臺灣博碩士論文加值系統

以往研究公司融資行為主要考慮企業的內部因素(通過衡量財務槓桿的收益和成本來確定企業的融資决策)，忽視了企業的融資决策是在不確定和複雜的環境下進行的。20世紀80年代中期以來， Brander and Lewis (1986)在《美國經濟評論》上發表文章《寡占與融資結構:有限責任效應》提出的“有限責任效應”（limited liability effect）分析資本結構對企業產出策略的影響,這一開創性研究將企業財務決策與市場競爭聯繫起來,使企業融資行為與產品市場活動成為研究資本結構與產品市場競爭關係的新起點,引發了後來的一系列研究。

但是國內這方面的研究尚屬於空白，然而我國高科技產業快速發展盛行，此產業相當強調研究發展、創新與製造技術之卓越，這樣才能與競爭對手有所差異化，以維持在產業中的一席競爭之地，所以比較強調新技術的研究發展，會投注較多的資金在研發上，而致力於R&D 的投資。

所以本研究以R&D 為主要的競爭策略，以2004 年至2006 年的台灣上市公司為樣本，以多元迴歸分析探討公司負債融資決策與產品差異化策略的互動關系。其研究目的為：探討臺灣上市公司負債融資決策對產品研發策略的影響、公司短期負債與長期負債資金的決策對產品研發投資策略的影響。

研究結果發現擁有較多負債的公司，會減少R&D 的投資，其產品差異化策略較為消極；且長期資金較短期負債在產品研發策略上影響較大。

This study focuses on the relationship between different stages of competitive strategy and their influences on the ownership capital structure. Corporate strategy becomes competitive when assets are efficiently allocated and resulting capital structure is optimal enough to support critical strategic actions for business success over their competitors. Asset allocation is a dynamic function of competitive strategy under different stages of business life cycle whereas the ownership capital structure involves complicated combination use of debt and equity financing which are essential to support strategic actions.

This study use various characteristics of financial ratios to represent the different types of business strategy (i.e. aggressive or conservative) and the concept of dynamic stages of business life cycles is used as dummy variable to separate corporate strategic influence on ownership capital structures at different life cycle stages. Ownership capital structure is gauged using the ratio of debt over equity to show company’s inclination toward debt or equity financing to acquire and allocate strategic asset for optimal competitiveness. Statistical methods of data sampling and linear regression are performed on those chosen financial ratios to study their strategic influence on dependent ownership capital structure with stages of business life cycle used as dummy variables for isolation and evaluation purposes.

The result of study shows that companies at growth stages should adopt aggressive strategies such as more investment on R&D, operating inventory, scale enlargement, etc., that may result the inclination of more debt over equity financing. Companies at contracting stages of maturity and declining stages, on the other hand, should adopt more conservative strategy to reduce their scale of operation to avoid negative effect of debt burden and revenue shrinkage. The study also shows that company strategic actions need to be counter-cyclical and one step ahead of times to avoid the negative impact of falling in behind and squeezing band wagon effect which may accelerate cost increase of production factors.

論文摘要………………………………………………………………Ⅰ
Abstract………………………………………………………………Ⅱ
致謝辭…………………………………………………………………Ⅲ
目錄……………………………………………………………………Ⅳ
圖表目錄………………………………………………………………Ⅴ
第一章緒論……………………………………………………………1
第一節研究動機……………………………………………………1
第二節研究目的……………………………………………………2
第三節研究對象與範圍……………………………………………3
第四節研究架構……………………………………………………4

第二章文獻探討………………………………………………………5
第一節競爭策略……………………………………………………5
第二節資本結構和產品市場策略之關係…………………………6

第三章研究方法與資料來源…………………………………………14
第一節研究假說……………………………………………………15
第二節樣本篩選……………………………………………………17
第三節變數定義……………………………………………………18

第四章實證結果與分析………………………………………………28
第一節敘述統計……………………………………………………28
第二節實證結果……………………………………………………32
第三節小結…………………………………………………………39

第五章結論與建議……………………………………………………41

參考文獻………………………………………………………………43

中文部份
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