高盛證劵經濟研究團隊曾預言：2050年世界經濟強權將重新劇烈洗牌，屆時，現有的六大工業國(G6)，只剩下美國與日本，金磚四國（BRICs;巴西、俄羅斯、印度和中國)將取代英國、法國、德國、義大利成為新經濟強權。由於金磚四國在能源、天然資源、資本三大市場將扮演重要角色，且成為全球最重要的消費市場，未來勢必會影響全球經濟板塊的移動。而台灣與中國貿易型態相近且緊密相連，因此，台灣在金磚四國的崛起這場經濟板塊大挪移之下，能在金磚四國市場上占有一席之地？
財務策略在企業發展過程中扮演一重要的角色，如何透過各種財務策略的運用以創造企業價值最大化成為一值得深入研究的課題。Frank and Goyal(2003)認為企業內部資金多不敷投資，企業大多以發行股票方式籌措資金，相對必需有高股利來吸引投資者。Aivazian et al.(2006)則認為負債較高企業，發放較高股利會降低對企業債權人的保障，因此債權人反而會要求企業降低股利發放，以降低負債代理問題。本研究以台灣及金磚四國企業做為研究對象，採用聯立方程式分析模型，並選取自由現金流量(free cash flow)、企業風險(business risk)、企業規模(firm size)等變數，探討投資、融資與股利三大決策間之相互關係，以期比較出各國間企業在財務決策上的差異性。

Goldman Sachs Securities research team predicted that the economy：Power the world economy in 2050 will be keen to re-shuffle. By then, the existing six major industrial countries (G6), is only left over the United States and Japan. BRIC countries (BRICs; Brazil, Russia, India and China) will replace the United Kingdom, France, Germany, Italy as a new economic power. As the BRIC countries in energy, natural resources, the three capital market will play an important role and become the world''s most important consumer market, the future of the global economy will certainly affect the movement of plates. Taiwan and China''s trade pattern is similar to and closely linked to. Therefore, Taiwan is the rise of BRIC large diversion of the economic section, the BRIC countries in the market place?
Financial strategy in the enterprise development plays an important role. As soon as how to penetrate each financial strategy to utilize creates the enterprise value maximization into to be worth the deep research the topic. Frank and Goyal (2003),that insufficient internal funds to invest more, enterprises are financed through the issuance of stock funds, there needs to be a relatively high dividends to attract investors. Aivazian et al.(2006), think that higher liability companies, the dividend will be reduced for higher-to-business creditor protection, creditors will therefore require enterprises to reduce the dividend payment in order to reduce the liabilities of the agency problem. In this study, Taiwan enterprises as BRIC study. Analysis of the use of 3SLS model, and select free cash flow、 business risk、firm size variables. Explore the investment、financing and dividend decision-making among the three major inter-relationship, with a view to compare among countries in the differences in financial decision.

摘要 I
Abstract II
目錄 III
圖目錄 VI
表目錄 VII
第一章 緒論 1
第一節 研究背景與目的 1
第二節 研究架構與研究流程 3
第二章 文獻探討 5
第一節 金磚四國之探討 5
第二節 資本結構理論 6
2.2.1資本結構傳統理論 6
2.2.2 MM資本結構理論 8
2.2.3 融資順位理論 13
第三節 財務因素對財務決策之影響性 14
2.3.1 投資決策 14
2.3.2 融資決策 15
2.3.3 股利決策 16
第四節 財務決策間的相互影響性 17
2.4.1 投資決策與融資決策交互關聯性 17
2.4.2 投資決策與股利決策交互關聯性 18
2.4.3 融資決策與股利決策交互關聯性 18
第五節 研究假說的建立 22
第三章 研究方法 24
第一節 研究架構 24
第二節 研究方法—聯立方程模型(3SLS) 25
第三節 樣本選取與資料來源 27
3.3.1樣本選取標準 27
3.3.2 變數操作性定義 29
第四節 研究模型與分析方法 37
第四章 實證結果與分析 39
第一節 敘述性統計 39
4.1.1 台灣地區企業資料之敘述性統計 39
4.1.2 中國地區企業資料之敘述性統計 41
4.1.3 印度地區企業資料之敘述性統計 42
4.1.4 巴西地區企業資料之敘述性統計 44
4.1.5 俄羅斯地區企業資料之敘述性統計 45
第二節 聯立方程式模式 47
4.2.1 台灣地區財務決策之3SLS分析 47
4.2.2 中國地區財務決策之3SLS分析 50
4.2.3 印度地區財務決策之3SLS分析 53
4.2.4 巴西地區財務決策之3SLS分析 55
4.2.5 俄羅斯地區財務決策之3SLS分析 58
第五章 結論與建議 60
第一節 結論 60
5.1.1投資決策 60
5.2.1融資決策 61
5.3.1股利決策 61
第二節 後續研究 62
參考文獻 64

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