摘要
資本結構理論及經四十餘年來的發展，仍然在財務上具有重要地位。然而，在最近二十年來，國際經濟情勢丕變，也漸而影響產業生態及企業經營結構。策略學者提出網路聯結可以促成企業具有比較利益或價值提高（e. g., Porter, 1980; Prahalad and Hamel, 1990），進而演化之資本結構變化，是一個有趣的問題。本研究擬探索以產業網路聯結所引導之資源基礎進而影響財務槓桿之情形，這也是一個新的研究面向。本研究採用資料追蹤分析，期間為1997－2001年，計有265個觀測值。實證結果發現：公司的總資產規模愈大、獲利能力愈強、以及公司間財務網路聯結程度之效益愈大，愈有助於降低其財務核桿程度。IT產業與NIT產業在財務槓桿上存在產業特質的差異，IT產黨之家債程度高於NIT產黨。另外，財務網路聯結變數與負債比率呈現“U”型效果，此一結果說明公司間財務網絡聯結程度與其財務槓桿應存在一個最適規模。
並列摘要
Strategic scholars have proposed that network linkages could enhance the competitive advantage or the total value of a firm (e .g., Porter, 1980; Prahalad and Hamel, 1990), and in turn induce the evolution of capital structure; this is an interesting issue. This study adopts a new perspective, which employs network linkage based on a resource-based view to explore financial leverage. This work uses panel data analysis from 1997 to 2001, and the results show that both linear and non- linear financial network link ages indicate that the information technology (IT) industry has more lever age than the non-information technology (NIT) industry. With greater firm size, profitability, and financial network linkage, there is less financial leverage. Also, I find that financial network linkage along with debt ratio presents a ＂U＂ shape effect, which means that there is an optimal scale between network linkage and financial leverage.