(3.238.130.97) 您好!臺灣時間:2021/05/13 23:18
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:::

: 
twitterline
研究生:潘家玲
研究生(外文):PAN CHIA LING
論文名稱:財務槓桿有關論或無關論?-臺灣股票市場的再檢驗
論文名稱(外文):Relevance or Irrelevance of Financial Leverage?-Reexamination of Taiwan Stock Markets
指導教授:王雍智王雍智引用關係
指導教授(外文):George Y.Wang
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:商務經營研究所
學門:商業及管理學門
學類:貿易學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:72
中文關鍵詞:資本結構負債權益比財務槓桿
外文關鍵詞:Capital StructureDebt-to-Equity RatioFinancial Leverage
相關次數:
  • 被引用被引用:1
  • 點閱點閱:275
  • 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:10
  • 收藏至我的研究室書目清單書目收藏:0
本研究以資本結構之負債權益比所形成的長期資金組合,利用迴歸模式分析公司之資本結構和公司的價值、經營績效、獲利能力及股價報酬的關聯性,探討公司以及不同產業類別的公司是否存在一個能使股東價值最大化的最適資本結構。
實證結果顯示,公司之資本結構和公司價值Tobin's Q、經營績效指標ROA呈顯著負相關,其二項式呈現U型或V型之關聯性,說明公司之財務槓桿對公司之價值有顯著的影響。
傳統產業之資本結構和經營績效指標ROA及獲利能力NPM呈顯著負相關,說明了財務槓桿有代理成本存在致不能創造傳統產業之公司價值;高科技產業之資本結構和公司價值 Tobin's Q及股價報酬指標Rt呈顯著正相關,說明了財務槓桿的使用能讓追求高風險高報酬的高科技產業創造公司的價值;至於所有產業的資本結構均和獲利能力指標EPS無顯著相關,而且皆與獲利能力指標NPM呈顯著負相關,說明了資金成本的存在影響各個產業的獲利能力。
關鍵詞:資本結構、負債權益比、財務槓桿
This research is conducted based on the long-term investment portfolio formed by the debt-to-equity ratio of capital structure. It uses regression models to analyze the relevance of a company’s capital structure, corporate value, corporate performance, profitability and stock price returns, so as to probe into whether or not an optimal capital structure that maximizes shareholders’ value exists among firms of different industry categories.
The empirical study reveals a significant negative correlation among the corporate capital structure, the corporate value Tobin’s Q and the corporate performance index ROA. Its binomial shows U or V-shaped relevance, which illustrates that the corporate financial leverage has significant impact on the corporate value.
The capital structure, the corporate performance index ROA and the profitability NPM of traditional industries demonstrate a significant negative correlation, which explains that the existence of agency costs in financial leverage makes the traditional industries unable create corporate value. The capital structure, the corporate value Tobin’s Q and the index Rt of stock return present an significant positive correlation, showing that the use of financial leverage enables high-tech industries that seek high-risk and high-return to create corporate value. The facts that, in all industries, the capital structure and profitability index EPS are not closely interrelated and that the profitability index NPM displays a significant negative correlation show that the costs of capital affect the profitability of every single industry.
Keywords: capital structure, debt-to-equity ratio, financial leverage
目 錄
中文摘要 --------------------------------------------------------------------------- i1

英文摘要 --------------------------------------------------------------------------- ii

誌謝 --------------------------------------------------------------------------- iii

目錄 --------------------------------------------------------------------------- iv

表目錄 --------------------------------------------------------------------------- v

圖目錄 --------------------------------------------------------------------------- vi

第一章 緒論------------------------------------------ 1
第一節 研究背景與動機------------------------------ 1
第二節 研究目的------------------------------------ 2
第三節 研究架構及流程------------------------------ 3
第二章 文獻探討-------------------------------------- 4
第一節 傳統資本結構理論--------------------------- 4
第二節 資本結構理論-------------------------------- 6
第三節 資本結構的相關實證文獻---------------------- 12
第三章 研究方法-------------------------------------- 14
第一節 研究假說------------------------------------ 14
第二節 研究模型與變數操作型定義-------------------- 16
第三節 研究期間、研究對象及資料來源---------------- 26
第四章 實證結果分析---------------------------------- 27
第一節 敘述統計------------------------------------ 27
第二節 共線性分析---------------------------------- 28
第三節 迴歸分析------------------------------------ 30
第四節 橫斷面之迴歸分析---------------------------- 38
第五節 產業別之迴歸分析---------------------------- 46
第六節 小結---------------------------------------- 53
第五章 結論與建議------------------------------------ 55
第一節 研究結論------------------------------------ 55
第二節 研究限制------------------------------------ 57
第三節 研究建議------------------------------------ 58
參考文獻 ---------------------------------------------- 59
附錄一 各產業樣本公司名稱---------------------------- 67




