高槓桿非集團業、外部監控與公司績效之實證研究

Empirical Study on Outsider Monitoring and Corporate Performance in High-Leverage Non-Group Firms

本文以企業會計資訊系統與統計科學方法，找出影響非集團業公司績效之顯著變數，由於高槓桿伴隨著高風險，本文進一步檢定公司治理之監控機制，是否對公司績效有顯著影響。實證結果發現，透過資本結構調節效果，得知影響高槓桿非集團業公司績效之顯著變數，為償債能力、經營能力及公司治理指標。研究建議，高槓桿非集團業以重視會計師保留意見為主，提升現金流量允當比率，降低速動比率，以增強企業公司治理、經營與償債能力，可降低企業發生信用風險之機率。實證價值與意涵，高槓桿非集團業重視外部人會計師保留意見，篤定不會發生財務危機，進而提高公司績效，值得投資決策參考。

This paper primarily uses the accounting information system and statistical methods, sought to identify the significant variables that affect the performance of non-group companies, with high leverage associated with high risk, this paper further tests the monitoring mechanism of corporate governance, whether it has a significant impact on corporate performance. The empirical results show that through the effect of capital structure interference, we can know that the significant variables that affect the performance of highly leveraged non-group companies are solvency index, management ability index and corporate governance index. It is suggested that the high leverage non-group industry can reduce the rate of occurrence of credit risk by reducing the rate of quick ratio, increasing the allowable ratio of cash flow, and enhancing the corporate governance, operation and profitability. Empirical value and implication, highly leveraged non-group industry, the attention of third-party accountants outside, will reduce the possibility of occurrence of financial crisis then enhance corporate performance. The paper is useful to any researchers or practitioners who are focused on investment decision-making reference.