An Empirical Analysis of the Diagnosis of the Crisis of Taiwanese Semiconductor Industry Based on Financial and Corporate Governance Dimensions

Abstract

Taiwanese semiconductor industry is at the core of the international supply chain and is also a key of domestic industry Therefore construct a crisis diagnosis model suitable for the semiconductor industry The study period starts from 2005 to 2018 as the research sample and uses the logistic regression model to discuss the crisis diagnosis model of listed and OTC companies in the semiconductor industry The results of the first part in the corporate crisis diagnosis model that considers the finance and corporate governance dimensions the “total asset turnover ratio” “cash flow ratio” “ROA” “directors and supervisors shareholding ratio” “major shareholder shareholding ratio” are significant influencing factors; the second part of the macroeconomic dimension the “GDP growth rate” and “CPI growth rate” are significant factors When the subprime mortgage crisis hit the marginal effects of the “ROA” “cash flow ratio” “directors and supervisors shareholding ratio” and “CPI growth rate” are significant and obvious effects on the company crisis Moreover regardless whether the subprime mortgage crisis hit “CPI growth rate” and “ROA” effect on the corporate crisis particularly significant It shows that stabilizing the price level at the macroeconomic to increase the moderate inflation can provide a healthy market for companies to operate stably and the companies keep itself profitability no matter systemic risks hit or not both of them can reduce the company crisis effectively

Date of Award	2020
Original language	English
Supervisor	Chun-Li Tsai (Supervisor)