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研究生:陳素真
研究生(外文):SU-CHEN CHEN
論文名稱:企業資本結構決定因素、資本結構與導入新資訊科技聯立結構關係模式之研究
論文名稱(外文):A Simultaneous Equations Model of Integrating the Determination of Capital Structure, Capital Structure and Investment of New Information Technology in the Enterprises
指導教授:陳昭宏陳昭宏引用關係
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:資訊管理系碩士班
學門:電算機學門
學類:電算機一般學類
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:102
中文關鍵詞:結構關係模式資本結構新資訊科技導入資本結構決定因素
外文關鍵詞:Capital StructureNew Information Technology InvestmentCapital Structure DeterminantsLiner Structure Relationships
相關次數:
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企業雖能經由新資訊科技的導入以強化競爭力及促進企業的價值,但新資訊科技未必是必需之投資行為,因此,企業對新資訊科技的採用潛藏許多影響因素。而股東、管理者以及債權人三者之間潛在的利害衝突,可能導致其導入新資訊科技決策上的不同,是以股東、管理者與債權人的意向影響企業新資訊科技導入至鉅。而在此相關研究領域中之學者常以資本結構來代表此三者之間的關係。
本研究在於分析新資訊科技導入之原因,並以資本結構及其決定因素分析新資訊科技導入之影響因素。而企業財務之形成與管理為一種複雜且交互影響的過程,是以本研究採用結構關係模式來探討分析企業資本結構決定因素、資本結構與新資訊科技導入之關係。以符合統計上之不偏性與一致性之要求,避免產生估計上之錯誤。
本研究以民國70年至92年間國內股票上市上櫃且曾導入新資訊科技投資之公司為研究對象,根據資本結構決定因素、資本結構與新資訊科技導入行為之聯立關係為研究思考之主軸,設計資本結構決定因素、資本結構與新資訊科技導入行為之聯立關係模式,模式中的13條假說路徑,有8條達顯著水準;實證結果此模式尚可接受。
分析聯立結構模式後顯示當公司資產抵押價值、成長機會與內部關係人持股比率愈高愈容易擁有較高的負債水準。獲利能力與股利發放愈高,負債水準愈低。負債水準愈高,公司較易採取減少支出提高償債能力政策,故不利需資金投入之新資訊科技導入行為。當公司資產抵押價值愈高、公司規模愈大及內部關係人持股的比率水準較高時,則愈容易採取新資訊科技導入之行為。獲利能力較好的情況下,亦較易採取導入新資訊科技之行為。而股利發放愈多時,較不易採取新資訊科技導入行為。此成果俾以提供學術界相關研究學者,以及實務界之公司管理者與投資大眾參考。
Although the investment of new information technology could enhance the competition and promote the value of enterprises, but it was not necessarily an essential investing. Therefore, the enterprises invested the new information technology had many hidden influential factors . The invisible conflicts among stockholders, managers and debtors could cause a different decision. So the intentions of stockholders, managers and debtors profoundly impact the investment of new information technology. The scholars in the related research field often express the relationship of three parties by the capital structure.
This research consisted in analyzing why the enterprises invest new information technology and its influence factors with the capital structure and its determinants. Since the formation of the enterprise finance and the management are complex and interactive, so this research used the Linear Structure Relationships to discuss and analyze the relationship between the enterprise capital structure''s determinants, capital structure and the investment of new information technology to conform with the agonic and uniform requests of statistics to avoid a wrong calculation.
This research targeted on the firms in the Taiwan stock market between 1981 and 2003, which had already invested a new information technology. The main research point was set up by the associated relationship among the capital structure''s determinants, capital structure and the investment of new information technology behavior to set up research points, and design a relational model among the determinants of the capital structure, capital structure and the new information technology''s investment. There were thirteen hypotheses in the model. Eight of them reached an outstanding level. It showed up that the model was acceptable.
