臺灣博碩士論文加值系統

隨著經濟開放、資本市場以及產業多元化的蓬勃發展後，公司的資金需求與運用方式也越來越受到管理階層的重視。由於公司資本結構的變化，可能會受到外部環境、稅率，以及因舉債所產生的稅盾，與其他租稅優惠所形成的稅盾利益等因素所影響。然而，本研究加入過去研究較少以我國產業政策制度形成的非負債稅盾進行探討，再針對我國融資決策上於跨產業之變化，以及企業面臨政府重大產業政策調整，探討其對資本結構產生之影響。研究結果顯示，以研發費用及總所得稅差異代表之非負債稅盾與負債比率皆呈反向關係，但在加入產業政策進行考量後，結果則會因產業政策之對象及功能別的修正，而造成不同年度與上市別公司資本結構決策上的差異。上述證據亦顯示，產業政策之稅盾效果，會因其所優惠之效益多寡，而造成公司資本結構決策調整上之顯著差異。

As industrial diversification and capital market flourishing, the applications and demands of funds have gained more attention of managerial. Previous literature mostly adopt factors like external environment, tax rate, interest tax shields, and the non-debt tax shields to examine the influences on the changes of firms’ capital structure. However, this study investigates the impacts of non-debt tax shields from the perspective of industrial policy. Furthermore, this study focuses on the changes of financing decisions with cross-sectional comparisons when firms confront major industrial policy amendment. The results show that non-debt tax shields generated by R&D expenses and total income tax differences show a negative correlation. Whereas, capital structure decisions would be affected respectively by industry and function oriented goals when industrial policy effects are included in estimates. The evidences also indicated that firms would depend on the benefits of industry policy to significantly adjust their capital structure decisions.

目錄
摘要 II
Abstract III
謝辭 IV
目錄 V
表目錄 VII
圖目錄 VIII
第一章 緒論 1
第一節 研究背景動機 1
第二節 研究動機 3
第三節 研究目的 4
第四節 研究結構 5
第二章 文獻回顧 7
第一節 資本結構理論 7
第二節 租稅與資本結構 11
第三節 非負債稅盾與資本結構效果 16
第四節 產業政策與台灣發展現況 20
第三章 研究方法 23
第一節 研究假說 23
第二節 研究設計 24
第三節 研究模型 30
第四節 研究範圍 32
第四章 研究結果與分析 34
第一節 樣本敘述統計資料分析 34
第二節 相關係數分析 36
第三節實證結果分析 38
第五章 研究結論與建議 53
第一節 研究結論 53
第二節 研究貢獻 56
第三節 研究限制及建議 56
參考文獻 57

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