隨著世界貿易的日漸發達,經濟變化的腳步亦越來越快,企業唯有不斷投資以維持企業的永續經營,而在不斷投資的過程之中,往往需要考慮不同的資金取得方式以求最低資金取得成本。依據融資順位理論,企業在籌措資金時,會預期採用最低資金成本,可增加公司價值及股東利益極大化的方案作為優先考量 。這裡所謂的企業投資機會亦可稱為企業之成長(Myers and Majluf, 1984)。然而企業在面臨不同成長機會時,對於資金需求及配置可能有不同的考慮因素。 本研究以台灣上市櫃公司作為研究對象,研究期間由2010年至2015年,樣本頻率為年資料,共計六年期間。資料來源為台灣經濟新報資料庫(Taiwan Economic Journal Database, TEJ)上市櫃之各公司年度現金流量表、資產負債表及損益表。並參考Shyam-Sunder and Myers (1999)之模型作為基礎,加入控制變數與其他變數之多元迴歸模型。此外,亦依據資料之特性,運用同時考慮時間序列(Time Series)和橫斷面(Cross-Section)資料的追蹤資料分析(Panel Data Analysis)來進行迴歸分析以檢驗假說。並採用Mundlak在1978年所提出的Hausman Test,來判斷模型應採用固定效果或隨機效果的估計模式。 本研究經由實證驗證三項假說以探討企業成長機會與其負債水準之關係結論一:台灣地區上市櫃公司融資情況可能符合融資順位理論 結論二:高成長企業由於考量未來投資的資金需求及財務寬鬆政策,寧可 放棄低成本的負債融資,傾向採用發行新股的方式來籌措資金, 因此不符合融資順位理論。 結論三:低成長企業,為了提高其獲利能力,往往會優先考慮利用低成本 的負債融資,因此符合融資順位理論
Along with the increasingly developed world trade and the accelerating steps of economic changes, the enterprise has to continuously invest to maintain the business continuity. During the process of continuous investment, the enterprise has to consider various alternatives of financing plan in order to obtain funding at the lowest cost. Based on Pecking Order Theory, enterprises expect to increase the company value and maximize the shareholders’ benefit with lowest cost while raising funds. The enterprise investment opportunity can also be called the growth of business (Myers and Majluf, 1984). However, the enterprise may have different considerations of the funding requirement and allocation when the growth opportunity comes. This study collected whole Taiwan stock listed companies’ information (2010~2015, totally 6 years) of cash flow statements, balance sheet statements and income statements from Taiwan Economic Journal Database (TEJ) and also referred to the regression model of Shyam-Sunder and Myers(1999) plus adding the multiple regression control variables in it. In addition, according to the characteristic of data, this study used the Panel Data Analysis method which combined the consideration of the tracking of sequence (Time Series) and cross section (Cross-Section) at the same time to execute the regression analysis in order to examine the hypothesis. This study also adopted the Hausman Test put forth by Mundlak in 1978, to evaluate the model should be adopted by the fixing effect or random effect model. This study identified three hypotheses by empirical probing the relationship between business growth and its debt level. Conclusion 1: The stock listed companies in Taiwan may conform the Pecking Order Theory. Conclusion 2: High growth enterprises rather bear higher cost to issue new stock shares than borrowing lower cost money from financial institutions when considering funding needs and financial easing policy, which may not conform the Pecking Order Theory. Conclusion 3: Low growth enterprises may consider to borrow lower cost money from financial institutions to increase their profitability, which may conform the Pecking Order Theory.