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研究生:饒鈺渝
研究生(外文):Yuh-yu Rau
論文名稱:國際化程度對資本結構與現金股利政策之影響-比較美國及台灣電子業
論文名稱(外文):The Effect on Internationalization of Capital Structure and Dividend Policy - Evidence on America and Taiwan Electronic Industry
指導教授:林鳳麗林鳳麗引用關係
指導教授(外文):Feng-Li Lin
學位類別:碩士
校院名稱:朝陽科技大學
系所名稱:會計所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:65
中文關鍵詞:國際化電子業負債比率現金股利政策
外文關鍵詞:Cash dividend ratioDebt ratioInternationalization electronic industry
相關次數:
  • 被引用被引用:1
  • 點閱點閱:382
  • 評分評分:
  • 下載下載:29
  • 收藏至我的研究室書目清單書目收藏:0
電子業多角化及國際化的經營需投入更多的研發與資本支出,故其融資策略與財務決策必需隨時注意世界潮流與產業動態進而做出最佳決策,台灣電子業與美國關聯程度高。但國際化電子業與非國際化電子業間融資策略與財務決策是否不同,以及美國及台灣國際化電子業間融資策略與財務決策是否不同,即為本文研究動機。
以外銷比率大於50%視為國際化電子業,分別比較美國、台灣國際化電子業與非國際化電子業在負債比率與現金股利支付率的高低。並比較美國與台灣兩國國際化電子業之負債比率與現金股利支付率的高低。提供國際化電子業在面對複雜國際環境時,其融資策略與財務決策參考。
實證結果發現(1)美國、台灣國際化電子業的負債比率皆較非國際化電子業低,其原因可能為國際化電子業產品的獨特性及獲利能力較高,易產生足夠的盈餘與內部資金,故負債比率較低。(2)美國國際化電子業的現金股利支付率較非國際化電子業低,其原因可能為國際化電子業系統風險較高,傾向保留現金以備不時之需,故支付較低的現金股利。(3)美國國際化電子之負債比率較台灣國際化電子業低,其原因可能為美國國際化電子業獨特性及獲利能力較高,擁有較多的盈餘與內部資金,故美國國際化電子業負債比率較低。(4)美國國際化電子業之現金股利支付率較台灣國際化電子業低,其原因可能為美國國際化電子業國際化程度較高,因此系統風險較高,而傾向保留現金以備不時之需,故支付較低的現金股利。
In order to keep its product more competitiveness, electronic industry would require to make more effort in R&D and capital investment via diversification and internationalization in market. The financial funding strategy and financial decision making of the internationalization electronic businesses should pay attention simultaneously to the world and industrial trending for achieving the optimal adjustment. Taiwan''s electronic industry has highly relationship with the U.S. electronic industry. The main motive in this study includes the difference between debt ratio and cash dividend ratio of internationalization and non-internationalization electronic industry in U.S. or in Taiwan.
The export ratio greater than 50% is used for the criterion of the international electronics industry. The relevant study of internationalization electronic industry in facing complicated international environment can be used for the reference of finance funding strategy and financial decision making.
Results in this study are shown as follows:
(1) Debt ratio of U.S. and Taiwan’s internationalization electronic industry is lower than that of non-internationalization electronic industry, probably because internationalization electronic own the core technology of matured products, higher profitability, higher growth and more internal funds.
(2) Cash dividend ratio of U.S. internationalization electronic companies is lower than that of non-internationalization electronic companies, probably because internationalization electronic have higher Beta of the firm than non-internationalization electronic companies.
(3) Debt ratio of U.S. internationalization electronic companies is lower than that of the Taiwanese, probably because U.S. have high profitability, higher growth and have more internal funds of that higher than that of Taiwan. Thus, it’s possible to payout in less cash dividend.
(4) Cash dividend payout rate of U.S. companies is lower than that of Taiwan, probably because of U.S. with higher internationalization and higher the Beta; Thus, the company with high system risk would come with more uncertainty of cash flow in future that it could possible to payout less cash dividend.
中文摘要 I
英文摘要 II
致謝辭 III
論文目次 IV
表 目 錄 VI
圖 目 錄 VII
第壹章 緒論 1
第一節 研究動機 2
第二節 研究目的 3
第三節 研究步驟 3

