影響微型企業營運績效的因素之分析──以創櫃板企業為例

The Analysis of Influential Factors on Operation Performance of Micro-Enterprises: The Case of Firms on the Go Incubation Board for Startup and Acceleration Firms (GISA)

微型企業為經濟發展之基礎，我國由經濟部中小企業處提出相關之發展政策，而證券櫃檯買賣中心則於2014年設立創櫃板以提供微型企業在股權籌資之管道。本研究以櫃檯買賣中心登錄之創櫃板企業為樣本，透過敘述統計分析、迴歸模型及變異數膨脹因子（VIF）之檢定，藉以檢視影響微型企業營運績效之因素。研究結果顯示：（1）不同產業的微型企業之經營績效有明顯差異；（2）非財務變數中的內部人持股比率對經營績效具影響性，而員工人數與公司所在地則無顯著影響性；以及（3）固定資產週轉率、每股盈餘、總負債比率與資產報酬率皆具顯著影響性。

As micro-enterprises contribute to economic development, the SMEA of the Ministry of Economic Affairs in Taiwan proposed relevant policies and TPEx started Incubation Board for Startup and Acceleration Firms (GISA) in 2014 as the capital-raising channel. The main objective of the study is to investigate the impact factors on operation performance of micro-enterprises. The data collected are the firms in GISA with the methodology of descriptive statistics analysis, regression model and variance inflation factor (VIF) analysis. The results are as follows. First, there are significant differences on performances from micro-enterprises among industries. Second, the ratio of insider share-holdings is the influential factor while the number of employees and the location of the firm are not significant key factors. Finally, the variables of fixed-asset turnover, EPS, total-debt ratio and ROA are the impact factors on operation performance.