企業籌資方式及動機

自1990年代開始，我國積極進行金融自由化與國際化，各項金融管制措施陸續解除，整體金融發展進入新的紀元。本研究以1992年至2007年台灣上市、上櫃公司為樣本，探討企業籌資方式是否會因為公司之財務資訊變化而有所不同，觀察各項財務指標對其融資策略的影響。在財務理論中，每一企業均有其設定的風險目標水準，即經營風險和財務風險的總和。當企業之經營風險很高時，該企業所產生之營業收入的變動性很大，若該企業使用大量債務及權益資金籌資，則必定在往後的某些年度，可能產生資金週轉不靈的情況，因而發生財務危機，因此應該採取較保守的籌資方式，亦即以權益資金為主的籌資方式；反之，當企業之經營風險很低時，營業收入的變化性較低，發生財務危機可能性小，因此可以採取財務風險較高的籌資方式，亦即以債務資金為主的籌資方式，如此可以有效增加股東權益之報酬率。

關鍵字

經營風險；財務風險；權益資金；債務資金

並列摘要

This paper explores how a firm’s choices on optimal capital structure will change based on its choices on its perception of optimal risk appetite. According to financial theory, the enterprise sets its business and financial risk affordability levels to avoid financial crisis when a negative outcome occurs. When business risk appetite is set at a high level, financial performance of the enterprise varies significantly.If an enterprise is financed primarily by debt, there is a higher probability that a financial crisis will take place upon experiencing a negative business event. Thus, an enterprise seeking a high level of business and financial risk would avoid financial crisis upon negative business shocks by financing the enterprise with primarily equity financing. Conversely, an enterprise seeking a low level of business and financial risk would be more optimized with debt financing due to the combination of a more predictable level of cash flows and related financial performance, along with the lower cost of debt financing. In all cases, there is a balance among risk, return, cost of capital through debt or equity financing, which will ultimately reflect on shareholder returns.