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研究生:張慈庭
研究生(外文):Ting-Tzu Chnag
論文名稱:資本結構影響因素之研究
論文名稱(外文):A STUDY ON THE INFLUENCING FACTORS OF CAPITAL STRUCTURE
指導教授:陳瑞璽陳瑞璽引用關係
指導教授(外文):Ruey-Shii Chen
口試委員:陳瑞璽
口試委員(外文):Ruey-Shii Chen
口試日期:2022-06-23
學位類別:碩士
校院名稱:大同大學
系所名稱:事業經營學系(所)
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:2022
畢業學年度:110
語文別:中文
論文頁數:52
中文關鍵詞:資本結構金融危機槓桿
外文關鍵詞:Capital StructureFinancial CrisisLeverage
相關次數:
  • 被引用被引用:1
  • 點閱點閱:125
  • 評分評分:
  • 下載下載:17
  • 收藏至我的研究室書目清單書目收藏:1
本研究探討上市櫃公司資本結構之影響因素,因台灣股票市場中電子業佔大宗,屬資本密集行業,所以探討其影響資本結構決定因素和調整過程的實證研究,可以幫助業者籌募資金及作為金融機構授信的依據。
影響資本結構的因素包含公司內部因素以及外在環境因素。資本結構主要為公司長期資本所構成之關係,是公司長期負債或股東權益占總資本之比例。其主要目的為公司在進行融資決策時,用以評估自身的償債能力及融資能力。
本文以1996年到2021年資料進行實證,本文所呈現之估計結果已考量了自變數可能存在的計量問題。
實證結果顯示,在2008年之前,前期負債比率係數為0.452,亦即結構調整速度為0.548,2008年後之估計係數為0.426,即結構調整速度為0.574,顯示金融危機後,台灣的上市上櫃公司進行較快速的資本結構調整。
資產抵押價值實證呈現顯著正相關,顯示公司若握有可供抵押擔保的資產愈多,愈有能力舉債。董監事持押對長期負債比率的影響,本研究發現,其係數雖與長期負債比率負相關,但卻不顯著。
來自營運之現金流量對負債比率具有正向影響力。資產報酬率對負債比率有負向影響,因此,資產報酬率愈大,負債比率愈小。董監持股愈高,負債比率愈高,董監持股對負債比率有正向影響力。
The factors that affect the capital structure include the company's internal factors and external environmental factors. The capital structure is mainly composed of the long-term capital of the company, which is the ratio of the company's long-term liabilities or shareholders' equity to the total capital. Its main purpose is to evaluate its own solvency and financing ability when making financing decisions.
This paper uses the data from 1996 to 2021 for empirical evidence. The estimation results presented in this paper have taken into account the possible measurement problems of independent variables.
The empirical results show that before 2008, the previous debt ratio coefficient was 0.452, that is, the speed of structural adjustment was 0.548, and the estimated coefficient after 2008 was 0.426, that is, the speed of structural adjustment was 0.574. The company conducts relatively rapid capital structure adjustment.
The empirical evidence of asset collateral value shows a significant positive correlation, showing that the more assets a company has that can be collateralized, the more able it is to borrow. The influence of directors and supervisors' holdings on the long-term debt ratio is found in this study, although its coefficient is negatively correlated with the long-term debt ratio, but it is not significant.
Cash flow from operations has a positive impact on leverage. The return on assets has a negative impact on the debt ratio, so the greater the return on assets, the smaller the debt ratio. The higher the shares held by directors and supervisors, the higher the debt ratio, and the shares held by directors and supervisors have a positive impact on the debt ratio.
摘要i
目錄vii
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
第三節研究流程3
第二章文獻探討4
第一節資本結構4
第二節資本結構相關理論6
第三節影響公司資本結構決策之因素11
第三章研究方法16
第一節資本結構動態調整模型16
第二節樣本描述16
第四章研究結果28
第一節描述性統計28
第二節實證結果37
第五章結論45
第一節研究結論45
參考文獻47
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