現金流量資訊衡量電子業的企業生命週期之概況：兼論其對盈餘攸關性之影響

Cash flow as a proxy for firm life cycle in the electronic industry: on the impact on earnings relevance

當公司處於不同企業生命週期階段，所採取的營運決策，最終將影響財報數字與公司價值。電子業於我國資本市場具有相當的重要性，因此本研究以Dickinson(2011)方法劃分企業生命週期，提供電子產業的企業生命週期概況，與相關財務比率的表現，並且進一步地檢視各生命週期階段的盈餘對股價之關係。實證結果顯示，我國電子業公司的生命週期階段多數集中在成長期與成熟期，其比例分別約為29.37%與39.95%。以現金流量資訊劃分的企業生命週期階段下，大部分的財務比率之變化趨勢能符合企業生命週期的經濟理論，並且盈餘攸關性亦隨不同生命週期階段而具有差異。

When a company operating decisions have different over the life cycle stages, and ultimately will affect the earnings figures and valuation. In Taiwan’s capital market, the electronics industry is an important position, so this study using Dickinson (2011) method to determine the firm life cycle, providing the company’s life cycle stages within the industry. This study investigated the trend of financial ratios at various stages, and further examines the relationship between the price and earnings at firm life cycle stages. The empirical results show that the majority of the company’s life cycle stages are the growth and mature stages, the ratios are 29.37% and 39.95%, respectively. Cash flow information determine the life cycle stage of the company, the trend of financial ratios can broadly in line with economic theory of firm life cycle, and at each stages of the life cycle, there are difference earnings relevance.