第貮章 文獻回顧與假說建立 6
第一節 國際化企業之相關理論 6
第二節 資本結構之相關實證研究 7
第三節 股利政策之相關實證研究.. 8
第四節 假說建立.. 10
第五節 影響資本結構變數之相關實證.. 15
第六節 影響現金股利政策變數之相關實證.. 19

第叁章 研究設計 21
第一節 樣本選取標準與資料來源 21
第二節 變數之衡量 22
第三節 研究模型 30
第肆章 實證結果與分析 32
第一節 美國國際化電子業與非國際化電子業 32
美國國際化電子業與非國際化電子業之敘述統計 32
美國電子業負債比率與現金股利支付率相關係數 34
美國國際化電子業與非國際化電子業之迴歸分析 36
第二節 台灣國際化電子業與非國際化電子業 40
台灣國際化電子業與非國際化電子業之敘述統計 40
台灣電子業負債比率與現金股利支付率相關係數 42
台灣國際化電子業與非國際化電子業之迴歸分析 44
第三節 美國與台灣國際化電子業 50
美國與台灣國際化電子業之敘述統計 50
美國與台灣國際化電子業負債比率與現金股利支付率相關係數...52
美國與台灣國際化電子業迴歸分析 54

第伍章 結論與建議 58
參考文獻 60
表 目 錄
1.表2-1 各研究者對資本結構實證結果之彙總表-------------------------------9
2.表2-1 各研究者對現金股利支付率實證結果之彙總表----------------------9
3.表3-1 樣本選取過程--------------------------------------------------------------21
4.表3-2 各變數衡量表--------------------------------------------------------------31
5.表4-1 美國國際化電子業與非國際化電子業敘述性統計-----------------33
6.表4-2 美國電子業負債比率與現金股利支付率相關係數表--------------35
7.表4-3 美國國際化電子業與非國際化電子業迴歸分析--------------------39
8.表4-4 台灣國際化電子業與非國際化電子業敘述性統計-----------------41
9.表4-5 台灣電子業負債比率與現金股利支付率相關係數表--------------43
10.表4-6 台灣國際化電子業與非國際化電子業迴歸分析--------------------48
11.表4-7 台灣國際化電子業與非國際化電子業之
現金股利支付率迴歸分-----------------49
11.表4-8 美國與台灣國際化電子業敘述性統計--------------------------------51
12.表4-9 美國與台灣國際化電子業負債比率與現金股利支付率
相關係數表-------------------------------53
13.表4-10 美國與台灣國際化電子業與非國際化電子業迴歸分析---------57
圖 目 錄
1.圖2-1 研究步驟與流程過程--------------------------------------------------------5
一、中文部分
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4.林彩梅、李嫻柔(2007)。國際化程度、代理成本對經營績效關係的影響-以台灣電子業上市電子業為例。中華管理學報,第八卷,第一期:71-85。
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11.楊子菡、廖月波,2004。產品生命週期與產業空洞化─臺灣電子電器業之實證研究。臺灣經濟預測與政策。中央研究院經濟研究所:65–89。
12.詹錦宏、張文榮(2009)。有拗折點的融資順位模型--台灣地區上市公司資本結構之實證研究會計學報 第 1 卷第 2 期。2009 年 5 月。第 37 – 61 頁
13.趙永祥、王建民、陳旭播(2007)。國際化程度與產品多角化策略對公司價值與財務績效影響之研究-以台灣電子業上市公司為例。育達學院學報,第14 期:18~31。
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1. 1.王健聰(2000)。台灣跨國企業資本結構決定因素之實證研究。商管科技季刊。第一卷:第三期,P307~328。
2. 3.林俞廷、黎明淵(2005)。股利政策決定因素再探討。財金論文叢刊。2期:79~101。
3. 4.林彩梅、李嫻柔(2007)。國際化程度、代理成本對經營績效關係的影響-以台灣電子業上市電子業為例。中華管理學報,第八卷,第一期:71-85。
4. 6.施靜慧(2006)。台灣多國籍企業與財務績效。文大商管學報。 Vol.11 , No.1 , (2006):1-10。
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