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研究生:何航順
研究生(外文):Ho, Hang-Shun
論文名稱:財務的網路聯結對公司資本結構的影響
論文名稱(外文):The influence of financial network linkage on capital structure
指導教授:郭憲章郭憲章引用關係
指導教授(外文):Kuo, Hsien-Chang
學位類別:碩士
校院名稱:國立暨南國際大學
系所名稱:國際企業學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:英文
論文頁數:63
中文關鍵詞:資訊科技產業網路聯結資本結構亞洲金融風暴長期追蹤資料
外文關鍵詞:information technologynetwork linkagecapital structureAsian financial crisispanel data
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在全球資訊科技供應鏈中,台灣資訊科技廠商扮演著美國資訊大廠上游供應之要角。本研究的目的是探討網路聯結對台灣資訊科技公司資本結構的影響。網路理論的基本假設之一乃是一家廠商會依賴著其他公司所控制的資源。據此,我們更明確地運用和台灣廠商有上、下游供應製造關係的美國廠商財務狀況,來代理網路聯結因素,嘗試去解釋網路聯結的財務衝擊影響資本結構的情形。
我們以1995到2001年在台灣上市公司的年資料為實證研究樣本。因為資料包含橫斷面及縱斷面,所以本研究採用長期追蹤資料的分析方法來獲得比最小平方法更加有效的估計值。而且,因為在實證的模型中還包含一些不隨時間改變的獨立變數,故本研究採用隨機效果模型來做分析。
有兩個重要的結果:(1)美國資訊科技廠商的營運資本,即是衡量償債能力的指標,負向顯著影響台灣廠商的資本結構。這意味著下游廠商沒有足夠的現金流量,因而延遲付款給上游供應商,所以上游供應商將會再舉更多債。(2)美國廠商的流動資產,正向顯著影響台灣廠商的資本結構。美國廠商的流動資產,代表著預期美國市場的投資機會,其流動資產增加,預期投資機會增加,台灣廠商將以舉債的方式擴充營運規模以避免投資無效率。
最後,依據亞洲金融風暴及財務的網路聯結變數之間之交叉效果,本研究推論台灣廠商在亞洲金融風暴的衝擊下,一面躲避風暴同時也可以快速擴張營運規模,是因為和財務相對良好的美國廠商有著強大的聯結關係。
In global information technology (IT) supply chain, Taiwanese IT firms play an important role in the supplier of U.S. IT firms. The purpose of this study is to examine the influence of network linkage on the capital structure of Taiwan IT firms. A basic assumption in the network model is that individual firm is dependent on resources controlled by other firms. More specifically, we use financial network linkage factors, which are financial positions of U.S. IT firms, to surrogate the financial impact that influences the capital structure of Taiwanese firms through their network linkages in the same industry.
We collect annual data of IT firms listed in Taiwan Stock Exchange Corporation for empirical analysis during 1995 to 2001. Owing to blending characteristics of both cross-sectional and time series data, we employ panel data analysis to improve the efficiency of econometric estimates. Specifically, we choose random effect model because there are time invariant variables in our models.
Two important results are detected: (1) U.S. IT firms’ working capital, a direct measurement of a firm’s solvency, is significantly negatively correlated with Taiwanese IT firms’ capital structure. This implies that a downstream firm which has insufficient cash flow influences the upstream firm’s choosing more debt, because the downstream firm fails to pay on time. (2) As a result of positive correlation between U.S. firms’ current assets and Taiwanese firms’ capital structure, Taiwanese IT firms choose more debt to expand their business in order to avoid inefficient investment.
Based on the results of interaction between Asian financial crisis and financial network linkage, we suggest that Taiwanese IT firms rapidly expand their business during our research span and yet be able to get away from crisis owing to a stronger linkage with U.S. firms, which have relatively good financial positions after Asian financial crisis.
Contents
Page
Chapter 1. Introduction
1.1 Research background and motives.........................2
1.2 Research purposes.......................................7
1.3 Research procedure......................................7
Chapter 2. Literature Review
2.1 Determinants of firm’s capital structur................9
2.1.1 Agency costs..........................................11
2.1.2 Bankruptcy costs......................................13
2.1.3 Asymmetric information................................14
2.1.4 Others................................................16
2.2 Review of empirical literature..........................19
2.2.1 Focused on firm-related factors.......................20
2.2.2 Focused on economic factors...........................20
2.2.3 Focused on international factors......................22
2.3 Network linkage.........................................27
Chapter 3. Methodology
3.1 Research sampling...................................30
3.2 Operationalization of determinants......................31
3.3 Statistical Methods............................37
Chapter 4. Empirical Results
4.1 Data description........................................40
4.2 Results.................................................42
Chapter 5. Conclusions
5.1 Summary........................................48
5.2 Implications...................................51
5.3 Contributions..................................52
5.4 Limitations....................................53
5.5 Suggestions for further research...............53
References..................................................55
Appendix A..................................................60
Appendix B..................................................62
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