在臺智慧型手機零組件產業資本結構與公司價值之關聯性研究

我國國內的智慧型手機市場在2010年時已有超過七成的使用率，而在2012年期間則以三星、宏達電與蘋果為主要的廠商。由於環境汙染或生產成本等因素的考量下，國內為數不少的電子業廠商為這三家智慧型手機零組件的供應商，因此影響其資本結構的因素，以及資本結構與公司價值的關聯性則值得探究。因此本研究之研究目的有三：其一為分析影響三星、宏達電與蘋果分別在臺灣智慧型零組件廠商資本結構之因素，其二為探討此三家在臺零組件供應商的資本結構與公司價值的關聯性，其三為探究多元訂單來源的混合型零組件供應商之資本結構影響因素，以及資本結構與公司價值的關聯性。本研究的研究期間為2010年至2012年，研究對象為臺灣上市上櫃公司。透過多元迴歸分析所得到之主要發現為：（1）影響資本結構之主要因素為公司規模、獲利能力及非負債稅盾；（2）混合型零組件供應商之資本結構與公司價值的關聯性較單純供應商者為密切。

There was more than 70% of smart-phone usage rate in the Taiwan's market in 2010, and it was also found that Samsung, HTC and Apple were major manufacturers in 2012. As considering environmental pollution or high production costs, there are many smart-phone component suppliers for these producers in Taiwan. Therefore, it is worth investigating the influential factors on capital structure and the relationship between capital structure and corporate value for Taiwan’s smart-phone component suppliers. The objectives of the study are: (1) to investigate the influential factors on the capital structure of Samsung, HTC and Apple for respective suppliers in Taiwan, (2) to explore the relationship between capital structure and corporate value for component suppliers of these three producers, respectively, and (3) to analyze the two relationships mentioned above for those firms with diverse component orders from more than one producers. The sample is collected from listed and OTC firms during the period of 2010-2012. Through the method of multiple regressions, the study finds that the influential factors on capital structure are firm size, profitability and non-debt tax shield, and that the relationship mentioned above for firms with diverse component orders from more than one producer is more closer than those from one major producer.