臺灣博碩士論文加值系統

本篇研究採用2001到2003年台灣上市公司為樣本，首先探討多國籍企業與本國企業的差異，接著探討公司國際化程度與資本結構的關係。

在單變量分析中，本文實證結果顯示多國籍企業的負債比率顯著小於本國企業。而多國籍企業相對於本國企業有較低的營運風險，較低的外匯風險，較高的代理成本與較高的獲利能力。多國籍企業有較低的負債比率可能來自於較高的代理成本與高獲利能力的影響效果大於低營運風險與低外匯風險的效果所致。

在多元迴歸模型中，結果顯示公司國際化程度與槓桿比率呈現了U型關係，亦即存在某個國際化程度門檻值。在公司營運開始國際化時，公司的槓桿比率會隨著營運國際化的增加而呈現負向關係，然而一但超過了國際化程度門檻值後，則公司槓桿比率會隨著營運國際化程度的增加而有正向的關係。

Using a sample of Taiwanese listed firms over the 2001-2003 period, this study investigates the relationship between internationalization and a firm’s capital structure, measured by leverage ratios.

In the univariate tests, our results demonstrate that multinational corporations are significantly less leveraged than domestic corporations. In addition, multinational corporations have lower business risks, lower foreign exchange risks, higher agency costs and more profitable than domestic corporations. Lower leverage ratio of MNCs may come from the facts that their high agency costs and high profitability dominate the effects of low business risks and low foreign exchange risks.

In the multivariate models, our results show an U-shape relationship between internationalization and leverage ratio. That is, there exists an inflection point of the level of internationalization. Internationality is negatively associated with firms’ leverage ratios only before some threshold of internationality, and leverage ratios increase as the degree of internationalization increases beyond this threshold.

中文摘要 i
Abstract ii
Contents iii
Figure contents v
Table contents vi

Chapter 1. Introduction 1
1.1 Research Motivations and Purpose 1
1.2 Research Framework 3
Chapter 2. Literature Review 5
2.1 Sources of Funds for Multinational Operations 5
2.1.1 Internal Source of Funds 5
2.1.2 External Source of Funds 6
2.2 Theories about Firm’s Capital Structure 7
2.2.1 Trade-off Theory 8
2.2.2 Agency Cost Theory 9
2.3 Differences of Capital Structures between MNCs and DCs 11
2.3.1 MNCs Have More Leverage Ratio than DCs 11
2.3.2 MNCs Have Less Leverage Ratio than DCs 12
Chapter 3. Data and Methodology 14
3.1 Data and Sample Selection 14
3.2 Variables 15
3.3 Sample Statistics 19
3.4 Models 22
3.4.1 Linear Model 22
3.4.2 Linear Diversification Model 22
3.4.3 Curvilinear Model 23
3.4.4 Switching Regime Model 24
3.5 Methodology 26
3.5.1 Heteroskedasticity 26
3.5.2 Autocorrelation 27
3.5.3 HAC Consistent Covariances 27
Chapter 4. Results 29
4.1 Univariate Tests 29
4.2 Multivariate Regressions 33
4.2.1 Linear Model 33
4.2.2 Linear Diversification Model 36
4.2.3 Curvilinear Model 39
4.2.4 Switching Regime Model 41
4.3 Summary 44
Chapter 5. Conclusions 45
References 46

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