臺灣博碩士論文加值系統

本研究探討公司經營績效與資本結構間的關係，是否因為外在環境動態的影響而有所變化，而財務決策中的資本結構是否有助於公司在競爭環境中取得競爭優勢。本研究以該產業的銷售收入變動性，即銷售總額的標準差來衡量該產業的環境動態，並且將環境動態假設為五種情況，以察看採取相同槓桿比率時，對績效的影響是否有顯著不同。
本研究發現採取低槓桿比率的公司在環境動態變動最大的情況下，其經營績效最好；高槓桿比率則在低環境動態下得到的經營績效最佳。因此，資本結構決策所創造的投資報酬率受外在環境的調節而有所不同。承上，根據實證結果所得結論如下。

1.環境動態調節資本結構對企業經營績效的影響，因此經營者在制定財務策略時，必須考量外在環境的波動程度，選擇適當的財務槓桿比率，亦即高負債水準不一定因為承擔了高破產風險而不好；低負債水準也不一定因為喪失了稅盾優勢而不受歡迎，應變調整方能創造他人所沒有的競爭能力。
2.資本結構對企業經營績效有顯著的影響，並擴大其損益幅度，高槓桿比率的損益幅度遠大於低槓桿比率。
3.台灣產業似乎不適用以高負債水準進行融資方式，可以發現經營績效隨著財務槓桿的不同，其走勢皆為負斜率，且高槓桿比率的績效狀況劣於低槓桿比率，因此企業經營者決定資本結構程度時，以中低槓比率較為適當。

誌謝 I
摘要 II
目錄 III
圖目錄 V
表目錄 VI
第一章 緒論 1
1.1 研究動機 1
1.2 研究目的 2
1.3 研究範圍與主要發現 3
1.4 研究限制 3
1.5 研究流程 3
第二章 文獻探討 5
2.1 資本結構 5
2.1.1 M&M定理 5
2.1.2 靜態抵換理論 7
2.1.3 融資順位理論 9
2.1.4 動態資本結構理論 10
2.2 策略 11
2.3 環境動態 15
第三章 研究方法 17
3.1 研究假說 17
3.2 研究變數定義與衡量 17
3.2.1經營績效(Performance/ROA) 17
3.2.2環境動態(Dynamism) 18
3.2.3槓桿比率(Leverage) 18
3.2.4其他控制變數 19
3.3 資料來源與選樣準則 20
3.4 計量方法 21
第四章 研究結果與分析 24
4.1 敘述性統計分析 24
4.2 合併迴歸之時間序列分析 25
4.3 財務槓桿與環境動態 28
第五章 結論與建議 31
5.1 研究結論 31
5.2 研究建議 32
參考文獻 33

一、中文參考文獻
1.何啟銘（2005），國際化、資本結構與資金成本關係之研究-台灣上市公司實證。國立中正大學企業管理研究所博士論文。
2.吳敦誠（2001），環境變動性、組織結構、組織學習策略與組織學習績效關係之研究。實踐大學企業管理研究所碩士論文。
3.李佳倩（2002），產業分類對上市公司資本結構之影響-台灣實證研究。銘傳大學經濟學研究所碩士論文。
4.林育司（2004），董事會特性對企業創新績效影響之研究：競爭策略與產業環境之調和效果。國立成奶j學企業管理研究所碩士論文。
5.林育聖（2004），景氣循環與台灣上市公司資本結構之相關性研究。雲林科技大學財務金融研究所碩士論文。
6.林祝英與劉正義（2003），企業研發投資對融資、股利政策與成長機會之影響─以電子資訊產業為例。風險管理學報，第五卷，第三期，頁319-339。
7.洪麗芳（2004），股權結構、財務決策與公司績效關聯性之研究。中原大學會計研究所碩士論文。
8.張清惠（2005），資本結構與競爭策略之關係。國立中央大學企業管理研究所碩士論文。
9.曹新正（2005），研發支出、負債型態與公司績效之實證－美國與台灣之比較研究。中原大學國際貿易研究所碩士論文。
10.梁文秀（2005），上市公司的國際化策略對資本結構之縱斷面探討。中原大學企業管理研究所碩士論文。
11.傅元略（1999），企業資本結優化理論研究。大連：東北財經大學出版社。
12.辜儀芳（2002），臺灣上市公司資本結構選擇之實證研究。國立中正大學財務金融研究所碩士論文
13.鄭博文（2003），市場擇時與資本結構。國立中正大學財務金融研究所碩士論文。


