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研究生:蔡絜宣
研究生(外文):TASI, CHIEH-HSUAN
論文名稱:營運彈性對營運槓桿與財務槓桿關係之干擾效果
論文名稱(外文):The Moderating Effect of Operational Flexibility on the Relation between Operating Leverage and Financial Leverage
指導教授:闕河士闕河士引用關係
指導教授(外文):CHUEH, HORACE
口試委員:菅瑞昌葉仕國闕河士
口試委員(外文):CHIEH, ANDYYEH, HSIN-KUOCHUEH, HORACE
口試日期:2020-06-09
學位類別:碩士
校院名稱:國立高雄科技大學
系所名稱:金融系
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:2021
畢業學年度:109
語文別:中文
論文頁數:63
中文關鍵詞:營運彈性營運槓桿財務槓桿
外文關鍵詞:Operational FlexibilityOperating LeverageFinancial Leverage
相關次數:
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雖然槓桿取捨假說預期營運槓桿與財務槓桿的關係為負向,然而,過去文獻的實證證據卻是呈現混淆結果。Gu et al. (2018)曾經建立模型說明,營運彈性較小的公司,風險會隨著營運槓桿提高而增加;不過,營運彈性較大的公司,風險會隨著營運槓桿降低而減少。本文據此推論,營運彈性對營運槓桿與財務槓桿關係應當具有正向干擾效果。經由對台灣證券交易所與證券櫃檯買賣中心掛牌公司的實證檢驗,實證結果發現,營運彈性對營運槓桿與財務槓桿關係存在顯著正向干擾效果,當營運彈性較大時,營運槓桿對財務槓桿具正向影響關係;當營運彈性較小時,營運槓桿對財務槓桿的正向影響關係會降低,甚至變成負向影響關係。
Although the trade-off hypothesis of leverage predicts the negative relationship between operating leverage and financial leverage, the empirical evidence is not unambiguous in the previous literature. Gu et al. (2018) have modeled that companies with smaller operational flexibility will increase their risk as operating leverage increases; however, for companies with greater operational flexibility, the risk will decrease as operating leverage decreases. Based on the theory, this paper infers that operational flexibility should have a positive moderating effect on the relation between operational leverage and financial leverage. By examining companies listed on the Taiwan Stock Exchange (TWSE) and the Taipei Exchange (TPEX), the empirical results show that the operational flexibility has a significant positive moderating effect on the relationship between operating leverage and financial leverage. When the operational flexibility is high, the operating leverage has positive impact on the financial leverage. However, When the operational flexibility is small, the positive impact of operating leverage on financial leverage will decline or even turn into a negative relationship.
中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 論文結構 3
第貳章 文獻探討 5
第一節 槓桿定義與衡量 5
第二節 營運槓桿與財務槓桿關係 9
第參章 研究方法 14
第一節 研究架構與研究假說 14
第二節 變數定義與衡量 19
第三節 模型設定與參數估計方法 24
第四節 樣本與資料來源 27
第肆章 實證結果與分析 30
第一節 變數敘述性統計 30
第二節 財務槓桿影響因素迴歸分析及營運彈性干擾效果 34
第伍章 結論與建議 47
第一節 研究結論 47
第二節 研究建議 48
參考文獻 49

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