表 目 錄

表2-1 資本結構理論文獻整理------------------------------ 10
表3-1 研究模型彙整表------------------------------------ 18
表3-2 變數操作型定義一覽表------------------------------ 25
表4-1 敘述統計------------------------------------------ 27
表4-2 Pearson相關係數矩陣------------------------------- 29
表4-3 變異數膨脹因子數值表------------------------------ 30
表4-4 資本結構與Tobin's Q之關聯性----------------------- 31
表4-5 資本結構與ROA之關聯性--------------------------- 33
表4-6 資本結構與ROE之關聯性--------------------------- 34
表4-7 資本結構與EPS之關聯性---------------------------- 35
表4-8 資本結構與NPM之關聯性--------------------------- 36
表4-9 資本結構與Rt之關聯性----------------------------- 37
表4-10 研究假說驗證結果彙整表---------------------------- 38
表4-11 橫斷面資料之資本結構與Tobin's Q之關聯性----------- 39
表4-12 橫斷面資料之資本結構與ROA之關聯性--------------- 40
表4-13 橫斷面資料之資本結構與ROE之關聯性--------------- 41
表4-14 橫斷面資料之資本結構與EPS之關聯性---------------- 42
表4-15 橫斷面資料之資本結構與NPM之關聯性--------------- 43
表4-16 橫斷面資料之資本結構與Rt之關聯性----------------- 44
表4-17 橫斷面資料研究假說驗證結果彙整表------------------ 45
表4-18 產業類別之資本結構與Tobin's Q之關聯性------------- 46
表4-19 產業類別之資本結構與ROA之關聯性----------------- 47
表4-20 產業類別之資本結構與ROE之關聯性----------------- 48
表4-21 產業類別之資本結構與EPS之關聯性------------------ 49
表4-22 產業類別之資本結構與NPM之關聯性----------------- 50
表4-23 產業類別之資本結構與Rt之關聯性------------------- 51
表4-24 產業分類研究假說驗證結果彙整表-------------------- 52




圖 目 錄

圖1-1 研究架構圖----------------------------------------- 2
圖1-2 研究流程圖----------------------------------------- 3
圖2-1 傳統資本結構理論下資金成本與資本結構之關係--------- 5
圖4-1 資本結構與Tobin's Q之關聯性 ----------------------- 32
圖4-2 資本結構與ROA之關聯性---------------------------- 33
一、中文部份
1.王元章和辜儀芳(2003),「資本結構的選擇、融資與負債清償規模」,財務金融學刊,第11卷,第3期,頁:35-87。
2.王元章和楊淑玲(2008),「公司組織結構資訊內涵與新上市(櫃)期初報酬」,證券市場發展,第20卷,第1期,頁:141-189。
3.王健聰和闕河士(2005),「臺灣與大陸企業資本結構決定因素比較之研究」,輔仁管理評論,第12卷,第1期,頁:93-119。
4.朱博湧、吳壽山和邱淑芳(1992),「資本結構決定因素--台灣實證探討」,管理科學學報,第9卷,第2期,頁:159-177。
5.周淑卿、吳欽杉和陳安琳(2004),「電子資訊產業與非電子資訊產業之研究發展支出、股權結構與公司績效之關聯性研究」,台北科技大學學報,第37卷,第2期,頁:267-287。
6.俞海琴和陳慧娟(1999),「我國上市公司成長、槓桿與托賓Q關聯之研究」,風險管理學報,第1卷,第1期,頁:81-101。
7.陳世崇(2001),「資金成本、資本結構與企業股價報酬關聯性之探討」,國立政治大學會計學系碩士論文。
8.黃現棣(1990),「動態資本結構理論之研論─台灣股票上市公司之實證」,國立臺灣大學商學研究所碩士論文。
9.黃瑞靜(2001),「動態資本結構評價模式之分析與應用」,國立中山大學財務管理研究所博士論文。
10.葉銀華和邱顯比(1996),「資本結構、股權結構和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。
11.楊淑媛、廖四郎和黃瑞靜(2000),「從動態資本結構模型探討台灣產業最適資本結構」,亞太經濟管理評論,第3卷,第2期,頁:41-64。
12.詹家昌和徐民欣(2003),「檢定股利與負債的預測模式-抵換理論與融資順位理論」,管理評論,第22卷,第1期,頁:25-52。
13.詹家昌和鄭達麟(2001),「從固守職位觀點探討銀行總經理授信決策」,東海管理評論,第3卷,第1期,頁:1-22。
14.蔡貴琴(2000),「資本結構與獲利能力、資金成本關係之實證研究—以台灣股票上市公司為研究對象」,國立成功大學企業管理系碩士論文。
15.劉維琪和李怡宗(1993),「融資順位理論之調查研究」,管理評論,第12卷,頁:119-143。
16.劉維琪和李怡宗(1993),「近代資本結構理論的綜合探討」,企銀季刊,第17卷,第1期,頁:1- 26。
17.劉維琪和劉玉珍(1989),「融資順位理論之發展與實證」,管理評論,第8卷,頁:7-22。
18.謝劍平(2006),「財務管理新觀念與本土化」,智勝文化事業有限公司。

