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研究生:葉達謙
研究生(外文):Ta-Chien Yeh
論文名稱:同產業公司對公司財務決策之影響-臺灣實證研究
論文名稱(外文):Peer Firms’ Effect on Corporate Financial Policy: Evidence from Taiwan
指導教授:楊聲勇楊聲勇引用關係
指導教授(外文):Sheng-Yung Yang
口試委員:張眾卓林丙輝
口試委員(外文):Chong-Chuo ChangBing-Huei Lin
口試日期:2016-06-03
學位類別:碩士
校院名稱:國立中興大學
系所名稱:財務金融學系所
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:2016
畢業學年度:104
語文別:中文
論文頁數:31
中文關鍵詞:資本結構槓桿比率同產業效果
外文關鍵詞:Capital structureLeverage ratioPeer effect
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本研究探討在臺灣市場中同產業公司財務決策是否會影響各別公司之財務決策。研究樣本為1990年至2014年間臺灣上市公司,並且參照Leary and Roberts (2014)之研究方法,先藉由減縮模型確認同產業效果確實存在,再進一步利用兩階段最小平方法來評估同產業效果對於公司財務決策影響之程度。實證結果顯示,臺灣上市公司之間存在同產業效果,也就是說同產業公司之財務決策在公司制定本身財務決策時扮演重要的角色。經由實證結果發現,公司財務決策顯著地受到同產業效果的影響,但與美國市場相比臺灣市場中同產業效果之影響程度不及美國市場。

This study investigates peer effect on corporate financial policy for Taiwanese public corporations. We use the average of the peer firms’ stock return shocks as a proxy of change of the peer firms’ capital structures. This approach was developed in Leary and Roberts (2014). The empirical results show that peer firms play an important role in determining corporate capital structure and financial policy. The peer effect in Taiwanese public corporations is weaker than U.S. public corporations. However, peer effect is still important determinant of corporate financial policy for Taiwanese corporations.

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............................................................................................2
第二章 文獻回顧....................................................................................................3
第一節 資本結構理論....................................................................................3
第二節 資本結構決定因素文獻....................................................................4
第三節 資本結構與同產業效果文獻............................................................6
第三章 研究方法....................................................................................................8
第一節 資料來源與變數定義........................................................................8
第二節 研究模型及判定................................................................................9
第三節 研究流程..........................................................................................13
第四章 實證結果..................................................................................................14
第一節 敘述統計與相關性分析..................................................................14
第二節 建立外生變數..................................................................................18
第三節 同產業效果影響之實證..................................................................20
第五章 結論與建議..............................................................................................28
第一節 研究結論..........................................................................................28
第二節 研究建議..........................................................................................28
參考文獻......................................................................................................................29

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