(3.238.240.197) 您好!臺灣時間:2021/04/12 03:29
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
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
  • 點閱點閱:383
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
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
中文部份:
1.江立雯 (2001)。資本結構的影響因素-以台灣地區上市電子業為例。碩士論文,中央大學企業管理研究所。
2.江晏誱 (2004)。動態資本結構之研究-台灣上市公司之實證分析。碩士論文,朝陽科技大學財務金融系。
3.朱國湧、楊國彬 (1997)。台灣上市公司資本結構影響因素十年研究。財務金融研討會論文集,頁434-456。
4.枋俊達 (2004)。資本結構之決定因素與公司價值-以臺灣為例。碩士論文,中華大學科技管理系。
5.陳隆麒、溫育芳 (2002)。國內上市公司資本結構決定因素之研究。台灣銀行季刊,第53卷第一期,頁171-194。
6.黃重裕 (1998)。產業最適資本結構之研究-以資訊電子業為例。碩士論文,政治大學企業管理所。
7.黃現棣 (1991)。動態資本結構理論之研究—臺灣股票上市公司之實證。未出版碩士論文,國立臺灣大學商學研究所。
8.黃新堯 (2001)。中華電信公司資本結構之研究。碩士論文,國立交通大學經營管理系所。
9.黃瑞靜 (2001)。動態資本結構評價模式之分析與應用。博士論文,中山大學財務管理研究所。
10.黃瑞靜、徐守德與廖四郎 (2001)。兩稅合一對公司價值、股利政策與資本結構之影響-動態資本結構模型之應用與台灣產業的實證研究。管理評論,第二十卷,第二期,頁55-86。
11.葉銀華、邱顯比 (1996)。資本結構、股權結構與公司價值關聯性之實證研究:代理成本理論。臺大管理論叢,第7 卷,第2 期,頁57-90。
12.湯蕙霞 (2003)。國內上市公司資臺結構的長期調整。碩士論文,銘傳大學經濟研究所。
13.劉維琪、李怡宗 (1993)。資本結構理論之調查研究。管理評論,第12 期。
14.謝偀杰 (2000)。企業融資行為的模仿與區隔。碩士論文,輔仁大學應用統計學研究所。
15.藍瑞卿 (2000)。台灣地區股票上櫃公司資本結構影響因素之探討。碩士論文,台北大學企業管理研究所。




英文部份:
1.Ansoff, H. and Stewart, J. (1967). Strategies for Technology-Based Business. Harvard Business Review, Vol.43, pp.71-83.
2.Balakrishnan, S. and Fox, I. (1993). Asset Specificity, Firm Heterogeneity and Capital Structure. Strategic Management Journal, Vol.14, No.1, pp. 3-16.
3.Banerjee, S.,Heshmati , A. and Wihlborg, C. (2000). The Dynamics of Capital Structure. Stockholm School of Economics. Working Paper Series in Economics and Finance, No.333.
4.Baxter, N. (1967).Leverage, Risk of Ruin and the Cost of Capital. Journal of Finance, September, pp.395-403.
5.Campell, T. S. and Kracaw, W. A. (1990). Corporate Risk Management and the Incentive Effect of Debt. Journal of Finance, Vol.45, pp.1673-1684.
6.Christensen, P.O., Fox, C.R., Lando, D. and Miltersen, K.R. (2000). Dynamic Capital Structure with Callable Debt and Debt Renegotiations. Working paper.
7.Chung, K. H. (1993). Asset Characteristics and Corporate Debt Policy: An Empirical Test. pp. 83-98.
8.Collin-Dufresne, P.and Goldstein, R.S. (2001). Do Credit Spreads Reflect Stationary Leverage Rations?. Journal Finance, Vol.61(5), pp.1929-1957.
9.DeAngelo H. and Masulis, R. W. (1980). Optimal Capital Structure Under Corporate and Personal Taxation. Journal of Financial Economics, pp.3-29.
10.Dianond, D. (1989). Reputation Acquisition in Debt Marketes. Journal of Political Economy, Vol.88. pp.288-307.
11.Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Harvard Graduate School of Business Administraion.
12.Durand, D. (1952). Cost of Debt and Equity Funds for Business:Trends and Problems of Measurement. Conference of Research in Business Finance, National Bureau of Economic Research, New York, pp.215-247.
13.Fischer, E., Heinkel, R. and Zechner, J. (1989a). Dynamic Capital Structure Choice:Theory and Tests. Journal of Finance, Vol.44, pp.19-40.
14.Fischer, E., Heinkel, R. and Zechner, J. (1989b). Dynamic Recapitalization Policies and the Role of Call Premia and Issue Discounts. Journal of Finance Quantitative Analysis, Vol.24, pp.427-446.
15.Goldstein, R, Ju, N. and Leland, H. (1998).An EBIT-based Model of Dynamic Capital Structure. Working paper, Ohio State University.
16.Goldstein, R., Ju, N., Leland, H. (2001),“An EBIT-based Model of Dynamic Capital Structure, Journal Business, 74 (4), 483-512.
17.Hans, L. (2004). Dynamic Optimal Capital Structure and Technical Change. Structural Change and Economic Dynamics, Vol.15, pp.449-468.
