(3.236.118.225) 您好!臺灣時間:2021/05/16 13:01
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:蘇正昇
研究生(外文):Cheng-Sheng Su
論文名稱:資本結構的選擇-以台灣上市(櫃)電子為例
論文名稱(外文):The Choices of Capital Structure:Some Evidence from Taiwanese Electronic Firms
指導教授:梁馨予梁馨予引用關係蘇志偉蘇志偉引用關係
指導教授(外文):Hsin-Yu LiangChi-Wei Su
學位類別:碩士
校院名稱:靜宜大學
系所名稱:財務金融研究所
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:2008/06/
畢業學年度:96
語文別:英文
論文頁數:32
中文關鍵詞:抵換理論融資順位理論資本結構
外文關鍵詞:Pecking Order TheoryTrade-Off TheoryCapital Structure
相關次數:
  • 被引用被引用:1
  • 點閱點閱:129
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究檢視台灣上市(櫃)之電子公司的資本結構,實證果顯示台灣上市(櫃)之電子公司會依不同的獲利水準而有不同的融資行為。本研究實證分為兩步驟,第一我們把樣本依高、中、低獲利能力分為不同的次樣本,再利用縱橫資料單根檢定檢測公司的融資行為,第二採用Watson and Wilson(2002)模型來定義,不同獲利水準的公司對資金來源取得之優先順序。我們發現台灣上市(櫃)電子公司在兩種方法下,高獲利公司的融資方式符合融資順位理論,而低獲利公司則符合抵換理論,而獲利能力位於產業中間之一般獲利水準下,沒有任何顯著的結論。
This study intends to examine the choices of capital structure from Taiwanese electronic firms. Empirical results here provide the evidence that Taiwanese electronic firms follow the different financing behavior depending on the level of profitability. This study adopts two separated processes: First, we adopt Panel Unit Root Tests and find that under the different profitability the firms have different financing behaviors. Second, we adopt the model of Watson and Wilson (2002) to determine the order of the capital. We find out that the firms with a high level of profitability support the pecking order theory but the firms with a low profitability turn to support the static trade-off theory. However, the firms with the medium profitability cannot have any significant results.
CONTENTS
摘要 II
ABSTRACT III
CONTENTS IV
LIST OF TABLES V
CHAPTER 1 INTRODUCTION 1

CHAPTER 2 MODELS AND METHODOLOGY 5
2.1 Trade-Off Model 5
2.1.1 Panel Unit Root Tests 6
2.1.1.1 Levin, Lin and Chu (LLC, 2002) Panel Unit Root tests 7
2.1.1.2 Im, Pesaran and Shin (IPS, 2003) Panel Unit Root tests 9
2.1.1.3 Maddala and Wu (MW, 1999) Panel Unit Root tests 11
2.1.1.4 Hadri (2001) Panel Unit Root tests 12
2.2 Watson and Wilson Model 14

CHAPTER 3 EMPIRICAL ANALYSIS 17
3.1 Descriptive statistics 17
3.2 Empirical Results from Panel Unit Root Tests 17
3.3 Empirical Results from Watson and Wilson (2002) Model 18

CHAPTER 4 CONCLUSIONS 20
Baker M. and Wurgler J., 2002 , “Market Timing and Capital Structure,” Journal of Finance 57, 1-32.
Belt B. and Klein D., 1993, “Sustainable Growth and Choice of Financing: A Test of the Pecking Order Hypothesis,” Review of Financial Economics 3, 141-154.
Carpenter R.E. and Petersen B.C., 2002, “Capital market imperfections, high-tech investment, and new equity financing,” Economic Journal 122, 54-72.
Dickey D.A. and Fuller W.A., 1979, “Distribution of the Estimators for Autoregressive Time Series with a Unit Root,” Journal of the American Statistical Association 74, 427–431.
Frank M. Z. and Goyal V. K., 2003, “Testing the pecking order theory of capital structure,” Journal of Financial Economics 67, 217-248.
Fama Eugene F. and French Kenneth R., 2002, “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt,” The Review of Financial Studies 15, 1-33.
Fisher, R.A., 1932. “Statistical Methods for Research Workers ,“(4th Edition ed.), Oliver and Boyd, London.
Fuller, W.A., 1996, “Introduction to Statistical Time Series,” 2nd ed. New York: Wiley p. 736.
Harris M. and Raviv A., 1991, “The theory of capital structure,” The Journal of Finance XLVI (1), March, 297-355.
Hadri K., 2000, “Testing for stationarity in heterogeneous panel data,” Econometrics Journal 3, 148–161.
Helwege J. and Liang N., 1996, “Is There a Pecking Order? : Evidence From a Panel of IPO Firms,” Journal of Financial Economics Vol. 40, 429-458.
Hovakimian A. and Opler T. and Titman S., 2001, “The Debt-equity Choice,” Journal of Financial and Quantitative Analysis 36(1), 1-24.
Im K. S. and Pesaran M. H. and Shin Y., 2003, “Testing Unit Roots in heterogeneous panels,” Journal of Econometrics 115, 53-74.
Javier Sánchez-Vidal and Juan Martín-Ugedo, 2005, “Financing Preferences of Spanish Firms: Evidence on the Pecking Order Theory,” Review of Quantitative Finance and Accounting Vol. 25, 4, 341-355.
Kayhan Ayla and Titman Sheridan, 2007, “Firms’ histories and their capital structures,” Journal of Financial Economics 83, 1–32.
Levin A. and Lin C.F., Chu C.S. J., 2002, “Unit Root tests in Panel Data: Asymptotic and Finite-Sample Properties,” Journal of Econometrics 108, 1-24.
Marsh P., 1982, “The Choice Between Equity and Debt: An Empirical Study,” Journal of Finance 37, 121-144.
Maria Elena Bontempi, Roberto Golinelli (2001), “Is financial leverage mean-reverting? Unit root tests and corporate financing models” Working Paper.
Maddala G. S. and Wu S., 1999, “A comparative Study of Unit root Tests with Panel data and A New Simple test,” Oxford Bulletin of Economics and Statistics, issue 61. 631 - 652.
Modigliani F. and Miller M. H., 1958, “The cost of capital, corporation finance and the theory of investment,” The American Economic Review 68 (3), June, 261-297.
Myers S. C. and Majluf N. S., 1984, “Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics 13, 187-221.
Norton Edgar, 1990, “Similarities and differences in small and large corporation beliefs about capital structure policy,” Small Business Economics Vol. 2, 229-245.
Timan S. and Wessels R., 1988, “The Determinants of Capital Structure Choice,” Journal of Finance 43, 1-19.
Wald J. K., 1999, “How firm characteristics affect capital structure: An international comparison,” Journal of Financial Research, 22, 161−187.
Watson R. and Wilson N., 2002, “Small and Medium Size Enterprise Financing: A Note on Some of the Empirical Implications of a Pecking Order,” Journal of Business Finance and Accounting 29, 557-578
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