第六章 結論與建議
第二節 研究限制及建議
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使公司利潤減少，不利公司未來發展。
三、結論
由成長機會(報酬因素)與短期負債比率呈負向關係；成長機會(市值因素)與 自由現金流量呈正向關係推論，成長機會較高的國內上市櫃連接器公司多數以 保有營運活動所產生的高現金部位來滿足資金需求，避免舉債減少利息支出，
並利用充裕現金進行研發及具生產性的投資計畫，加強公司競爭能力帶動公司 未來盈餘成長，進一步提高公司的價值。
第二節 研究限制及建議
一、研究限制
本研究目的旨在剖析我國上市櫃連接器公司其成長機會，並探討以何種財 務策略取得穩健之資金來源，及維持適量的自由現金流量水準，可進一步來提 升國內中小型連接器廠商成長機會，以期窺探企業決策的模式，並不針對各產 業實證結果之差異進行深入之比較與產業分析。故相關實證結果僅適用於單一 連接器產業，無法類推整體電子產業。
另由於成長機會為不可觀測的變數，在作實證分析時須選取替代變數予以 衡量，因此採用過去實證文獻較常使用的替代變數納入迴歸分式中。本研究企 業成長機會之因素負荷量分析區分為報酬因素(Factor1)及市值因素(Factor2)，以 代表原來所有的變項，累計數75.51%即代表可以解釋原來所有的變項的程度，
但未能找出完全具代表性之因素，此種作法或許會影響到實證結果之精確性。
二、研究建議
本研究根據實證結果，除窺探國內上市櫃連接器公司財務決策模式外，並 提出相關建議如下：
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(一)融資政策
由成長機會(報酬因素)與短期負債比率呈負向關係；成長機會(市值因素)與 自由現金流量呈正向關係推論，國內上市櫃連接器公司為提高成長機會應以保 有營運活動所產生的高現金部位來滿足資金需求，避免舉債減少利息支出，並 利用充裕現金進行研發及具生產性的投資計畫，加強公司競爭能力帶動公司未 來盈餘成長，進一步提高公司的價值。
（二）股利政策
由本研究實證結果推論，國內上市櫃連接器公司為提高成長機會應以保有 營運活動所產生的高現金部位來滿足資金需求，故建議採用穩定股利額政策 (Constant growth dividend)，要求公司對未來的支付能力作出較好的判斷。所謂 穩定股利額政策即以確定的現金股利分配額作為利潤分配的首要考量，一般不 隨資金需求的波動而波動，該股利政策除提供給投資人一個穩定的訊息外，亦 可作為許多長期投資人其穩定的收入來源，以便安排消費和其他各項支出，穩 定股利額政策有利於公司吸引和穩定這部分投資人的投資。一般來說，公司確 定的穩定股利額不應太高，要留有餘地，以免形成公司無力支付的困境。
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1. 台灣電子連接產業協會 http://www.e-teca.org.tw/
2. 公開資訊觀測站 http://www.newmops.tse.com.tw/
3. 工研院產業情報網 http://www.ieknet.itri.org.tw/
4. Bishop Report http://www.connectorstats.com/
5. 電子時報 http://www. digitimes.com.tw/