臺灣博碩士論文加值系統

資本結構決策一向為公司財務管理者的重要課題，不論多國籍企業或本國企業皆然，但多國籍企業面臨複雜的國際環境因素，尤其是國際性因素(匯率風險、政治風險)，若僅以決定一般公司資本結構的方式來決定多國籍企業資本結構，則稍嫌有不盡完整之處。故本研究的主要目的在探討多國籍企業在考量國際性因素下，資本結構的決定因素為何；且一併探討多國籍企業與本國企業，資本結構是否存在差異，及多國籍企業資本結構是否因投資地區、資產大小、產業、海外據點數的不同而有差異。
本研究主要以台灣製造業上市公司為主要研究對象，選取標準為擁有海外據點數3個(含)以上者為多國籍企業，3個以下者為本國企業，共選取多國籍企業83家；本國企業192家。且採用假設檢定、一因子變異數分析、橫斷面的複迴歸分析等方法，進行實證分析。所得實證結論如下：
一、 多國籍企業最適資本結構決定因素為獲利能力、成長性、企業風險、資產抵押價值、產品獨特性、債務監督成本、匯率風險及政治風險共八項因素。
二、 多國籍企業之平均負債水準高於本國企業。
三、 多國籍企業立足於母國，制定全球經營策略，其資本結構不因投資地區、資產大小、產業、擁有海外據點數的不同而有差異。

Capital structure decision is one of important topics of corporate financial managers whether in multinational corporations or in domestic corporations. Multinational corporations, however, face complicated international environment factors, especially uniquely international factors such as exchange rate risk and political risk. It is incomplete to decide the capital structure of multinational corporations only by the means, which decide that of general corporations. Therefore the goal of this paper is to find whether specific international factors are relevant to the capital structure of multinational corporations; and to find whether there are systematic differences in the traditional capital structure determinants between multinational corporations and domestic corporations, and whether the capital structure choice of multinational corporations is different for investment area, asset size, industry, the number of countries in which the firm operates.
This paper focuses mainly on listed manufacturing companies in Taiwan. Hypothesis Test, Analysis of Variance, and Cross Section Regression Analysis were employed to further analysis.
For the empirical results, the main finding:
1. The optimal capital structure determinants of multinational corporations include profit, growth, business risk, asset collateral, uniqueness, monitoring costs, exchange rate risk, and political risk.
2. The average debt level of multinational corporations is higher than that of domestic corporations.
3. The capital structure choice of multinational corporations makes no difference for investment area, asset size, industry, the number of countries in which the firm operates.

表 次…………………………………………………………………Ⅵ
圖 次…………………………………………………………………Ⅶ
第壹章 緒 論……………………………………………………………1
第一節 研究動機與目的………………………………………………………1
第二節 研究範圍與限制………………………………………………………4
第三節 論文架構………………………………………………………………5
第四節 名詞界說………………………………………………………………7
第貳章 文獻探討……………………………………………………… 9
第一節 理論部分………………………………………………………………9
第二節 國內實證文獻……………………………………………………… 24
第三節 國外實證文獻……………………………………………………… 30
第參章 研究設計…… …………………………………………………39
第一節 研究假說…………………………………………………………… 39
第二節 資料蒐集與樣本特性……………………………………………… 44
第三節 研究變數操作性定義……………………………………………… 48
第四節 研究方法…………………………………………………………… 54
第肆章 實證結果與分析……………………………………………… 59
第一節 研究樣本資料基本分析…………………………………………… 59
第二節 多國籍企業財務變數之分析……………………………………… 74
第三節 多國籍企業資本結構決定因素之分析…………………………… 81
第伍章 結論與建議……………………………………………………88
第一節 研究結論…………………………………………………………… 88
第二節 研究建議…………………………………………………………… 95
參考文獻
中文部分…………………………………………………………………………96
英文部分…………………………………………………………………………97
附錄一…………………………………………………………………100
附錄二…………………………………………………………………101

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