臺灣博碩士論文加值系統

摘要
自從資本結構無關論於1958年提出後，資本結構這個課題開始受到眾人的注意。然而，直到目前為止，仍未有一通用之理論出現。近年來，開始有學者將公司所處營運環境之因素納入考慮；公司個別特徵與營運環境因素之合併考量，逐漸成為資本結構研究之新方向。
本研究採用固定效果模式(fixed effect model)以探討公司資本結構之決定因素究竟包含哪些變數？並將樣本分為高科技產業與傳統製造業兩群，以瞭解不同的產業其資本結構決定因素是否亦不同？接著，再利用機率迴歸模式(probit regression model)來預測公司融資工具之選擇，找出影響公司融資工具之影響因素。
本研究之結論可分為兩部分：獲利能力，公司規模，成長率，產業效果，資產種類，稅盾效果，財務限制，股票市場和營運環境對公司資本結構有重大的影響；而獲利能力，與最適負債水準之差距，資產種類，成長率，股票市場和營運環境則與公司融資工具之選擇具有顯著之關係。

Abstract
Since the proposal of the irrelevance of corporate capital structure theory by Modigliani and Miller in 1958, capital structure starts to play an important role in corporate finance. However, there’s still not a consensus about the determinants of corporate capital structure. In recent years, researchers began to try to take the operating environment conditions into consideration. Combination of the operating environment conditions and firm-specific characteristics is in the trend.
There are two agendas in this thesis. First of all, what are the determinants statistically significant to the decision of the capital structure of firms, including operating environment condition factors and firm-specific variables? Second, what action will firms take to change their capital structure, in other words, how can we predict firms’ financing choices (debt versus equity) by the use of operating environment condition factors and firm-specific variables? Different methodologies are applied to deal with the agendas. For agenda one, the fixed effect model is used to estimate the optimal capital structure. Operating environment condition factors are added to the independent variables. Additionally, adoption of two different classifications: the technology hardware and equipment industry and the traditional manufacturing industry is performed to analyze whether the determinants of corporate capital structure in different industries are the same or not. For agenda two, the probit regression model is applied to predict the issue choices between debt and equity.
This study derives conclusions that profitability, size of a firm, growth rate, industry effect, nature of assets, tax shield, financial constraints, stock market and operating environment are statistically significant to the corporate capital structure. Profitability, deviations from the target leverage, nature of assets, growth rate, stock market and operating environment have significant influences on the issue choices between debt and equity.

CONTENTS
CHAPTER 1 OVERVIEW……………………….….……………… 1
1.1 Introduction and research motivation………………. 1
1.2 Research background and objective………………..... 5
1.3 Research framework………………………….……… 10
CHAPTER 2 LITERATURE REVIEW………….………………… 11
2.1 Static tradeoff models…………………………..... 13
2.1.1 Taxes versus bankruptcy costs…..………….. 13
2.1.2 Agency conflict…………….……….…………... 15
2.1.3 Stakeholder co-investment theory……….….. 17
2.2 The pecking order theory……………………………… 19
2.3 A few remarks about previous research……………... 21
2.4 The research for industry effects………………….. 23
2.5 Literature about the financing through debt or equity.. 25
CHAPTER 3 RESEARCH METHODOLOGY………….………... 28
3.1 Research agenda…………………………….………….. 28
3.2 Data and methodology……………………………..…… 31
3.2.1 Data description……………………………….... 31
3.2.2 Empirical method………………………...……... 32
CHAPTER 4 EMPIRICAL FINDING AND ANALYSIS...……….. 43
4.1 Descriptive statistics analysis.…………………… 43
4.2 Analysis of estimation of a firm’s capital structure…52
4.2.1 General model……………………………………… 53
4.2.2 Models for specific industries………………… 64
4.3 Analysis of prediction of the debt-equity financing
choice.... 83
CHAPTER 5 CONCLUSIONS...……………………………..…….. 90
5.1 Research conclusions…………………………………… 90
5.2 Research confinement and recommendation…………… 94
REFERENCES……………………………………………………….. 96
INDEX OF FIGURES
Figure 1-1 Research framework…………………………….… 10
Figure 3-1 Flowchart of the research methodology…….. 42
INDEX OF TABLES
Table 2-1 Summary of the literature on taxes vs. bankruptcy
costs…...14
Table 2-2 Summary of the literature on agency conflicts..16
Table 2-3 Summary of the literature on stakeholder co-investment....18
Table 2-4 Summary of the literature on the pecking order theory… 20
Table 2-5 Summary of the literature on the market timing theory……22
Table 2-6 Summary of the literature on the industry effect….24
Table 2-7 Summary of the literature on the choice of debt or equity…. 27
Table 3-1 Summary of explained variables…………...... 33
Table 3-2 Summary of the explanatory variables……….. 41
Table 4-1 Summary of descriptive statistics………….. 46
Table 4-2 Summary of sample from various industries… 47
Table 4-3 Summary of descriptive statistics (technology hardware and equipment)…………………………………….. 48
Table 4-4 Summary of descriptive statistics (traditional manufacture) 49
Table 4-5 Summary of coefficients of correlation (Agenda One)…….. 50
Table 4-6 Summary of coefficients of correlation (Agenda Two)……. 51
Table 4-7 Outcome of the fixed effect model (TDA)……. 61
Table 4-8 Outcome of the fixed effect model (LDA)……. 62
Table 4-9 Contrast of empirical results (total sample) 63
Table 4-10 Outcome of the fixed effect model (TDA-technology)…… 73
Table 4-11 Outcome of the fixed effect model (LDA-technology)…… 74
Table 4-12 Outcome of the fixed effect model (TDA-traditional)……. 75
Table 4-13 Outcome of the fixed effect model (LDA-traditional)……. 76
Table 4-14 Contrast of empirical results (technology)…77
Table 4-15 Contrast of empirical results (traditional manufacturing)… 78
Table 4-16 Summary of significance of factors (fixed effect model)… 79
Table 4-17 Summary of significant factors (different industries-TDA) 80
Table 4-18 Summary of significant factors (different industries-LDA) 81
Table 4-19 Comparison of the predictions and outcomes 82
Table 4-20 Outcome of the probit regression model…… 89
Table 5-1 Summary of empirical findings……………….. 93

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