臺灣博碩士論文加值系統

本研究之目的在於探討台灣上市公司在發行可轉換證券與否下，其投資、
股利及對外舉債決策間的關係以決定台灣的資本市場不完美的程度。
1.過去未曾考慮過發行可轉換證券下之情況，故乃納入發行可轉換證券，
以二階段移轉聯立方程式(Two-Stage Switching Simultaneous Equa-
tion)，分別探討發行與不發行可轉換證券下，公司其投資、股利及舉債
決策間的關係。 2.檢定Dhrymes與Kurz(1967)的投資和股利會競爭公司有
限資金說法。所得之結果如下： 1.在公司無發行可轉換證券時，融資決
策會影響到投資決策，亦即會影響到公司的價值，故台灣的資本市場仍不
是完美的資本市場。 2.在公司發行可轉換證券時，投資決策會正面影響
股利決策，故否決了Dhrymes和Kurz(1967)所宣稱的股利與投資會競爭公
司有限資金之說。

The purpose of this paper is to use financial data of public
firms in the Taiwan stock market to study the interaction
among the investment, dividend and financing decisions of
firms under issuing convertibles or not, and to decide the
imperfect degree of Taiwan capital market.　　1. The scholars
didn''t consider convertibles in the past papers.So we take
the convertibles into account and use Two-Stage Switching
Simultaneous Equation system to research this subject. Given
that a firm issue convertibles or not,the interaction among the
three decisions are examined.　　2. To test the proposition by
Dhrymes and Kurz (1967) that a firm''s investment decision
competes with its dividend dicision for limitted source of
funds.　　The major findings are :　　1. When a firm doesn''t
issue convertibles, financing decision will influence
investment decision. That is, financing decision will influence
the value of a firm. From this result, Taiwan capital market is
an imperfect capital market.　　2. When a firm issues
convertibles, investment dicision will positively influence
dividend dicision. From this result, the proposition by Dhrymes
and Kurz (1967) doesn''t gain support.