| Summary: | 碩士 === 東吳大學 === 會計學系 === 88 === This paper focuses on the Overseas Chinese & Foreign invested firms (OCF) and local listed firms. We used the yearly statistical data to analyze the period of concern (1994 to 1998). Specifically, the T-test and analysis of variance were utilized to probe the differences of the financial structure and operating performance of the OCF and local listed firms.
Furthmore, the invested companies of US and Japan which are the two biggest invested firms in Taiwan were evaluated the differences on the financial structure and operating performance . Utilizing two way ANOVA along with a regression analysis, we studied the impact of financial structure and operating performance on OCF. Research finding:
1. The debt ratio of OCF is bigger than that of local listed firms. The performance of OCF is better than local listed firms. In addition, even if the tax-exempt income effect is not taken in consideration, the same also holds true.
2. Taking the invested companies of US and Japan in comparison, we find the ratio of total debt to total asset of the two groups is not significantly different. But the performance of US invested firms is better than that of Japanese.
3. The increasing of debt ratio have significant negative effect for business operating performance . No matter what the using total debt ratio or long term debt ratio to measure operating performance of invested firms, we get the negative beta . In addition , we find that the total debt to total asset ratio is bigger impact on the firms’ operating performance .
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