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題 名 | 不同營運槓桿度之衡量與系統性風險關聯性之實證研究--以電子業為例=Empirical Research on the Relation between the Systematic Risk and Different Degrees of Operating Leverage: The Case of Electron Industry |
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作 者 | 薛健宏; | 書刊名 | 南臺科技大學學報 |
卷 期 | 26 2002.03[民91.03] |
頁 次 | 頁9-25 |
分類號 | 555.9 |
關鍵詞 | 營運槓桿度; 營業槓桿度; The degree of operating leverage; DOL; |
語 文 | 中文(Chinese) |
中文摘要 | 高科技產業是我國近年來的上流產業,目前我國的高科技產業以電子業為主,其風險管理尤需重視。若擬從事風險管理,對於營運槓桿風險的衡量便不可輕忽。職是之故,本研究以電子業之「營運槓桿度」為研究標的。 由於營運槓桿度的性質較複雜,衡量不易,是故更需依賴一個適當模式以資衡量。衡暈營運槓桿度的模式頗多,其中惟有「財務報告上之營運槓桿度」經會計師簽證,列於年報上,應該是投資人最容易取得的「營運槓桿度」,是故本文以「財務報告上之營運槓桿度」為研究核心,為許定「財務報告上之營運槓桿度」的優劣,並取「Mandelkcr 與 Rhee (1984) 第一個模型所估算出來的營運槓桿度」作為比較基礎,進而評定「財報上營運槓桿度」之有用性。 會計資訊的價值無非是資訊本身的決策有用性,而決策有用性更可細分為「可靠性」、「攸關性」。本研究發現: 一、可靠性方面 公開發行公司必須在年報巾揭露該公司五年來重要財務比率的彙總表,其中包括了「營運槓桿度」,證期會制定該比率的公式,此公式分子中有「變動營業成本及費用」,是故財務報告編製者須將所有的營業成本,營業費用區分為變動、固定成本兩人類,遺憾的是,除了採直線法提列的折舊費用確定為固定成本外,現行財務技術尚無法精確地分辨成本習性,模糊地帶甚多,因此該比率的可靠性備受質疑。 二、攸關性方面 營[運槓桿度向來被視為公司的風險之一,應能解釋公司的系統性風險,結果發現「財務報告上之營運槓桿度」與系統性風險的關聯性甚低,似可進而推論大部分投資人並未以此資訊去進行決策。 綜上所述,「財務報告上之營運槓桿度」不具「可靠性」,亦不具「攸關性」,職是之故,證期會目前強制要求公開發行公司揭露該比率,應有重新檢討之必要。 |
英文摘要 | Now Taiwanese dominant industry is the high-tech industry, which consists mainly electron firms. Risk management becomes very important in high-tech firms. It is necessary to assess operating leverage in risk management. The research is aimed on the degree of operating leverage (DOL) in the electron industry. Because of difficult measurement, a lot of models are invented to measure DOL. Among DOL models, "DOL in financial report" is only asserted by CPA, and the ratio is getten the most easily. The paper focuses on "DOL in financial report". To judge the degree of operating leverage asserted by CPA in financial statement, it is necessary to make use of another degree of operating leverage calculated in Mandelker & Rhee ( 1984 ) first DOL formula as a comparison. Value of accounting information is based on usefulness in making decisions, which includes reliance and relevancy. The paper finds the below result. 1. About Reliance Companies held publicly have to disclose some late five-year important financial ratios in financial statements, including the degree of operating leverage. SEC regulates the formula used to estimate the degree of operating leverage. Variable Cost is used in the numerator of the formula. However, except that depreciation expense amortized in straight-line method belongs surely to fixed cost; it is infeasible to distinguish precisely variable cost from fixed cost, because of lots of fuzzy zones. "DOL in financial report" is suspected unreliable. 2.About Relevancy Recent documents show that the degree of operating leverage involving in enterprise risk can explain the systematic risk. It is found that little relation between the systematic risk and "DOL in financial report". It is supposed that most investors make their decision without considering the "DOL in financial statement". "DOL in financial statement" lacks both reliance and relevancy. Now, SEC should review the regulation about the ratio. |
本系統中英文摘要資訊取自各篇刊載內容。