二、英文部分
1.Allen, D. E., and H. Mizuno (1989), “The Determinants of Corporate Capital Structure: Japanese Evidence,” Applied Economics, 21(5), pp.569-585.
2.Amihud, Y. (1997), “Dividends, Taxes and Signaling: Evidence from Germany,” Journal of Finance, 52(1), pp.397-408.
3.Berger Allen N. and Patti Emilia Bonaccorsi di (2006), “Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry,” Journal of Banking and Finance, Vol.30, pp.1065-1102.
4.Barclay, M. J., C. W. Smith, and R. L. Watts (1995), “The Determinants of Corporate Leverage and Dividend Policies,” Journal of Applied Corporate Finance,Winter, pp.4-19.
5.Baskin, J. (1989), “An Empirical Investigation of the Pecking Order Hypothesis,” Financial Management, 18(1), Spring, pp.26-35.
6.Baxter, N. (1967), “Leverage, Risk of Ruin and the Cost of Capital,” Journal of Finance, September, pp.395-403.
7.Bowen, R. M., L. Daley, and C. Huber (1982), “Evidence on the Existence and Determinants of Inter-Industry Differences in Leverage,” Finance Management, 11(4), Winter, pp.10-20.
8.Boyle, P. P. (1977), “Options: A Monte Carlo Approach,” Journal of Financial Economics, 4, pp.323-338.
9.Bradley, M., G. Jarrell, and E. H. Kim (1984), “On the Existence of Optimal Capital Structure: Theory and Evidence,” Journal of Finance, 39(3), July,pp.857-870.
10.Brealey, R. and S. Myers (1984), Principles of Corporate Finance, NewYork:McGraw-Hill.
11.Brennan, M., and E. Schwartz (1978), “Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure,” Journal of Business, 51, pp.103-114.
12.Campell, T. S. and W. A. Kracaw (1990), “Corporate Risk Management and the Incentive Effect of Debt,” Journal of Finance, 45, pp.1673-1684.
13.Chung, Kee H. (1993), “Asset Characteristic and Corporate Debt Policy: An Empirical Test”, Journal of Business Finance and Accounting, 20(1), pp.85-100.
14.Crutchley, C. E. and R. S. Hansen (1989), “A Test of the Agency Theory of Managerial Ownership, Corporate Leverage and Corporate Dividends”, Financial Management, 18(4), Winter, pp.36-46.
15.DeAngelo, H. and R . W. Masulis (1980), “Optimal Capital Structure under Corporate and Personal Taxation,” Journal of Financial Economics, 8(1), pp.3-81.
16.Demsetz, H. and K. Lehn (1985), “The Structure of Corporate Ownership: Causes and Consequences,” Journal of Political Economy, 93, pp.1155-1177.
17.Diamond, D. (1989), “Reputation Acquisition in Debt Markets,” Journal of Political Economy, 88, pp.288-307.
18.Donaldson, G, (1961), “Corporate Debt Capacity,” Division of Research, Graduate School of Business Administration, Harvard University.
19.Durand, David (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.
20.Fama, E. F. and K. R. French (1992) ,“ The Cross-Section of Expected stock Returns,” Journal of Finance , 47 (January): pp.427-465.
21.Ferri, M. G., and W, H, Jones (1979), “Determinants of Financial Structure: A New Methodological Approach,” Journal of Finance, 34(3), July, pp.631-651.
22.Fischer, E., R. Heinkel, and J. Zechner (1989), “Dynamic Capital Structure Choice:Theory and Tests,” Journal of Finance, 44, pp.19-40.
23.Friend, I. and L. Lang (1988), “An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure,” Journal of Finance, 43, pp.271-281.
24.Givoly, D. and C. Hayn (1992), “The Valuation of the Deferred Tax Liability: Evidence from the Stock Market,” Accounting Review, 67(2), pp.394-410.
25.Goldstein, R., N. Ju and H. Leland (1999), “An EBIT-based Model of Dynamic Capital Structure,” Working paper, Ohio State University.
26.Gourevitch, H. G. (1977), “Corporate Tax Integration: The European Experience,”The Tax Lawyer 31, Fall, p.65.
27.Hirshleifer, D. and A. V. Thakor (1992), “Managerial Conservatism Project Choice and Debt,” Review of Financial Studies, 5, pp.437-470.
28.Hsu, Hsinan (1996), “The Valuation of CBOT Mortgage-Backed Options,” Journal of Financial Studies, 4(1).
29.Jensen, M. C. and W. H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure,” Journal of Financial Economics, 3, pp.305-360.
