Management Style of Fixed Assets and Performance in Taiwan's Technology Firms

• Main Authors: Yu-Hsin Lin, 林雨欣
• Other Authors: Chih-Youn Hung
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/51989433763113218000

碩士 === 國立交通大學 === 科技管理研究所 === 96 === The purpose of this study is to investigate the relevance between the behavior of fixed assets and firm’s performance in Taiwan’s technology industry during 1986 to 2006. The partial adjustment model was used to divide companies into four kinds of fixed asset behavior, and then added to other independent and interacting effect variables to the regression. This research found that firm performance is different when enterprises adopt different fixed asset behavior, furthermore, the interacting effect has an influence on performance. In the case of aggressive specialized types of enterprise, increasing financial leverage can reduce income tax expenses and improve ROA, but lower Tobin’s Q to the enterprise with high operating and high financial leverage. As towards stable specialized types of enterprises, the enterprises at the small size and fast growth stage will have higher ROA, but also a higher Tobin’s Q relative to larger enterprises and more mature firms at the big size and maturity stage. As to fast adjusting types of enterprise, high R&D makes operating expenses rise, and an unstable rate of change in operating income will reduce ROA, besides if the enterprises with low operating leverage can adopt higher financial leverage, the Tobin’s Q is better.