財務比率是衡量企業經營績效的主要評量工具，長久以來會計文獻中都認為財務比率受產業整體狀況及各別企業管理者控制的影響。從1960年代起國外學者開始從事財務比率各期調整現象的研究，除少數研究外，並未明確區別財務比率分別受到產業變化(被動調整)及管理者策略性管理(主動管理)的影響。若未區分影響比率變動的被動因素及主動因素，可能會高估管理者調整財務比率朝目標值趨近的能力。由於探討國內企業財務比率調整行為相關的研究較少，且未說明被動因素及主動因素分別對財務比率的影響，因此本研究採用Wu and Ho(1997)所建立的財務比率調整模型，將財務比率調整行為區分為被動地受產業影響及主動地由管理當局策略性管理，來探討台灣上市公司的財務比率調整行為。
本研究在短期償債能力、財務結構、經營效能等三方面各以一項比率併同每股盈餘及股利支付率為變數，以民國75年至89年為研究期間，考慮財務資料序列是否為定態及橫斷面相關，利用一般化最小平方法探討台灣上市公司財務比率的變動是否受到產業變化及管理者策略性管理的影響。另外，企業規模的不同可能影響比率的調整速度，本研究以虛擬變數來觀察比率變動的速度是否有規模效果。研究結果發現：(1)台灣上市公司財務比率變動受產業變動影響及受管理者策略性管理朝理想的長期最佳目標趨近，惟受管理當局策略性管理影響較大。(2)每股盈餘及股利支付率兩者對外部產業環境非預期變動的敏感度很高，且收斂至長期均衡的速度很快，反應了股票投資人對台灣上市公司的每股盈餘及股利發放政策的重視程度。(3)各財務比率在不同的產業的調整速度有明顯的不同。(4)就產業規模而言，每股盈餘在被動調整及主動管理兩個因素均有顯著的規模效果，流動比率的被動調整因素及存貨週轉率的主動管理因素都具有規模效果。綜上，實證結果顯示財務比率的變動，管理者的策略性管理占很重要的部份。

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一、中文部份
1.林華德，“計量經濟學導論”，三民書局，民國六十九年九月初版。
2.陳正澄，“計量經濟學”，三民書局，民國七十九年九月增訂初版。
3.陳超塵，“計量經濟學原理”，臺灣商務印書館，民國八十五年二月二版。
4.陳隆麒，“當代財務管理”，華泰文化事業公司，民國88年1月初版。
5.張琬喻，“台灣上市公司財務比率時間數列特性與預測模式之研究”，行政院國家科學委員會專題研究計畫成果報告，研究期間：民國八十七年八月至民國八十八年七月。
6.楊慧怡，“長期資料之隨機效果模型分析-公司每股盈餘與財務比率之關聯性研究” ，政治大學統計學系未出版碩士論文，民國九十年
7.楊麗芬，“財務比率均衡性之衡量─台灣上市公司之實證研究”，政治大學會計研究所未出版碩士論文，民國八十三年

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