18.Harris, M. and Raviv, A. (1991). The Theory of Capital Structure, Journal of Finance, Vol.46, pp.297-355.
19.Heshmati, A. (2002). The Dynamics of Capital Structure:Evidence from Swedish Micro and Small Firms. Research in Banking and Finance, Vol.2, pp.199-241.
20.Jalivand, A. and Harris, R. S. (1984). Corporate Behavior in Adjusting to Capital Structure and Dividend Target:An Econometric Study. Journal o Finance, Vol.39, pp.127-145.
21.Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeover. American Economic Review, Vol.76, pp.323–329.
22.Kane, A., Marcus, A.J. and McDonald, R.L. (1985). Debt Policy and the Rate of Return Premium to Leverage. Journal of Financial and Quantitative Analysis, Vol.20, pp.479-499.
23.Kim, E. H. (1978). A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity. Journal of Finance, Vol.33(1), pp.45-64.
24.Kim, W.S. and Sorencen, E.H. (1986). Evidence on the Impact of the Agency Cost of Debt on Corporate Debt Policy. Journal of Financial and Quantitative Analysis, Vol.21, pp.131-144.
25.Kraus, A. and Litzenberger, R. H. (1973). A State Preference Model of Optimal Financial Leverage. Journal of Finance, Vol.28(4), September, pp.911-922.
26.Kumbhaker, S.C., Heshmati, A. and Hjalmarsson, L. (2002). How Fast Do Bank Adjust ?A Dynamic Model of Labor-Use with Application to Swedish Banks. Journal of Productivity Analysis, Vol.18, pp.79-102.
27.Kuo, H.C., Wang, L.H. and Wu, S.S. (2000). The Determinants of Capital Structure for Small and Medium Enterprises in Taiwan. Advances in Pacific Basin Business, Economics and Finance, Vol.4, pp.23-36.
28.Leland, H. (1994). Corporate Debt Value, Bond Covenants and Optimal Capital Structure. Journal of Finance, Vol.49(4), pp.1213-1252.
29.Leland, H. (1998). Agency Costs, Risk Management, and Capital Structure. Journal of Finance, Vol.53(4), pp.1212-1243.
30.Leland, H. and Toft, K. (1996). Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure of Credit Spreads. Journal of Finance, Vol.51(3), pp.987-1019.
31.Marsh, P. (1982). The Choice Between Debt and Equity:An Empirical Study. Research Program in Finance Working Papers, RPF-278, pp.1213-1252.
32.Mayer, C. and Sussman, O. (2003). New Issues in Corporate Finance. Working Paper.
33.Michaelas, N., Chittenden, F. and Poutziouris, P. (1999). Financial Policy and Capital Structure Choice in U.K. SMEs:Empirical Evidence from Company panel data. Small Business Economics, Vol.12, pp.113-130.
34.Miller, M. H. (1977). Debt and Taxes. Journal of Finance, pp.261-267.
35.Modigliani, F. and Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, Vol.48, pp.261-297.
36.Modigliani, F. and Miller, M. (1963). Corporate Income Taxes and the Cost of Capital:A Correction. American Economic Review, Vol.53, pp.433-443.
37.Myers, S. C. (1977). Determinations of corporate borrowing. Journal of Financial Economics, pp. 147-175.
38.Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, pp. 575-592.
39.Myers, S.C. and Majluf (1984). N. S., Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have. Journal of Financial Economies, pp. 187-221.
40.Opler, T. C. and Sheridan, T. (1996). Financial Distress and Corporate Performance. Journal of Finance, pp.1015-1040.
41.Ozkan, S.T. (2001). Recycling Rubble into Aggregate: A Model for Local Governments. Habitat International, Vol. 25/4, pp.493-502.
42.Rajan, R. and Zingales, L. (1995). What Do We Know About Capital Structure? Some Evidence from International Data. Journal of Finance, Vol.50, pp.1421-1460.
43.Schulman, L.H. (1997). Recognition of TRNAs by Aminoacyl-TRNA Synthetases. Prog Nucleic Acid Res Mol Biol,Vol.41, pp.23–87.
44.Scott, D.F. and Martin, J.D. (1975). Industry Influence on Financial Structure. Financial Management, Vol.4, pp.67.
45.Smith, C.W. (1977). Alternative Methods For Raising Capital Rights Versus Underwritten Offerings. Journal of Financial and Economics, Vol.5, pp.273-307.
46.Stiglitz, J. E. (1972). Some Aspects of the Pure Theory of Corporate Finance:Bankruptcies and Takeovers. The Bell Journal of Economics and Management Science, Vol.3(2), pp.458-482.
47.Stonehill, A., Beekhuisen, T., Wright, R., Remmers, L., Toy, N.,Pares, A., Shapiro, A., Egan, D. and Bates, T. (1975). Financial Goals and Debt Ratio Determinants:A Survey of Practice in Five Countries. Financial Management, Vol.4, pp.27-41.
48.Titman and Wessels (1988). The Determinants of Capital Structure Choice. Journal of Finance, pp.1-19.
49.Turnbull, S.M. (1977). The Capital Budgeting and The Capital Asset Pricing Model-Good News and Bad News. Journal of Finance, pp.321-333.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