The analysis results showed that the company has higher assets mortgage value, growth opportunity and equity holdings; more easily has higher debts. Higher profit and dividend; lower debts. The higher debts easily cause the company takes the polity of the expenditure-reducing and debt-paying ability increasing. So it did not benefit a new information technology investment. Higher asset mortgage value, size and equity holdings; easier invested new information technology and good profit as well. More dividends provided; harder invested.
摘 要 VI
ABSTRACT VII
誌 謝 VIII
目 錄 IX
表 目 錄 XII
圖 目 錄 XIV
第一章、 緒  論 1
1.1 研究背景與動機 1
1.2 研究目的 3
1.3 研究方法 4
1.4 研究範圍與限制 5
1.4.1 研究範圍 5
1.4.2 研究限制 5
1.5 研究流程 6
第二章、文獻回顧 7
2.1 資本結構理論與決定因素 7
2.1.1 資本結構理論 7
2.1.2 資本結構決定因素 17
2.2 新資訊科技定義 25
2.2.1 資訊科技定義 25
2.2.2 資訊科技範圍 26
2.2.3 新資訊科技的定義與範疇 27
2.3 資本結構及其決定因素對新資訊科技導入影響因素之相關研究 29
2.3.1 資本結構對新資訊科技導入之影響 29
2.3.2 產業別對新資訊科技導入之影響 29
2.3.3 資產抵押價值對新資訊科技導入之影響 30
2.3.4 公司規模對新資訊科技導入之影響 30
2.3.5 成長機會對新資訊科技導入之影響 30
2.3.6 獲利能力對新資訊科技導入之影響 30
2.3.7 股利政策對新資訊科技導入之影響 31
2.3.8 內部關係人持股對新資訊科技導入之影響 31
第三章、研究設計 32
3.1 聯立關係與單一關係錯置之缺失 32
3.2 潛在變數與衡量變數之意義 34
3.3 線性結構關係模式介紹 35
3.3.1 LISREL的模式架構與統計原理 35
3.3.2 LISREL的分析步驟 36
3.4 觀念性架構 42
3.5 衡量變數定義 43
3.5.1 資本結構決定因素之衡量變數定義 43
3.5.2 資本結構之衡量變數定義 44
3.5.3 新資訊科技導入之衡量變數定義 45
3.6 研究假說 46
3.7 樣本選取 48
3.7.1 樣本選取標準 48
3.7.2 資料來源 48
3.8 資本結構與新資訊科技導入行為聯立結構關係模式 49
3.8.1 建立聯立結構關係模式圖 49
3.8.2 細列估計參數 53
3.9 分析架構 55
第四章、實證分析 56
4.1 樣本公司基本分析 56
4.2 資本結構決定因素、資本結構與新資訊科技導入衡量變數之驗證性因素分析 63
4.2.1 資本結構衡量變數因素分析 63
4.2.2 資本結構決定因素因素分析 65
4.2.3 新資訊科技導入因素分析 67
4.3 資本結構決定因素、資本結構及新資訊科技導入聯立結構式分析 70
4.3.1 整體模式適合度評量 70
4.3.2 模式內在結構適合度評量 71
4.3.3 假說路徑之檢定結果 71
第五章、結論、研究貢獻與建議 77
5.1 結論 77
5.1.1 研究變數之衡量 77
5.1.2 建構LISREL聯立結構模式 77
5.1.3 資本結構與新資訊科技導入之關係 77
5.1.4 資本結構決定因素與新資訊科技導入之關係 78
5.1.5 資本結構決定因素對資本結構之關係 78
5.1.6 企業之新資訊科技導入行為 79
5.2 本研究之貢獻 80
5.2.1 理論與觀念上之貢獻 80
5.2.2 研究方法上之貢獻 80
5.3 建議 81
5.3.1 對管理者之建議 81
5.3.2 對後續研究者之建議 81

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中文部分 82
英文部分 84
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