逐渐由手机扩展到周边各种显示应用,掌上游戏机、电子书、平板电脑与多媒体播器等消费电子领域,导致全球触控面板的商机迅速扩大,越来越多的厂商加入触控面板生产行列,上下游厂商更是投入大量资本支出,以抢食这块触控市场。
台湾长期以来都是以代工及製造为主的产业聚落,而其最大特性便是资本密集,尤其是以「电子业」为最,资金向来是企业发展之主要命脉,故企业常透过公开市场管道来募集资金,以维持企业永续经营及长期竞争之优势,因此企业之现金流量便益显重要,而在自由现金流量中,资本支出被视为是未来企业扩充的衡量指标,可见资本支出对自由现金流量具有一定程度的影响力,然「资本支出对企业的经营绩效为何?」,便是本研究欲探讨之核心议题。在探讨企业增加资本支出对公司绩效之影响的相关中外文献中,其实证结果呈现正负两种显着影响;在探讨自由现金流量之相关中外文献中,其实证结果则是大多支持过度投资,会降低公司价值,损害股东的权益;也有文献认为营运资金无法支应资本支出,因此资本支出对自由现金流量的影响是值得研究的。
本研究以2009年至2012年台湾上市柜之触控面板产业(TP产业)为研究对象,希望透过本研究了解影响企业自由现金流量的影响因素及资本支出与自由现金流量之间的关係,进而探讨企业的营运活动的现金流量是否足以支应未来企业资本面的支出,并藉此观察不同子产业间的经营绩效,实证结果有几点发现,1.影响自由现流量的主要因素为资本支出及营运资金增额;2.整体触控产业之总投入资本的投入无法创造出营业净利;3.各子产业绩效方面,FPC业在竞争力表现为最好,面板业在投报率表现最好,触控IC在厂商差异表现最好;4.在检视营运活动的现金流量是否足以支应其投资活动之现金支出这个部分,有11家位于45°线下,显示其营运活动的现金流量无法支应其投资活动之现金支出,故本研究假说不成立。这个结果说明并不是投资越多,企业的获利越好,这也表示当企业重大投资计画,必须仰赖融资进行。
【英文摘要】:Apple Smart Phone has rapidly swept the globe market since Apple launched iPhone series, and raised a wave of touch panels. Under the circumstance that consumer electronics applications have continually increased, the user-friendly touch panel technology gradually expanded from the phone to various kinds of accessories of display applications, such as handheld games, e-books, tablet PCs and multimedia broadcasting and other consumer electronics fields, which led to the great opportunities for global touch panel market. There are more and more companies join to this touch panel production line; upstream and downstream manufacturers invest a lot of capital to share this touch panel market.
Taiwan has long been dominated by the foundry and manufacturing industry and its remarkable feature is capital-intensive. "Electronics industry" is the most one; capital has always been a major lifeline of development for enterprise. Therefore, companies often raise their funds through open market in order to maintaining the advantages for business with sustainable management and long-term competitiveness. Hence, the cash flow of enterprises will be significantly important; within the free cash flow, capital expenditure is regarded as a measure index for business expansion in the future, from which we realize that there are certain influence of capital expenditure on the free cash flow. Thus, "what is the business performance for enterprise on capital expenditure?" This is the core issue of this study we would like to discuss. Within the related domestic and international documents for discussing the influence of enterprise increased the capital expenditure on business performance, the empirical represents both positive and negative significant impacts; Within the related domestic and international documents for discussing the free cash flow, the empirical mostly shows that the over-investment will reduce the value of the company and damage the interests of shareholders; also there are some documents consider that operating capital could not deal with capital expenditure. Accordingly, the influence of capital expenditures on the free cash flow is worth to be researched.
In this study, we take listed touch panel industry (TP industry) in Taiwan from year 2009 to 2012 as research examples. We expect that through this study, we will understand the factors for impacting the free cash flow of enterprise and the relationship between capital expenditures and the free cash flow. Moreover, to discuss whether the cash flow from operating activities of enterprise is able to deal with the capital expenditures in the future, from which we will observe the operating performance between different sub-industries. There are some empirical results as followings: 1. The main factor for impacting free cash flow is capital expenditure and operating capital increment; 2. The total investment capital of the whole touch panel industry could not create the operating profit; 3. From the aspect of each sub-industry performance, FPC industry has the best performance in the competition; the panel industry has the best performance in return on investment; touch IC has the best performance in company’s differences;.4. For the part of examining whether the cash flow from operating activities is able to deal with its cash expenditures of investment, there are 11 companies under 45-Degree Line, showing that its cash flow from operating activities is not able to deal with its cash expenditures of investment. As the result, the hypothesis in this study is untenable. This result suggests that there are no certain consequences for more investment will gain the better profits. This also means that enterprises must rely on financing if they undertake the major investment.
【参考文献】:

  • McConnell, J.J. and C.J. Muscarella (1985), ”Corporate Capital Expenditure and the Market Value of the Firm”, Journal of Financial Economics 14, 399-422.
  • firms have information that investors do not have. Journal of Financial Economics, 13 (2), 187-221.
  • Myers, S. C. & N. Majluf. (1984). Corporate financing and investment decisions when
  • Economics 24, 181-191.
  • Flow signaling vs. Free Cash Flow Hypothesis?”, Journal of Financial
  • Lang L.H.P., and R.H. Litzenberger (1989), “Divendend Announcements: Cash
  • Takeover ”, American Economic Review 76, 323-329.
  • Jensen, M.C. (1986), ”Agency Costs of Free Cash Flow, Corporate Finance, and
  • investment. BrookingsPapers on Economic Activity, Vol. 1, 141–195
  • Fazzari, S., R, Hubbard. and B, Petersen.(1988), Financing constraints and corporate
  • Banking & Finance 22,41-60.
  • Chung, Jkee H.,Peter Wrightand Charlie Charoenwong(1998),”Investment Opportunities and Market Reaction to Capital Expenditure Decisions”, Journal of
  • 英文部分:
  • 赖筱涵(2012),「台湾触控面板产业经营绩效之研究」,成功大学,企业管理研究所硕士论文。
  • 赖柏宇(2011),「触控面板产业的竞争优势策略之研究-以E 触控面板公司为例」,中央大学,管理学院高阶主管企管硕士论文。
  • 赖秋伶(2004),「资讯电子产业自由现金流量与经济附加价值之研究」,中山大学,财务管理研究所硕士論文。
  • 刘昇鑪(2013),「设计触控面板业产业的产品生命週期管理系统」,中央大学,工业管理研究所硕士论文。
  • 薛敏正、林婵娟(2003),「自由现金流量与盈余管理关聯性之研究」,台湾管理学刊2月,第3卷,第1期,151-168页。
  • 郑名涵(2008),「企业自由现金流量影响因子之研究-以光电产业为例」,台北大学,企业管理研究所硕士论文。
  • 叶集贤(2009),「研发支出及资本支出对企业经营绩效之影响–以台湾半导体产业为例」,成功大学,企业管理研究所硕士论文。
  • 程银宗(2000),「资本支出宣告之市场反应影响因素探讨」,中正大学,企业管理研究所硕士论文。
  • 郭淑娟(2012),「TFT-LCD产业经营绩效之关键因素分析」,第一科技大学,金融营运研究所硕士论文。
  • 张世龙(2004),「资本支出及研发支出与公司治理对企业市场价关联性之实证研究-以台湾上市电子公司为例」, 朝阳科技大学,财务金融研究所硕士论文。
  • 彭雅惠(2005),「台湾上市公司现金流量与投资行为关係之研究-自由现金流量假说与融资顺位假说的验证」,玄奘管理学报,第2 卷第2 期:119-133。
  • 陈亮旬(2013),「资本支出对企业经营绩效之影响-以台湾面板产业为例」,成功大学,财务金融研究所硕士论文。
  • 陈炳宏(2010),「资本支出、股权结构对公司绩效影响-以钢铁产业为例」,中山大学,经济学研究所硕士论文。
  • 陈浩彰(2006),「液晶显示器面板厂商营运绩效与产业结构、策略行为之研究」,台湾大学,经济学研究所硕士论文。
  • 陈昭富(2002),「资本支出与股票报酬率之间的长期关係」,东华大学, 国际经济研究所硕士论文。
  • 徐怡、邱世荧(2010),「资本支出、企业规模与研发投资对企业绩效之影响」,Journal of Data Analysis, 5卷3期, 1-21页。
  • 林凤丽、廖育旻(2010),「台湾上市公司自由现金流量与营收成长是否影响公司绩效?纵横门槛迴归模型之运用」,会计与公司治理,第7卷 第1期,1-30页。
  • 周美玲(2009),「企业成长机会对于融资决策、现金流量、企业价值影响之研究─以我国TFT-LCD产业为例」,成功大学,高阶管理硕士论文。
  • 周仁伟(2013),「手机产业发展中触控式操控逐渐取代按键式操控之关键因素分析」,逢甲大学,经营管理学院硕士论文。
  • 林盈杉(2011),「台湾电容式触控面板产业之发展与关键成功因素之研究」,中山大学,高阶经营硕士論文。
  • 林雅惠(2010),「融资政策、股利政策及自由现金流量与企业成长机会关联性之研究-以连接器产业为例」,政治大学,高阶经营管理硕士论文。
  • 林欣欣(2004),「以资料包络分析法探讨TFT-LCD产业之经营绩效」,中华大学,经营管理研究所硕士论文。
  • 吴泳洁(2013),「自由现金流量及固定资产购置交互关係对股票报酬影响之研究」,铭传大学,资讯管理研究所硕士论文。
  • 朱崇玄(2009),「台湾电容式触控面板产业之策略分析」,交通大学,管理学院高阶主管管理硕士论文。
  • 王育伟和郑扬耀(2013),「公司治理、资本支出决策与公司价值」,管理与系统, 第二十卷, 第四期,页665-695。
  • 王晶仪(2006),「研发支出与资本支出对企业经营绩效影响之研究」,中华大学, 经营管理研究所硕士论文。
  • 中文部分:
  • 来源:中山大学;作者:李丽君
    文懂论文-重复率修改第一品牌,http://www.szwox.com解决论文查重论文降重复,重复率高等各种论文难题的专家

    最新文章

    • 什么是学术不端行为
      什么是学术不端行为
      什么是学术不端行为 1992 年,由美国国家科学院、国家工程院和国家医学研究院组成的 22 位...
    • 论文降重复服务 1. 本网站及服务 szwox.com提供哪些服务? szwox.com是一个...

    联络我们

    QQ: 767326772
    文懂论文
    网站:http://www.szwox.com/
    E-mail: turuinit@foxmail.com

    我们的服务

    我们提供毕业论文、期刊论文、硕士论文、博士论文、会议论文格式排版,论文查重,重复率修改等服务。强大论文查重系统,一手老师资源,首创安全保密查重修改流程。充分保障客户论文查重安全以及修改后的品质,赢得了老师和同学们的信任和口碑。