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研究生:許憶萍
研究生(外文):Hsu, Yi-Ping
論文名稱:信用評等與資本結構-以台灣高科技上市公司為實證研究
論文名稱(外文):Credit Rating and Capital Structure - The Empirical Study of Listed High-Tech Companies in Taiwan
指導教授:林哲群林哲群引用關係
指導教授(外文):Lin, Che-Chun
學位類別:碩士
校院名稱:國立清華大學
系所名稱:國際專業管理碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
語文別:英文
論文頁數:56
中文關鍵詞:信用評等資本結構台灣高科技上市公司
外文關鍵詞:Credit RatingCapital StructureHigh-Tech Companies in Taiwan
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The strategy and direction of Taiwan's high-tech industry development has been clear and focused. Industry, institutions and government bodies all followed developmental guidelines as set forth in the promotion plan for the high-tech industry over the past three decades. This study examines to what extent credit ratings directly affect capital structure decisions of the Taiwan government’s fully supported industry (high-tech companies) over the period of 2000 to 2012 .My research provides evidence that when companies’ fundamentals are close to prompting a rating change, managements make financing decisions to issue equity rather than debt (or reduce debt rather than equity).

This paper uses OLS multiple regression analysis to test three models. We concluded that credit rating directly affects capital structure decisions and that Taiwanese high-tech companies that incur credit rating upgrades would issue less debt relative to equity, consistent with the previous finding by Kisgen (2006). On the other hand, companies with credit rating downgrades would issue more debt rather than equity, which does not concur with Kisgen (2006) but barely supports the pecking order theory.
Chapter 1:Introduction 1
1.1 Motivation 1
1.2 Background 1
1.3 Objectives 4
1.4 Organization 4
Chapter 2:Literature Review 5
2.1 Theory of capital structure 5
2.1.1 Trade-off Theory 5
2.1.2 Agency Cost 7
2.1.3The Pecking-Order Theory 10
2.2 Credit Rating and Capital Structure 12
2.2.1 Role of Credit Rating 12
2.2.2 Credit Rating in Capital Structure 14
2.3 Credit Rating and Trade-Off Theory 17
2.4 Credit Rating and Pecking Order Theory 20
2.5 The Determinants of Capital Structure 20
2.5.1 Leverage and Firm Size 21
2.5.2 Leverage and Tangibility of Assets 21
2.5.3 Leverage and Profitability 22
2.5.4 Leverage and Growth Opportunities 23
2.5.5 Leverage and product market, industry factors 24
2.5.6 Leverage and Tax 24
2.6 Introduction of TCRI Credit Ratings 25
2.6.1 TCRI Credit Ratings versus Moody’s and S&P 26
2.6.2 TCRI Ratings Score and Definition 27
2.6.3 Methodology of credit rating assignment rating process 28
Chapter 3:Data and Methodology 31
3.1 Research Method 31
3.1.1 Empirical Design 31
3.1.2 Definition and Measurement of Variables 32
3.2 Sample and Data 33
3.2.1 Data Source 33
3.2.2 Data and Descriptive Statistics for the sample 33
3.3 Result 36
3.3.1 Descriptive Statistics 36
3.3.2 OLS Regression results 40
Chapter 4:Conclusion and Limitations 50
4.1 Conclusion 50
4.2 Limitations 51
Bibliography 52

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