臺灣博碩士論文加值系統

零負債是資本結構領域被廣泛討論研究的議題，研究發現美國企業從1988年至2016年零負債的企業有增加的趨勢。有鑑於過去相關文獻研究零負債的現象，多著重於零負債企業的特質，鮮少探討零負債對企業有何貢獻，本研究主要的目的為探討零負債政策對企業成長之影響。實證結果顯示，零負債對企業成長有正向顯著影響，無論是對嚴格定義的零負債代理變數，或者是定義相對寬鬆的零負債代理變數。接著零負債企業擁有低財務限制的財務特質，因此本論文發現低財務限制的零負債企業對企業成長依然顯著,而高財務限制的零負債企業對企業成長則為不顯著。

Zero-debt is a widely discussed research topic in the field of capital structure. The study found that there was an increasing tendency for US companies to have zero-debt from 1988 to 2016. In literature concerning the phenomenon of zero-debt, many studies focused on the characteristics of zero-debt companies, but rarely discussed the contribution of zero-debt policy to the growth of enterprises. The main purpose of this study is to till up this gap. The empirical results show that zero-debt has a significantly positive impact on the growth of the sampled company, regarded of the definition of zero-debt. Moreover, the companies using zero-debt policy are found to be those which has low financial constraints.

目次
致謝詞 i
摘要 iii
Abstract iv
目次 v
表目次 vii
圖目次 viii
第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 3
第貳章 文獻探討 4
第一節 零負債及資本結構相關文獻 4
第二節 企業成長相關文獻 7
第叁章 研究方法 9
第一節 資料來源 9
第二節 零負債之定義 10
第三節 企業成長之定義 11
第四節 其它變數之定義 11
第五節 研究模型 12
第肆章 實證結果 15
第一節 敘述統計分析 15
第二節 相關係數分析 15
第三節 零舉債與非零舉債的企業特徵平均數差異檢定 17
第四節 銷售成長與零負債關係 18
第五節 生產效率成長與零負債關係 19
第六節 員工人數成長與零負債關係 20
第七節 穩定性檢測 20
第伍章 結論 24
參考文獻 26
一、 中文部分 26
二、 英文部分 26

表目次
表1敘述樣本的年份 35
表2-1零負債企業產業分佈 36
表2-2零負債企業產業分佈 37
表2-3零負債企業產業分佈 38
表3 敘述統計 39
表4 零負債與企業成長相關係數分析 40
表5 零舉債與非零舉債的企業特徵平均數差異鑑定 41
表6 企業銷售成長與零負債之關係 42
表7 企業生產績效成長與零負債之關係 43
表8 企業員工成長與零負債之關係 44
表9 穩定性檢測,企業銷售成長與零負債之關係 45
表10 穩定性檢測，企業生產績效成長與零負債之關係 46
表11 穩定性檢測，企業員工成長與零負債之關係 47

圖目次
圖1 研究架構圖 3
圖2 零負債趨勢圖 34

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