出售固定資產決策之決定與影響

Determinants of Fixed Asset Sales and Its Impact on Performance

本文的研究目的是在探討影響企業出售固定資產活動多寡的因素，以及分析出售固定資產活動與公司表現間的關聯性。本文以1996-2005年的台灣上市公司為研究對象，探討經理人的盈餘管理動機、企業的融資限制，以及營運效率三種因素對公司出售固定資產活動多寡的影響。實證結果顯示，經理人透過實現處分固定資產利益，來改善公司盈餘數字的盈餘管理操作，是公司進行較多固定資產出售活動的重要原因。另外，公司融資能力受限程度高的公司和營運效率不佳的公司，皆會進行較多的出售固定資產活動。本文亦發現，公司出售固定資產之市場評價效果，會受到公司出售固定資產的原因，以及使用資金的方式影響。 In this study, we investigate the determinants of fixed asset sales and examine the relationship between fixed asset sales and firm performance. Our sample includes all non-financial listed companies during the 1996-2005 periods in Taiwan. The results show that managing reported earnings is an important reason that firms sell more fixed assets. We also find that firms with poorer operating efficiency and facing greater financing constraints sell more fixed assets. Our investigation also shows that there is a significantly relationship between fixed asset sales and firm market value performance, and the relationship is affected by why firms sell fixed assets and how firms use their capital.