臺灣博碩士論文加值系統

企業所選擇的不同籌資方式會對其財務結構產生影響,而財務結構又涉及到企業的繼續經營主題。本研究把企業的籌資方式分為下列項目:發行普通股、保留盈餘轉增資、向金融機構舉借的長期貸款、發行公司債、發行可轉換公司債、發行海外存託憑證及發行海外公司債。本研究便依據此七項特徵值(籌資方式),利用集群分析的多變量方式,探索不同產業間的不同公司,其籌資方式同質性及異質性的程度。此外,本研究也會針對企業籌資方式的使用頻率,做一探索。
本研究發現,保留盈餘轉增資是最常被使用的籌資方式,接下來則分別為向金融機構舉借的長期貸款、發行普通股、發行公司債。之後,本研究把所選取的16個產業分為3個集群:
第一群 : 造紙業、鋼鐵業。
第二群 : 食品業、塑膠業、紡織纖維業、電機機械業、電器電纜業、化學工業、玻璃陶瓷業、電子業、營建造材業、運輸業、觀光業、百貨貿易類。
第三群 : 水泥業、橡膠業。
一般而言,在同一群內的產業,表示其籌資方式較具有同質性;而在不同群內的產業,表示其籌資方式具有異質性。

Different financing methods that corporations choose will have an effect on their financial structures, which touches upon the going-concern topic of corporations. This study divides financing methods of corporations into the following items: issuing common stock, capitalizing retained earnings, getting long-term loans from financial institutions, issuing corporate bonds, issuing convertible corporate bonds, issuing global depositary receipts, and issuing overseas convertible bonds. As such, this study explores the degree of homogeneity and heterogeneity of financing methods of different corporations among different industries by using cluster analysis according to the above 7 characteristics (financing methods). In addition, the financial instruments that firms have used frequently will be indicated.
This study finds that capitalizing retained earnings is the first priority favored by different industries, followed by getting long-term loans from financial institutions, issuing common stock, and issuing corporate bonds. Next, this study clusters 16 industries into 3 clusters:
Cluster 1: paper and pulp industry, and iron and steel industry.
Cluster 2: food industry, plastic industry, textile industry, electric machinery industry, electrical and cable industry, chemical industry, glass and ceramic industry, electronic industry, building material and construction industry, shipping and transportation industry, tourist industry, and trading and consumers’ goods industry.
Cluster 3: cement industry and rubber industry.
Those within the same cluster are more homogeneous in their financing types. On the contrary, when they are in different clusters, they are heterogeneous in nature.

TABLE OF CONTENTS
Page
ABSTRACT IN ENGLISH …………………………………………… ii
ACKNOWLEDGES …………………………………………………… iii
TABLE OF CONTENTS ……………………………………………… iv
LIST OF TABLES AND FIGURES ………………………………… v
CHAPTER
I.INTRODUTION…………………………………………………… 1
Research Background …………………………………………… 1
Research Motives and Objectives …………………………… 1
Research Scope…………………………………………………… 2
Research Flow…………………………………………………… 3
II.LITERATURE REVIEW…………………………………………… 4
Sources of Financing ………………………………………… 4
Domestic Literature …………………………………………… 4
Overseas Literature…………………………………………… 13
III. RESEARCH METHODOLOGY…………………………………… 16
Statistical Analysis……………………………………………16
Sampling Method………………………………………………… 16
Research Variables………………………………………………18
IV. DATA ANALYSIS……………………………………………… 19
An Empirically Study on Financing Methods Used by
Different Industries ………………………………………… 19
Cluster Analysis of Different Industries…………………25
V. CONCLUSIONS AND SUGGESTIONS………………………………30
Research Limitation…………………………………………… 30
Suggestions to Business Circle………………………………31
Suggestions to Further Studies………………………………32
Bibliography …………………………………………………… 33 Vita…………………………………………………………………37

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