二、英文參考文獻
1.Aldrich, H. (1979), Organizations and Environments, New York: Macmillan.
2.Ansoff, H. I. (1965), Corporate Strategy, New York: McGraw-Hill.
3.Baird, S. L. and Thomas, H. (1985), “Toward a contingency model of strategic risk taking”, Academy of Management Review, 10, pp. 230-243.
4.Bolton, P. and Scharfstein, D. S. (1990), “A theory of predation based on agency problems in financial contracting”, The American Economic Review, 80(1), pp. 93-106.
5.Boyd, B. K. (1995), “CEO duality and firm performance: a contingency model”, Strategic Management Journal, 16(4), pp. 301-312.
6.Brander, J. A. and Lewis, T. R. (1986), “Oligopoly and financial structure: the effects of limited liability”, American Economic Review, 76, pp. 956-970.
7.Brennan, M. and Schwartz, E. (1978), “Corporate income taxes, valuation, and the problem of optimal capital structure”, Journal of Business, 51, pp. 103-114.
8.Bromiley, P. (1990), “On the use of finance theory in strategic management”, In R. Lamb and P. Shrivastava (eds.), Advances in Strategic Management, 6, pp. 71-98.
9.Burns, T. and Stalker, G. M. (1961), Management of Innovation, London: Tavistock.
10.Campello, M. and Fluck, Z. (2003), “ Market share, financial leverage and the macroeconomy: theory and empirical evidence”, working paper university of Illinois.
11.Chandler, A. D., Jr. (1962), Strategy and Structure, Cambridge: MIT Press.
12.Chevalier, J. A. and Scharfstein, D. S. (1996), “Capital-market imperfections and countercyclical markups: theory and evidence,” American Economic Review, 86(4), pp. 703-725.
13.Chung, K. H. (1993), “Asset characteristics and corporate debt policy: an empirical test”, Journal of Business Finance and Accounting, 20, pp. 83-98.
14.D’Aveni, R. A. (1994), Hypercompetition: Managing the Dynamics of Strategic Maneuvering, New York: Free Press.
15.Dess, G. G. and Beard, D. W. (1984), “Dimensions of organizational task environments”, Administrative Science Quarterly, 29, pp. 52-73.
16.Donaldson, G. (1985), “Financial goals and strategic consequences”, Harvard Business Review, 63, pp.57-66.
17.Ducan, R. B. (1972), “Characteristics of organizational environments and perceived environmental uncertainty”, Administrative Science Quarterly, 17, pp. 313-327.
18.Durand, D. (1952), “Cost of debt and equity funds for business: trends and problems of measurement”, Conference on Research in Business Finance, National Bureau of Economic Research, New York, pp.215-247.
19.Faure-Grimaud, A. (2000), “Product market competition and optimal debt contracts: the limited liability effect revisited”, European Economic Review. Amsterdam, 44, pp. 1823-1840.
20.Fischer, E., Heinkel, R. and Zechner, J. (1989), “Dynamic capital structure choice: theory and tests”, Journal of Finance, 44, pp.19-40.
21.Gilley, K. M. and Rasheed, A. (2000), “Making more by doing less: an analysis of outsourcing and its effects on firm performance”, Journal of Management, 26(4), pp. 763-790.
22.Hill, C. W. and Jones, G. R. (1998), Strategy Management Theory, Dallas: Houghton Mifflin.
23.Jensen, M. C. and Meckling, W. H. (1976), “Theory of the firm: managerial behavior, agency cost and ownership structure,” The Journal of Financial Economics, 3, pp.305-360.
24.Jurkovich, R. A. (1974), “Core typology of organizational environments”, Administrative Science Quarterly, 19(3), pp. 380-394.
25.Keats, B. W and Hitt, M. A. (1988), “A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance”, Academy of Management Journal, 31, pp.570-598.
26.Kim, E. H. (1978), “A mean-variance theory of optimal capital structure and corporate debt capacity”, Journal of Finance, 33(1), pp.45-64.
