Value Line財金資料庫,其歷史財務資料建構相當完整,同時還有對未來做預測及對投資者的建議,是個非常實用的財金工具。故本研究試想利用其資料庫的產業資訊作為一些財務理論的驗證。台灣的7-ELEVEN遍佈全省將近3,500個通路,更是便利商店的龍頭,那美國自吹- ELEVEN在資金來源運用及經營績效表現,是否仍一樣佔有其優勢?故利用Value Line財金資料庫,對7-ELEVEN相關產業作一個探討。因此選定以美國食品雜貨業為研究母體,以WACC (Weighted Average Cost of Capital)理論來衡量公司的資本結構, 期待能預測出產業之最適資本結構, 並了解資本結構與負債資金成本是否有顯著關係。本研究以Value Line財金資料庫找出美國食品雜貨業中的14家公司,但剔除1家資訊不完整,有效樣本為13家公司,並進行2004年WACC預測值及負債比率預測,利用SPSS以負債比率預測為自變數,WACC預測值為依變數,進行統計分析。迴歸分析結果為COC= 198.596- 18.689(D/Cap),迴歸方程式之斜率為負斜率,其斜率項β係數之t- test檢定結果呈現顯著,故有充分證據顯示資本結構(長期負債比南與資金成本之相關係數異於零,亦即表示該模式顯示出資本結構與資金成本具有相關性存在。
The Value Line Investment Survey, one of the most popular financial databases, provides the historical financial information as well as the future investment recommendation for both financial industry and academy. Indeed, this database is not only useful for investors, but also wonderful for students. The purposes of this study are twofold. First, this study demonstrates finance students how to use the Value Line Investment Survey database to calculate the weighted average cost of capital. Second, this study also intends to investigate the relationship between WACC and capital structure of the grocery store industry. This industry case study provides both the finance professor and student a terrific experience to apply financial theories into the real world. The sample of the study will include 7-Eleven and 13 other grocery store companies in the United States.