| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理所 === 95 === This study investigated the relationship between firm''s life cycle stages
and affected factors of firm value. The dependent variable of firm value is
Tobin''s Q. These factors can be divided into four aspects including
(1)profitability－return on assets, operating profit, margin before interest and
tax, and earnings per share; (2)risk－debt ratio, operating leverage, financial
leverage, and coefficient of variance in return on assets; (3)growth－total assets
growth, equity growth, price-to-earnings ratio, individual operating revenue
growth; (4)corporate governance system－cash holdings, manager ownership,
institutional holdings, outside big stockholders’ holdings, size of board of
directors, whether the chairman of board and CEO are the same, and outside
directors and auditing. The results will determine how the four aspects would
influence the firm value in life cycle stages.
The result indicates that,
(1) In the profitability, rate of return on assets at the mature stage has a
significant negative correlation with the firm value. Operating profit has
significant negative correlation in the growth stage and mature stage. At the
growth stage, margin before interest and tax has a significant negative
correlation with the Firm value, but, has a significant positive correlation in the
mature stage. Earnings per share has a positive correlation with firm value in
the growth stage, maturity stage and decline stage.
(2)In the risk, debt ratio has a positive correlation with firm value in the
growth stage, maturity stage and decline stage. Financial leverage at the decline stage has a significant negative correlation with the firm value. Coefficient of
variance in return on assets at the maturity stage has a significant positive
correlation with the firm value.
(3)In the growth, equity growth rate at the growth stage and decline stage
have a significant negative correlation with the firm value. Price-to-earnings
ratio only shows significant influence to the firm at the mature stage.
(4)In the corporate governance, manager ownership at the growth stage
and mature stage have a significant negative correlation with the firm value.
The level of governance of institutional holdings will decrease from the growth
stage as the firm value increases. In contrast, at the decline stage, institutional
holdings have a negative correlation with the firm value. Outside big
stockholders’ holdings at the mature stage has a significant negative correlation
with the firm value. Whether the chairman of board and CEO is at the mature
stage has significant positive correlation. Outside directors and auditing at the
growth stage and maturity stage have a positive correlation with the firm
value .Cash holdings has a negative correlation with the firm value in the
growth stage, maturity stage and decline stage.
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