Determinants of Enterprise Crisis and Performance under various business cycles

• Main Authors: Wen-Hui Su, 蘇紋慧
• Other Authors: Chin-Chen Yeh
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/29237202192046446298

碩士 === 淡江大學 === 會計學系碩士在職專班 === 98 === In process of the economic development, enterprises aim on operation and profitable. When external environment factors change, the operation and performance would be impact. This study explores the association of determinants of the business performance and crisis in terms of the business cycle. The sample data from 2002 to 2008''s listed companies in Taiwan and using logistic regression and multiple regression analysis. Empirical results: (1) the determinants of crisis, in prosperity is "debt ratio has positive effects" and "capital has negative effects"; in recession is "capital has negative effects" and " quick ratio has negative effects" and "earnings per share has negative effects". In prosperity the capital structure and in recession the liquidity and profitability need to be alert, this can reduce the occurrence of a crisis probability. (2) the determinants of business performance, in prosperity is "earnings per share with return on assets or return on equity has positive effects" and "fixed asset turnover rate with return on equity has positive effects"; in recession is "earnings per share with return on assets has positive effects" and "debt ratio with return on assets has negative effects". In prosperity the business efficiency and in recession the profitability and capital structure has needs to be alert, so can improve the business performance. (3) the determinants of business performance and crisis, in recession is "earnings per share and return on assets has positive effects with crisis has negative effects", in prosperity that long-term funds/fixed assets ratio on business performance and crisis has negative effects. Concluded that any factor most of not simultaneously exist in the performance and crisis, the affected only has the performance or crisis.