國際化程度與資本結構：台灣上市櫃廠商的實證研究

Degree of Internationalization and Capital Structure：The Empirical Research of Taiwan TSEC and OTC Firms

王至聖(Chih-Sheng Wang)

指導教授 ： 李丹

元智大學/管理學院/國際企業學系/碩士(2004年)

摘要

本研究利用台灣上市公司資料，探討國際化程度對企業長期資本結構之影響。樣本資料型態為民國八十八年至九十二年間，共計571家廠商的五年期縱橫資料；並採用449家之上櫃公司作為敏感性分析。本研究除比較「多國籍企業」與「國內企業」於負債代理成本、預期破產成本，及其它資本結構決定因素之差異外；並還原國際化程度之連續變數，探討隨著企業增加國際涉入程度時，資本結構因素對於公司財務槓桿的影響。
上市公司的實證結果顯示：第一、由於地理多角化的營運結構，加深了資訊不對稱的嚴重性，致使多國籍企業的負債代理問題顯著高於國內企業。其中，國際化程度愈高的企業，所承受自由現金流量導致的過度投資代理問題愈嚴重。第二、上市公司的多國籍企業所面臨的預期破產成本較高，因而減少舉債水準。第三、雖然多國籍企業的負債代理成本及預期破產成本均不利其舉債；不過，平均而言多國籍企業的長期負債比率並不顯著低於國內企業。這是因為（1）根據Kwok and Reeb(1998)認為，開發中國家的廠商，海外投資的據點涵蓋了總體經濟情勢較穩定的已開發國家，故廠商所面對的商業風險較低；（2）由於多國籍企業的公司規模較大，亦可能緩和資金市場的資訊不對稱問題。這兩項因素均提高了多國籍企業對外融資能力。

關鍵字

國際化程度、資本結構理論、負債代理成本、預期破產成本

並列摘要

This research examines the effects of geographical diversification on capital structure by using a sample consisted of 571 firms in TSEC market over the 1999 – 2003 period. The study combines the extent empirical work on capital structure and degree of internationalization. I employ the agency cost/tax shield trade-off model（ATT）to test if the multinational corporations tend to have higher agency costs and/or expected costs of financial distress from debt financing. First, sample firms are classified into two groups, i.e., multinational corporations (MNCs) and domestic (DCs) corporations, to test my hypotheses. Second, I use the whole sample to analyze how the degree of foreign involvement affects the financial leverage. Finally, the sensitivity analysis is also presented by using a sample of 449 firms in Taiwanese OTC market.
The empirical results show that firm’s increasing foreign involvement exacerbates agency costs of debt, especially resulting from the firm’s free cash flow. And I also find that MNCs have a higher cost of financial distress relative to DCs due to the expected bankruptcy cost. Although MNCs are more susceptible to the agency costs of debt and expected bankruptcy cost, the long-term debt ratio of MNCs is not significantly lower than DCs. This evidence can be explained with the argument by Kwok and Reeb(1998), when firms from less stable economies make international involvements, it decreases their risk and allows for greater debt utilization. Besides, the information asymmetric will be mitigated by the greater size effect of MNCs. Therefore MNCs will tend to use more financial leverage.

參考文獻

8.王健聰，2000，「台灣跨國企業資本結構決定因素之實證研究」，商管科技季刊，第一卷第三期，頁307-328。

10.李揚、郭憲章、揚淨麟，「企業國際化與經營績效關係之研究－亞洲金融風暴分析」，即將出版。

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