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題名：上市公司企業體質鑑別模型之建構—以製造業首度上市公司為例
作者：黃柏凱
校院名稱：國立政治大學
系所名稱：企業管理研究所
指導教授：陳隆麒
姜堯民
學位類別：博士
出版日期：2008
主題關鍵詞：分析層級程序法；企業體質；首度上市；迴歸分析；AHP；Quality of firm；IPO；Regression analysis
原始連結：連回原系統網址new window
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本研究以高科技與傳統製造業新上市公司為對象，建構企業體質鑑別模型，此模型除了可以用來評估新上市公司的體質外，專家所認定的重要體質評估構面更可引導後續研究者進行深入探討，並發展相關衡量指標。
為建構高科技與傳統製造業新上市公司的企業體質鑑別模型，本研究根據文獻探討和專家訪談的結果得到經營實力、公司治理、機構認證及財務績效等四個體質評估構面，及相關衡量指標，並透過迴歸分析確認衡量指標符合各構面的意涵。將評估構面與合適的衡量指標建構成的層級架構後，本研究依據分析層級程序法（analytic hierarchy process, AHP）設計問卷，請業界專家評估各層級要素的相對重要性，以得到各層級要素的相對權重，並完成最終的企業體質鑑別模型。從模型有效性驗證的結果得知，本研究所發展出的體質鑑別模型的確對新上市公司的上市後表現有顯著鑑別力，因此證實此模型的確有助於投資決策的進行。
從高科技新上市公司的體質鑑別模型可以得知，經營實力是專家最重視的體質評估構面，後面依序是公司治理、財務績效與中介機構認證構面。在經營實力構面，以人力資本的重要性最高，其次是創新資本、關係資本與流程資本。在公司治理構面，專家最重視的是機構投資人的持股比率，但關係的方向並不支持機構投資人具監督功能。外部董事席次比例則是公司治理構面中，最不受重視的指標，而實證結果顯示該指標與企業體質呈負相關，因此支持高科技新上市公司對董事會的專業服務需求高過監督功能。
在傳統產業，專家亦均認經營實力是最重要的體質評估構面，後面依序是財務績效、公司治理與機構認證。在經營實力構面，專家最重視創新資本，後續則是流程資本、人力資本和關係資本。在財務績效構面，利潤力構面雖最受重視，但專家的共識度不高，反而是均認為營收成長是最不重要的構面，這個結果表示，專家認為傳統產業新上市公司應致力於效率的提升和成本的降低，而非企業成長。
一、 中文部分
王文英與張清福 (2004)，智慧資本影響績效模式之探討：我國半導體業之實證研究，會計評論，第39卷，頁89-117。
江淑貞、劉維琪與張玉山 (2005)，公司初次上市之承銷方式、股權分配與監督機制，臺大管理論叢，第15卷，頁1-24.new window
吳思華 (2000)，策略九說 (第三版)，臉譜文化出版.
吳蕙雯 (2002)，公司治理對IPOs承銷價與上市後股價表現影響之研究，輔仁大學金融研究所未出版碩士論文。
周淑卿、吳欽杉與陳安琳 (2004)，電子資訊產業與非電子資訊產業之研究發展支出、股權結構與公司績效之關聯性研究，臺北科技大學學報，第37期，頁267-288。new window
邱寶桂 (2003)，IPOs公司掛牌後股價表現影響因素之研究， 淡江大學財務金融學系未出版碩士論文。
洪榮華、陳香如與王玉珍 (2005)，公司內部治理機制與公司績效之關係---股權結構與董事會特性之觀點，輔仁管理評論，第12卷，頁23-40。new window
陳安琳、李文智與林宗源 (1999)，新上市公司股票之發行折價－代理成本與公司控制 之研究，財務金融學刊，第6卷，頁1-23。new window
楊朝旭與黃潔 (2004)，企業生命、資產組合與企業未來績效關聯性之研究，商管科技季刊，第5卷，頁49-71.
葉銀華、李存修與柯承恩 (2002)，公司治理與評等系統，商智文化出版社.
資策會 (2001)，我國資訊產業智慧資本現況與未來發展趨勢，財團法人資訊工業策進會專提報告.
蕭幸伃 (2006)，探討智慧資本對公司績效之影響─以高科技產業為例，第五屆兩岸產業發展與經營管理學術研討會。

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