動態資本結構： 多國比較分析

Dynamic capital structure: A multi-country comparison

陳玟彣(Wen-Wen Chen)

指導教授 ： 劉玉雯 ； 梁晉嘉

國立清華大學/科技管理學院/科技管理研究所/碩士(2015年)

摘要

本論文研究東南亞國協主要會員國-馬來西亞、泰國、菲律賓與印尼等四個新興國家，1998年到2007年期間，1,491家上市公司共計10,709個年資料觀測值。採動態追蹤資料模型分析，探討影響公司資本結構的重要決定財務變數。實證結果發現：(1)公司規模與負債比率在馬來西亞、菲律賓、泰國呈顯著負相關，而在印尼呈顯著正相關。(2)獲利性與負債比率在印尼及馬來西亞呈顯著負相關，而在菲律賓呈顯著正相關。(3)有形資產與負債比率在馬來西亞呈顯著負相關，而在菲律賓呈顯著正相關。(4)非負債稅盾與負債比率在四國中均無顯著相關性。此外，公司規模與獲利性較符合融資順位理論之觀點，且公司規模對四國均存在顯著相關，被視為影響公司資本結構的重要決定因子，然而，在本研究結果發現，非負債稅盾不被認為是合適的資本結構決定因子。

關鍵字

資本結構 ； 融資順位理論 ； 抵換理論 ； 動態追蹤資料 ； 東南亞國協-4

並列摘要

In this study we investigate the determinants of capital structure in 1,491 firms from 1998 to 2007, in a data set with 10,709 observations. We use dynamic panel data from ASEAN-4 which are regarded as emerging countries, namely, Indonesia, Malaysia, the Philippines and Thailand. Our results confirm that size has a significantly negative relationship with the leverage in Malaysia, the Philippines, Thailand and a significantly positive relationship in Indonesia. Profitability has a significantly negative relationship with the leverage in Indonesia and Malaysia and a significantly positive relationship in the Philippines. The most appropriate theory to explain size and profitability is the pecking order theory. Tangibility has significant relationship with the leverage which is positive in Malaysia and negative in the Philippines and does not lean on a specific theory. However, non-debt tax shields has no significant relationship in all countries and are considered as the less suitable factor in our study. We conclude that the size is the most important determinants of capital structure according to our result.

並列關鍵字

capital structure ； pecking order theory ； trade-off theory ； dynamic panel data ； ASEAN-4

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