30.Jensen, G. R., T. S. Solberg and T. S. Zorn (1992), “Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies,” Journal of Financial and Quantitative Analysis, 27(2), pp.247-263.
31.Kester, C. W. (1986), “Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations,” Financial Management, 15(1),pp.5-16.
32.Kim, E. H. (1978), “A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity,” Journal of Finance, 33(1), pp.45-64.
33.Kim, W. S. and E. H. Sorensen (1986), “Evidence on the Impact of the Agency Cost of Debt on Corporate Debt Policy,” Journal of Financial and Quantitative Analysis, 21(2), June, pp.131-144.
34.Kraus, A. and R. H. Litzenberger (1973), “A State Preference Model of Optimal Financial Leverage,” Journal of Finance, 28(4), September, pp.911-922.
35.Kuo, H. C., L. H. Wang and S. S. Wu (2000), “The Determinants of Capital Structure for Small and Medium Enterprises in Taiwan,” Advances in Pacific Basin Business, Economics, and Finance, 4, pp.23-36.
36.Lang, Larry, Eli Ofek, and Rene M. Stulz, 1996,“Leverage, investment, and firm growth," Journal of Financial Economics,40, pp3-29.
37.Leland, H. (1998), “Agency Costs, Risk Management, and Capital Structure,”Journal of Finance, 53(4), pp.1212-1243.
38.Leland, H. and K. Toft (1996), “Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure of Credit Spreads,” Journal of Finance, 51(3),pp.987-1019.
39.Mackie-Mason J. K. (1990), “Do Tax Affect Corporate Financing Decision?” Journal of Finance , 45(5), December , pp.1471-1493。
40.Marsh, P. (1982), “The Choice Between Equity and Debt : An Empirical Study,” Journal of Finance, 37(1), March, pp.121-144.
41.Miller, M. H. (1977), “Debt and Taxes,” Journal of Finance, 32(2), pp.261-275.
42.Modigliani, F. and M. Miller (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review, 48, pp.261-297.
43.Modigliani, F. and M. Miller (1961),“Dividend Policy, Growth and the Valuation of Shares,” Journal of Business, 34, pp.411-433.
44.Modigliani, F. and M. Miller (1963), “The Taxes and the Cost of Capital,” American Economic Review, 53, pp.433-443.
45.Myers, S. C. (1977), “Determinants of Corporate Borrowing,” Journal of Financial Economics, 5, pp.147-175.
46.Myers, S. C. and N. S. Majluf. (1984), “Corporate Financing and Investment Decisions when Firms have Information that Investors do not have,” Journal of Financial Economics, 13(2), pp.187-221.
47.Pozdena, R. J. (1987), “Tax Policy and Corporate Capital Structure,” Economic Review-Federal Reserve Bank of San Francisco, 4, pp.37-50.
48.Schulman, C. T, D. W. Thomas, K. F. Sellers, and D. B. Kennedy (1996), “Effects of Tax Integration and Capital Gains Tax on Corporate Leverage,” National Tax Journal, 49, March, pp.31-54.
49.Schwartz, E. and J. R. Aronson (1967), “Some Surrogate Evidence in Support of the Concept of Optimal Financial Structure,” Journal of Finance, March, pp.10-18.
50.Scott, D. F. (1972), “Evidence on the Importance of Financial Structure,” Financial Management, Summer, pp.45-50.
51.Scott, D. F. and J. D. Martin (1975), “Industry Influence on Financial Structure,”Financial Management, 4(1), p.67.
52.Smith, C. W. (1977), “Alternative Methods For Raising Capital Rights Versus Underwritten Offerings,” Journal of Financial and Economics, May, pp.273-307.
53.Smith, C. W. and J. B. Warner (1979), “On Financial Contracting: An Analysis of Bond Covenants,” Journal of Financial Economics, 7(2), pp.117-161.
54.Stiglitz, J. E. (1972), “Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Takeovers,” Bell Journal of Economics and Management Science, 3(2), pp.458-482
55.Stulz, R. (1988), “Managerial control of Voting Rights: Financing Policies and the Market for Corporate Control,” Journal of Financial Economics, 20, pp.25-54.
56.Titman, S. (1984), “The Effect of Capital Structure on a Firm’s Liquidation Decision,” Journal of Financial Economics, 13, pp.137-151.
57.Titman, S. and R. Wessels (1988), “The Determinants of Capital Structure Choice,” Journal of Finance, 43(1), pp.1-19.
58.Warner, J. B. (1977), “Bankruptcy Costs: Some Evidence,” Journal of Finance, 32(2), May, pp.337-347.
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