27.Leland, H. (1994), “Corporate debt value, bond covenants and optimal capital structure”, Journal of Finance, 49(4), pp.1213-1252.
28.Leland, H. (1998), “Agency costs, risk management, and capital structure”, Journal of Finance, 53(4), pp.1213-1252.
29.Leland, H. and Toft, K. (1996), “Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads”, Journal of Finance, 51(3)pp.987-1019.
30.Miles, R. E. and Snow, C. (1978), Organizational Strategy, Structure, and Process, New York: McGraw-Hill.
31.Miller, M. H.(1977), “Debt and taxes”, Journal of Finance, 33(2), pp.261-275.
32.Milliken, F. J. (1987), “Three types of perceived uncertainty about the environment: state, effect, and response uncertainty”, The Academy of Management Review, 12(1) , pp.133-143.
33.Milliken, F. J. (1990), “Perceiving and interpreting environmental change: an examination of college administrators' interpretation of changing demographics”, The Academy of Management Journal, 33(1), pp.42-63.
34.Modigliani, F. and Miller, M. (1958), “The cost of capital, corporation finance and the theory of investment”, American Economic Review, 48, pp.261-297.
35.Modigliani, F. and Miller, M. (1963), “The taxes and the cost of capital,” American Economic Review, 53, pp.433-443.
36.Myers, S.C. (1984), “The capital structure puzzle”, Journal of Finance, 39, pp.575-92.
37.Ozkan, A. (2001), “Determinants of capital structure and adjustment to long run target”, Journal of Business Finance and Accounting, 28, pp.175-198.
38.Porter, M. E. (1980), Competitive Strategy：Techniques for Analyzing Industries and Competitors, New York: The Free Express.
39.Sarig, O. H. (1984), “ Bargaining with a corporation and the capital structure of the bargaining firm”, Journal of Financial Economics, 17, pp.111-123.
40.Showalter, D. M. (1995), “Oligopoly and financial structure: comment”, The American Economic Review, 85(3), pp.647-653.
41.Simerly, R. L. and Li, M. F. (2000), “Environmental dynamism, capital structure and performance: a theoretical integration and an empirical test”, Strategic Management Journal, 21, pp.31-49.
42.Smith, C. W. Jr. and Watts, R. L. (1992), “The investment opportunity set and corporate financing, dividend, and compensation policies”, Journal of Financial Economics, 32, pp.263-292.
43.Smith, K. G., Guthrie, T. R. and Chen, M. (1989), “Strategy, size and performance”, Organization Studies, 10, pp.63-81.
44.Stiglitz, J. E. (1972), “Some aspects of the pure theory of corporate finance: bankruptcies and takeovers,” The Bell Journal of Economics and Management Science, 3(2), pp.458-482.
45.Thompson, J. D. (1967), Organizations in Action, New York: McGraw-Hill.
46.Titman, S. and Wessels, R. (1988), “The determinants of capital structure choice”, Journal of Finance, 43(1), pp.1-19.
47.Tosi, H., Aldag, R. and Storey, R. (1973), “On the measurement of the environment: an assessment of the Lawrence and Lorsch environmental uncertainty subscale”, Administrative Science Quarterly, 18(1), pp.27-36.
48.Tung, R. L. (1979), “Dimensions of organizational environments: an exploratory study of their impact on organization structure”, The Academy of Management Journal, 22(4), pp.672-693.
49.Venkatraman, N. (1990), “Performance implications of strategic coalignment: a methodological perspective”, Journal of Management Studies, 27, pp.19-41.
50.Vojislav, M. and Zechner, J. (1991), “Debt, agency costs and industry equilibrium”, The Journal of Finance, 46(5), pp.1619-1645.
51.Williamson, O. (1988), “Corporate finance and corporate governance”, Journal of Finance, 43, pp.567-591.
52.Wooldridge, J. M., (2003) Introductory econometrics: a modern approach, 2th ed., New York: South-Western College Publishing.