信用評等與資本結構-以台灣高科技上市公司為實證研究

Credit Rating and Capital Structure - The Empirical Study of Listed High-Tech Companies in Taiwan

許憶萍(Yi-Ping Hsu)

指導教授 ： 林哲群

國立清華大學/科技管理學院/國際專業管理碩士班/碩士(2014年)

摘要

The strategy and direction of Taiwan's high-tech industry development has been clear and focused. Industry, institutions and government bodies all followed developmental guidelines as set forth in the promotion plan for the high-tech industry over the past three decades. This study examines to what extent credit ratings directly affect capital structure decisions of the Taiwan government’s fully supported industry (high-tech companies) over the period of 2000 to 2012 .My research provides evidence that when companies’ fundamentals are close to prompting a rating change, managements make financing decisions to issue equity rather than debt (or reduce debt rather than equity).

This paper uses OLS multiple regression analysis to test three models. We concluded that credit rating directly affects capital structure decisions and that Taiwanese high-tech companies that incur credit rating upgrades would issue less debt relative to equity, consistent with the previous finding by Kisgen (2006). On the other hand, companies with credit rating downgrades would issue more debt rather than equity, which does not concur with Kisgen (2006) but barely supports the pecking order theory.

關鍵字

信用評等 ； 資本結構 ； 台灣高科技上市公司

並列摘要

無資料

並列關鍵字

Credit Rating ； Capital Structure ； High-Tech Companies in Taiwan

參考文獻

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Bradley, M., Jarrell, G., and Kim, E.H., 1984, ‘On the existence of an optimal capital structure: theory and evidence’, Journal of Finance, Vol.39, pp.857-877.

Cantor, R. and Packer F., 1996, ‘Determinants and Impact of Sovereign Credit Ratings’, Economic Policy Review, Vol.2, pp.37-54.

Cantor, R. and Packer, F., 1997, ‘Differences of opinion and selection bias in the credit rating industry’, Journal of Banking & Finance, Vol.21, pp.1395-1417.