A Study of Relationship between Financial Risk Index, Ownership Structure and Tobin’s Q for Taiwan Semiconductor Industry
|關鍵字:||市場評價;財務風險指標;公司治理;股權結構;Tobin’s Q;Z-Score;MZ-Score;ZFC;Corporate Governance;Ownership Structure|
This study examines the influence of financial risk index, ownership structure and enterprise management properties on market valuation index Tobin’s Q in Taiwan’s semiconductor industry after an enterprise adopts corporate governance. All the data in this study are collected from 2003 to 2011. The issues about corporate governance have received considerable attention since the financial crisis of Enron Creditors Recovery Corp. broke out in 2001. The institutional investors prefer to invest in well-governed firms, so the shareholding ratio of the institutional investors is often a strong correlation of the quality of corporate governance. However, the value of an enterprise should not rest solely on its profitability but should be comprehensively assessed by its short-term liability, long-term liability, profitability, operating capability, as well as its growth ability. Therefore, this study adopts composite financial risk indicators to evaluate their impacts on the valuation of the enterprise. This study takes Tobin's Q as proxy variable value to reflect enterprise value and to evaluate the company operation performance with comprehensive financial risk benchmarks such as Z-score、MZ-score and ZFC. As for corporate governance, ownership structure is considered a proxy variable, which is divided into two large aspects on six shareholding variables: board directors, managers, major shareholders, QFII, SITE and own account dealers. The results are as follows: 1. From the aspect of operation performance, the more stable financial status is, the less possible company financial crisis happens; higher Tobin's Q value is corresponding to higher market valuation. 2. From the aspect of corporate governance, the shareholding ratio of insider investors and that of institutional investors have positive effects on valuation of the enterprise. The higher ratio of shareholding is, the higher valuation of the market will be. 3. The larger the size of the enterprise is, the higher valuation of the market will be; the earlier IPO date is, the lower the valuation of the market will be. 4. The company trade in the TSE would get a better valuation of the market than the company trade in the OTC.
|Appears in Collections:||Thesis|