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研究生:楊婉儀
論文名稱:台灣高成長企業負債政策之特徵與決定因素
指導教授:鎮明常鎮明常引用關係
指導教授(外文):Ming-Chang Cheng
學位類別:碩士
校院名稱:國立中正大學
系所名稱:企業管理研究所
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:2004
畢業學年度:92
語文別:中文
論文頁數:134
中文關鍵詞:公司財務資本結構負債政策代理成本
外文關鍵詞:Corporate FinanceCapital StructureDebt PolicyAgency Cost
相關次數:
  • 被引用被引用:3
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  • 收藏至我的研究室書目清單書目收藏:2
本研究主要在探討台灣與美國高成長企業在未來成長機會、獲利能力、公司規模、公司稅率、股權結構及營運風險對公司資本結構的影響有無不同。本研究之應變數除了總負債比率外,為瞭解企業在其長期負債、短期負債相互消減之不同,因此增加長期負債比率、短期負債比率、長短期負債比率以衡量其中關係。本研究利用迴歸分析試圖找出影響因素,進而比較台灣與美國所有產業以及高成長企業在亞洲金融風暴前後之差異。台灣是以上市、櫃公司為例,資料蒐集自「台灣經濟新報資料庫」,美國企業資料取自「Compustat資料庫」,分別選自亞洲金融風暴前之西元1994至1998年共五年的資料,與亞洲金融風暴後之西元1999至2002年共四年的資料,刪除金融產業並剔除有遺漏值或不正常值的樣本後進行分析。根據實證結果,可以得到以下結論:
1. 台灣企業之負債資金主要來自於短期負債,而美國則以長期負債為主,但台灣企業使用長期負債之情形有逐漸上升的趨勢。
2. 美國部分在金融風暴前後皆為成長機會與總負債比率、長期負債比率、或是短期負債比率皆為負向顯著,而與長短期負債比率則為負向不顯著,符合Myers理論。但台灣卻呈現成長機會越高的公司,越多負債資金,且在總負債比率、長期負債比率、或是短期負債比率皆為正向顯著,此與美國情況不同。
3. 美國與台灣企業在金融風暴前後皆為獲利能力越好的企業,其在總負債比率、長期負債比率、或是短期負債比率皆越低。與融資順位理論相符。
4. 美國企業在金融風暴前後,均為公司規模與總負債比率、長期負債比率為正向顯著,與短期負債比率則為負向顯著。而台灣企業在亞洲金融風暴前與總負債比率、長期負債比率為負向顯著,與短期負債比率為正向顯著;亞洲金融風暴後則轉變為與總負債比率、長期負債比率為正向顯著,與短期負債比率為負向顯著,轉變為與美國相同。
5. 公司稅率變數在美國皆為不顯著的情形,而台灣也僅在亞洲金融風暴前,對於長期負債比率有正向顯著的情況。
6. 股權結構變數在美國的實證中皆為正向不顯著。在台灣的結果為亞洲金融風暴前後皆與長期負債為正向顯著。
7. 營運風險在美國亞洲金融風暴前與總負債比率、短期負債比率為正向顯著;在台灣則與總負債比率為負向顯著。
8. 高成長企業與所有產業實證情形大致上相似,唯台灣成長機會與短債之正向更為顯著。
The main purpose of this thesis is to investigate the optimal debt structure policy of the companies with high growth opportunities in Taiwan and U.S.A. Furthermore, besides the growth opportunity, the profitability, firm size, tax rate, ownership structure, and business risk will be included in our testing process. In order to consider the difference of useness of the firm’s long-term debt and short-term debt, this study extends the dependent variables of long-term debt ratio, short-term debt ratio, and the ratio of the long-term to the short-term debt besides the original dependent variable -- total debt ratio. In addition, this study applies the multiple regressions to test the hypothese. For the data from the United Stated, all firms were drawn from Compustat Data Banks. All data from Taiwan were drawn from Taiwan Economic Journal (TEJ) Data Banks. These firms are all listed and traded on Taiwan Stock Exchange. The periods are divided into two parts by the Asia’s Financial Crisis. The period before Asia’s Financial Crisis is from 1994 to 1998, and the other period after Asia’s Financial Crisis is from 1999 to 2002. According to the empirical results, I can get some conclusions:
1. The debt capital of firms in Taiwan primarily came from the short-term debts, but that in U.S.A. mainly came from long-term debts. The long-term debts of firms in Taiwan rises gradually.
2. In U.S.A., total debt ratio, long-term debt ratio, and short-term debt ratio have significant negative correlation with growth opportunities, and the ratio of the long-term to the short-term debt has not significant negative correlation with growth opportunities. This corresponds to the Myers’ prediction. But in Taiwan, the companies with high growth opportunities have more debt capital, and the total debt ratio, long-term debt ratio, and short-term debt ratio have significant positive correlation with growth opportunities. This is different from the results in U.S.A.
3. In U.S.A. and Taiwan, total debt ratio, long-term debt ratio, and short-term debt ratio have significant negative correlation with the profitability. This conform to the Pecking Order Theory.
4. In U.S.A., total debt ratio and long-term debt ratio have significant positive correlation with the firm size, and short-term debt ratio has significant negative correlation with the firm size. But in the period before Asia’s Financial Crisis of Taiwan, total debt ratio and long-term debt ratio have significant negative correlation with the firm size, and short-term debt ratio has significant positive correlation with the firm size. And after Asia’s Financial Crisis, the empirical results of firm size change into the conditions same with U.S.A.
5. The tax rate has not significant relationship with any dependent variables in U.S.A. But in Taiwan, there is only long-term debt ratio that has significant positive correlation with the tax rate.
6. The ownership structure has not significant positive correlation with any dependent variables in U.S.A. But in Taiwan, there is only long-term debt ratio that has significant positive correlation with the ownership structure.
7. In U.S.A., total debt ratio and short-term debt ratio have significant positive correlation with the business risk. In Taiwan, total debt ratio has significant negative correlation with the business risk.
8. The empirical results of the companies with high growth opportunities is approximately similar to the results of all industries. But in Taiwan, the growth opportunities have more significant positive relationship with short-term debt ratio.
紀念文 I
致謝詞 II
中文摘要 III
Abstract IV
目錄 VI
圖目錄 VII
表目錄 VIII
第壹章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 6
第三節 研究範圍 7
第四節 研究架構 7
第貳章 文獻探討 9
第一節 資本結構理論 9
第二節 國內外資本結構實證文獻彙整 22
第三節 資本結構影響因素之探討 34
第參章 研究方法 41
第一節 研究假設 41
第二節 變數定義與衡量 43
第三節 資料來源與樣本選取標準 49
第四節 統計分析方法 51
第肆章 實證結果與分析 57
第一節 基本敘述統計分析 57
第二節 多元線性迴歸分析 66
第伍章 結論與建議 108
第一節 結論 108
第二節 建議 111
第三節 研究限制 112
參考文獻 113
一、中文部分 113
二、英文部分 114
附錄A 美國與台灣之標準化殘值圖 119
附錄B 美國與台灣之整體迴歸結果 127
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12. 葉玉芳(1999),「公司之債券融資策略--以台灣、美國公司為例」,未出版碩士論文,國立中正大學企業管理研究所。
13. 蔡貴琴(2001),「資本結構與獲利能力、資金成本關係之實證研究─以台灣股票上市公司為研究對象」,未出版碩士論文,國立成功大學企業管理學系。
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18. 謝劍平,財務管理:新觀念與本土化,民國八十六年四月,初版,台北,智勝文化。
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