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研究生:張靖旻
研究生(外文):Ching-min Chung
論文名稱:台灣上市上櫃公司動態資本結構之研究
論文名稱(外文):A Study on Dynamic Capital Structure of Taiwan Listed and OTC-listed Companies
指導教授:許光華許光華引用關係
指導教授(外文):Kuang-Hua Hsu
學位類別:碩士
校院名稱:朝陽科技大學
系所名稱:財務金融系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:64
中文關鍵詞:KHH模型最適負債比率動態資本結構
外文關鍵詞:KHH modelOptimal leverage ratioDynamic capital structure
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:1
國內大型公司(如國揚、大穎企業、東隆五金等)接二連三地發生財務危機,多數因為非常規關係人交易之利益輸送、內線交易、公司資產被掏空或公司資本結構產生問題等因素造成的,加上自有資本嚴重不足、負債比例過高、債務結構(如不良債務大量存在)使用不當等,皆會使公司產生財務危機。
因此,公司的最適資本結構之研究相當重要,Banerjee et al. (2000)運用動態調整模型和縱橫資料(panel data)分析模式進行資本結構分析。由於,先前的文獻未將調整成本列入考慮,因此,Kumbhakar et al. (2002)將Banerjee et al. (2000)的模型擴大並發展出KHH模型,本研究以台灣上市上櫃公司為探討對象,研究變數為動態資本結構之決定因素有收入變動、成長機會、公司規模、非負債稅盾、獲利能力、產業獨特性、距離,使用panel data分析模式、KHH模型,探討其對台灣上市及上櫃公司的靜態資本結構及動態資本結構是否有影響;公司每年資本結構決定因素不同之下是否會對最適負債比率有所影響;其調整速度是否也是影響公司的最適資本結構的因素。研究顯示,動態資本結構比靜態資本結構的模型更具解釋能力,在決定因素影響方面,收入變動、成長機會、公司規模、距離與最適負債比率呈正相關、公司產品的獨特性、非負債稅盾、獲利能力與最適負債比率呈負相關。
Domestic large-scale company constantly to come about finance crisis, most to self-dealer of benefit trans, insider trading, company capital to pull out or company capital structure to bring problems, initiation capital not enough, leverage ratio through high, debt structure is used unsuitable.
Importance of a dynamic approach that created by Banerjee et al. (2000) represents one of the first attempt to apply a dynamic adjustment model and panel data methodology into the capital structure analysis. In previous literature is not considered about adjustment cost, so Kumbhakar et al. (2002) and Heshmati (2002) extended and developed the Banerjee et al. (2000) model that we call KHH model. This paper follows the idea of KHH model for a study on static capital structure and dynamic capital structure of Taiwan listed and OTC-listed companies have affect, and canton about seven industrials to study;The company’s determination is different with optimal leverage ratio, adjusted speed is an element to affect company’s optimal capital structure.
The results are as follows:Firstly, income variability and optimal leverage ratios have positive relation. Growth opportunity and optimal leverage ratios have positive relation, firm scale and optimal leverage ratios have positive relation. Secondary, non-debt tax shields and optimal leverage ratios have negative relation. Finally, profitability and optimal leverage ratios have negative relation, capital structure is affected by expected industry uniqueness, optimal leverage ratio is different with traditional industry, high-technology industries. Finally, distance and optimal leverage ratios have positive relation.
摘 要 I
ABSTRACT III
圖 目 錄 VIII
表 目 錄 IX
第一章 緒 論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 論文架構與研究流程 6
第二章 文 獻 探 討 7
第一節 靜態資本結構 7
第二節 動態資本結構 12
第三節 影響動態資本結構的決定因素 17
第三章 研究設計 24
第一節 資料來源、樣本選取及研究限制 24
第二節 研究架構與研究假說 26
第三節 變數說明及實證模型設計 30
第四章 實證研究 38
第一節 敘述性統計分析 38
第二節 靜態資本結構及動態資本結構之比較分析 46
第五章 結 論 與 建 議 54
第一節 結 論 54
第二節 建 議 57
參 考 文 獻 58
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