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研究生:杜佳珊
研究生(外文):Tu,Chia-Shan
論文名稱:投資人情緒對公司目標資本結構調整速度
論文名稱(外文):The study of the effect of Investor Sentiment on adjustment speed of target capital structure
指導教授:詹家昌詹家昌引用關係
指導教授(外文):Chan,Chia-Chang
口試委員:李春安謝登隆徐俊明詹家昌
口試委員(外文):Li,Chun-AnHsieh,Teng-LungHsu,Chun-MingChan,Chia-Chang
口試日期:2011-06-27
學位類別:碩士
校院名稱:東海大學
系所名稱:財務金融學系
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:2011
畢業學年度:99
語文別:中文
論文頁數:43
中文關鍵詞:投資人情緒資本結構調整速度
外文關鍵詞:investor sentimentadjustment speed of target capital structure
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在這競爭激烈的市場環境中,公司為了追求經營績效與股東價值極大化,達到企業永續經營的目的,如何透過籌措投資所需資金並妥善規劃各種資金來源因應投資計畫,將是目前管理當局最應重視的課題。在現實環境中,因資本市場的不完美產生「調整成本」,影響公司調整資本結構的速度,除了公司特性與總體環境外,投資人情緒對「調整成本」也有顯著的影響力,本文結果顯示公司調至目標資本結構之速度,投資人情緒高漲時會比投資人情緒低迷時來的快速,此外在整體相同投資人情緒期間下,不同的公司特性其實也會扮演著不同分量的影響力,先從公司內部接露的部分資訊觀點開始,當期資本結構相對於目標資本結構位置對於調整速度的影響,實證研究顯示高於目標資本結構的公司,將更善加利用投資人情緒對市場的干擾而降低負債比率,也導致高於目標資本結構的公司之會有較高的調整速度;再從融資限制觀點出發,當投資人情緒高漲時,高融資限制的公司更會善加利用此有利時機,當投資人抱持著悲觀的態度時,投資人對於高融資限制的公司會要求更高的風險溢酬做為補償,導致調整成本增加,因此高融資限制公司的管理當局,反而更無法利用市場情緒對於股價短暫偏離的現象,進行資本結構的調整。從外部市場評價之權益流動性觀點而言,權益流動性愈高的公司因為交易成本較低且平日即以從事目標資本結構的調整,因此較不會受到投資人情緒的影響,但權益流動性愈低的公司,則管理當局既有善用利用情緒干擾因素的動機調整資本結構,因此對資本結構的調整速度會有較為顯著的影響。
In the competitive market, company in order to go after business performance and maximal stockholder's value with the purpose of sustainable operation. It is the most important matter to company that how to finance and make the best of funds. In a real environment, because of imperfect capital market result in adjustment costs. The adjustment costs have great impact on the adjustment speed of target capital structure. Investor sentiment also have great influence on the adjustment speed except for firm characteristic and macroeconomic conditions. Our research findings show that it is the faster adjustment speed of target capital structure In high investor sentiment than in low investor sentiment. In addition, when at the same investor sentiment period, different company characteristic have different influence on the adjustment speed. In the view of internal information of company, the company which current capital structure high than target capital structure, it will take advantage of fluctuation of market by irrational investors to reduce debt ratio. Consequently, company of high than target capital structure will have the faster adjustment speed of target capital structure. In the view of the financial constraint, high financial constraint company will make the best of high investor sentiment to adjust their capital structure. On the other hand, investors will request high financial constraint company to heighten risk premium in low investor sentiment. It will increase adjustment costs and can't take advantage of this times of devious stock price to adjust capital structure. Finally, in the view of external information of company, the company of high equity liquidity have low transaction costs and adjust capital structure frequently. Therefore, it will make no difference on investor sentiment. However, the company of low equity liquidity will make use of fluctuation of market by irrational investors to adjust capital structure and have the faster adjustment speed of target capital structure.
壹、前言....................................................................................................................... 1
貳、文獻回顧............................................................................................................... 6
參、研究方法................................................................................................................10
一、樣本資料說明................................................................................................10
二、動態部分調整資本結構模型設計................................................................10
三、決定公司目標資本結構之變數定義............................................................11
四、投資人情緒指標之衡量................................................................................13
五、 公司融資限制程度之衡量..........................................................................13
六、公司權益流動性之衡量................................................................................15
肆、實證結果與分析...................................................................................................17
一、決定公司目標資本結構因子之敘述統計量................................................17
二、投資人情緒對公司目標資本結構調整速度之影響....................................22
三、投資人情緒與總體經濟環境對公司目標資本結構調整速度之影響........24
四、投資人情緒與資本結構位置對公司目標資本結構調整速度之影響....... 28
五、投資人情緒與融資限制對公司目標資本結構調整速度之影響................30
六、投資人情緒與權益流動性對公司目標資本結構調整速度之影響............34
伍、結論.......................................................................................................................36
陸、參考文獻...............................................................................................................38

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