| Summary: | 碩士 === 東吳大學 === 會計學系 === 96 === Abstract
Global warming and climate change caused people to pay great attention to energy issues, and enhancing the efficiency of energy use in the discussions become a hot topic. The main areas of power semiconductor industry is the power input, management and output is concerned, the affected devices all need the power of electrical equipment, such as the communications industry, consumer electronics, automotive electronics and home appliance products such areas. Also down in the trend of globalization, continued scale enterprises to expand and increase the risk of uncertain business operations, to avoid the occurrence of financial distress, we must have the sound financial structure, financial officers should therefore play a more active role, Enterprise financial officers should train themselves to have the ability to tell the top manager ahead of possible financial distress to highlight the professional value.
This study was designed to the power semiconductor industry at home and abroad as an example, for the financial ratios used in the effectiveness of the financial distress prediction model, because both at home and abroad of the power semiconductor industry listed companies did not occur the financial distress, so use Altman Z Scores model to define companies' financial distress' and 'normal financial companies'.
Through the t-test and Stepwise Regression out the research, attributed to the following conclusions :
1. Infer that Altman Z Score model can be applicable to the power semiconductor industry at home and abroad.
2.Under the t-test, the comparison of the financial distress of companies and normal financial companies of their Altman Z Score model of the five variables, the results showed that working capital / total assets, retained earnings / total assets, EBIT / Total Assets and sales / total assets, are significant, with EBIT / Total Assets is the highest, and market value equity / book value of total liabilities is not significant, shows that efforts should be made to the increase in profitability.
3. The general financial ratios used by the t-test and Stepwise Regression, compare their results showed that Debts Ratio(%),Current Ratio (%), Quick Ratio (%), Turnover of Inventory (Times), Turnover of Payable (Times), Turnover of Total Assets (Times) , Net Income Rate (%) and Cash Flow Ratio (%), eight variables at the same time have a significant, in addition to Altman Z Score model, the above-mentioned eight General financial ratios should be better used. The Net Income Rate (%) in the t-test and the Stepwise Regression, at the same time have a very significant and shows that enterprises should focus on the expansion of high-profit products, to enable enterprises to maximize profits.
Anyway, companies in the power semiconductor industry's sustainable development, in addition to constant innovation and sophisticated independent production process and production equipment, the increase in competitiveness of the financial structure is also very important. Must therefore be to maintain a higher ratio of equity capital, to holders of high liquidity and high quality of the assets, to enhancing inventory management and procurement capacity, it is necessary to actively expand the size of the market, it is necessary to develop high-margin products and the pursuit of growth performance, To increase net cash inflow from operating activities and continued to focus on operating activities conservatively , particularly those of financial crisis in the experimental group of companies should also cited that Guideline, improve the financial structure, is committed to enhancing the competitiveness of companies.
The insider companies of power semiconductor industry could refer this study to understand the financial condition of the same industry, bring out the best and have a short meeting to facilitate business continuity. In addition, outsider companies, interested in investing in power semiconductor industry, could first understand the power semiconductor industry related to the company's financial condition, pre-assessment of investment risk, in order to avoid an investment loss.
Keyword: Power Semiconductor Industry, Altman Z Score, The Financial Distress, t-test, Stepwise Regression
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