臺灣博碩士論文加值系統

營運槓桿度(DOL)及財務槓桿度(DFL)為衡量企業風險的指標之ㄧ，過去的研究，衡量兩槓桿度多採用Mandelker and Rhee(1984)的衡量模式，本研究認為Mandelker and Rhee(1984)衡量模式，未考慮到規模對於衡量DOL及DFL之影響，故本文除改善Mandelker and Rhee(1984)衡量模式之不足外，並從產業分析三個不同的角度加以探討，分別以廠商之代表性個體、產業之代表性個體及市場之代表性個體三階段，加以探討規模因素影響DOL及DFL之衡量。
本研究樣本取自COMPUSTAT美國上市共599家公司，20年資料。實證結果發現以總資產作為規模變數，並設定機率密度函數，所計算的DOL與DFL上，不論在產業階段、市場階段有差異的產生，因此，規模因素會影響DOL及DFL之衡量，而其所衡量的兩槓桿度與算術平均之下衡量的槓桿度具有差異。

Degree of operation and financial are the indexes of measuring business risk. In the past studies, Mandelker and Rhee (1984) measuring system is used to measure DOL and DFL. However, the size factor isn’t made as a consideration in Mandlker and Rhee (1984) measuring system. In our studies, in addition to improving the insufficiency of Mandlker and Rhee(1984) measuring system, we discussed the size factor in effecting DOL and DFL measurements in three ways of industry analysis- representative individual of firm, representative individual of industry and representative individual of market.
The samples of the research are taken from COMPUSTAT, having 599 public corporations and the 20-year dates. In the result, we find that using total property as the size factor and setting PDF have obvious differences between steps of industry and market. Therefore, size factor would effect the measurements of DOL and DFL. Besides, DOL and DFL in weight average and in arithmetic average have obvious differences.

致謝 i
中文摘要 ii
英文摘要 iii
章節目錄 iv
表目錄 vi
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究範圍 5
第四節 研究流程 5
第二章 文獻探討 7
第一節 規模與風險之關係 7
第二節 風險與營運槓桿度及財務槓桿度之關係 8
第三節 營運槓桿度與財務槓桿度之衡量 8
第四節 營運槓桿度與財務槓桿度之關係 11
第五節 規模對於衡量營運槓桿度及財務槓桿度之關係 12
第三章 研究方法 14
第一節 分析模式 14
第二節 變數說明 19
第三節 資料來源 20
第四章 實證結果 22
第一節 敘述性統計分析 22
第二節 ㄧ般迴歸分析 26
第三節 總資產加權衡量營運槓桿度及財務槓桿度之相關性 30
第五章 結論與建議 33
第一節 結論 33
第二節 後續研究建議 34
參考文獻 35
附錄 38

一、中文文獻
1.張森河，(2002)。聯合分配密度函數設定在數學期望值應用上之影響－以1996年工商普查電機電子業抽樣調查檔為例，國立交通大學經營管理研究所博士論文。
2.張森河(2003)。企業經營因果鏈條在財務預警上的兩儀詮釋，產業論壇，5 (3)， 81-131。
3.張森河、蔡淵輝 、陳相如 (2006)。聯合分配密度函數設定在財務比例期望值應用上之影響，會計與公司治理期刊， 3(2)，37-68。
4.陳育成(2002)。我國產業風險乘數因子抵換關係之實證研究，臺灣管理學刊
5.顏月珠(1980)。統計學，台北市：三民書局。
6.蕭富仁(1997)。營運槓桿與財務槓桿抵換之研究-台灣與美國的實證比較，交通大學管理科學研究所碩士論文。

二、英文文獻
1.Beaver, W., Kettler, P., & Scholes, M. (1970). The Association Between Market Determined and Accounting Determined Risk Measures. The Accounting Review,45(4),645-682
2.Ben-Zion, U., & Shalit S.S. (1975).Size, Leverage, and Dividend Record as Determinants of Equity Risk. The journal of Finance,30(4),1015-1026
3.Bettis, R.A., & Hall, W.K.(1982), Diversification Strategy, Accounting Determined Risk, and Accounting Determined Return. Academy of Management Journal, 25(2), 254-264
4.Bowman, R. (1980). The Importance of a Market-Value Measurement of Debt in Assessing Leverage. Journal of Accounting Research,18(1),242-254
5.Breen, W.J., & Lerner, E.M. (1973).Corporate Financial Strategies and Market Measures of Risk and Return. Journal of Finance,28(2),339-351
6.Brigham, E.F. (1986). Fundamentals of Financial Management, 4th ed., New York, CBS college publishing.
7.Dugan, M.T., Minyard, D.H., & Shriver K.A. (1994). A Re-Examination of the Operating Leverage Tradeoff Hypothesis. The Quarterly Review of Economics and Finance,34(3),327-334
8.Gahlon, J.M., & Gentry J.A. (1982). On the Relationship between Systematic Risk and the Degree of Operating and Financial Leverage. Financial Management ,11(2),15–23
9.Hamada, R.S. (1972). The Effect of the Firm''s Capital Structure on the Systematic Risk of Common Stocks. Journal of Finance,27(2),435-452
10.Huffman, L. (1983).Operating Leverage, Financial Leverage, and Equity Risk. Journal of Banking and Finance,7(2),55-75
11.Huffman, S.P. (1989). The Impact of Operating and Financial Leverage on the Systematic Risk of Common Stocks: Another Look. Journal of Financial and Quantitative Analysis,28(4),83-101
12.Lev, B. (1974).On the Association between Operating Leverage and Risk. Journal of Financial and Quantitative Analysis,9(4),627-642
13.Li, R.J., & Henderson, G.V. Jr (1991). Combined Leverage and Stock Risk. Journal of Financial and Quantitative Analysis,30,18-39
14.Logue, D. E., & Merville, L. J. (1972). Financial Policy and Marker Expectations. Financial Management,37-44
15.Mandelker, G.N. & Rhee, S. G. (1984). The Impact of the Degrees of Operating and Financial Leverage on Systematic Risk of Common Stock. Journal of Financial and Quantitative Analysis,19(1),45-57
16.Melicher, R. W. (1974).Financial Factors Which Influence Beta Variations Within an Homogeneous Industry Environment. Journal of Financial Quantitative Analysis,9(2),537-544
17.Modigliani, F., & Miller, M.H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review,48(3),261-297
18.O’Brien, T.J., & Vanderheiden, P.A. (1987). Empirical Measurement of Operating Leverage for Growing Firms. Financial Management,16(2),45-53
19.Pettit, R. R., & Weaterfield, R. (1972). A Model of Capital Assets and Risk. Journal of Financial and Quantitative Analysis,1649-1677
20.Rubinatein, M. E. (1973). A Mean-Variance Synthesis of Corporate Financial Theory. Journal of Finance,28(1),167-181
21.Sharpe W.F. (1964). Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk. Journal of Finance,19(3),425-442
22.Thompson, D. J. (1976). Sources of Systematic risk in Common Stocks. Journal of Business,49(2),173-188