台灣手機產業公司融資順位之研究

A Study on the Pecking Order of Corporate Financing of Taiwan Mobile Phone Industy

王玫文(Mei-Wen Wang)

指導教授 ： 陳達新

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2008年)

摘要

國內自電信政策開放後，台灣手機產業成長之快速舉世皆知，2008年手機產業總產值達7847億新台幣，較2007年成長7% ，佔全年國民生產毛額6 %，為建立台灣手機產業最適融資決策評估模式，作為未來融資決策時之參考指標，因此，本文以台灣手機產業中21家上市櫃公司為研究對象，經由民國93年至96年間之融資決策行為，探討台灣手機產業公司融資順位的狀況。 在第一階段以 Tobit 迴歸建立公司資本結構之目標負債比率估計式，實證結果顯示，資產抵押價值、研發費用比率、公司規模等三項變數符合研究理論預期效果且顯著，故以此三項變數建立最適目標負債比率估計模式。 在第二階段以 Ordered-Logistic 迴歸探討台灣手機產業公司趨近目標負債比率與融資順位的狀況，實證結果顯示，樣本公司之實際負債比率較會往產業平均負債比率趨近而不是目標負債比率。而影響手機產業公司融資選擇的最大變數為資產抵押價值，其次為目標負債比率與產業平均負債比率差異值。 而融資決策之順位則依序為：未融資、短期負債、國內可轉換公司債、長期負債、海外可轉換公司債、普通股、普通公司債、海外存託憑證。此結果與融資順位理論大致相符。

關鍵字

手機產業 ； 融資順位 ； Tobit迴歸 ； Ordered-Logistic迴歸

並列摘要

Since the open up of national telecommunications policy, Taiwan’s mobile phone
industry is known for its rapid growth. In 2008, total value of output in mobile industry
reached 7,847billion NTD, which represented a 7% annual growth and accounted for 6% of
GDP. In order to establish optimal financing decision analysis model as a reference for future
financing decision, this study takes 21 listed (on TWSE/OTC) companies in Taiwan’s mobile
industry as research subjects to explore current situation of the pecking order for companies in
Taiwan’s mobile industry, based on the financing behavior from 2004 to 2007.
In the first stage, Tobit regression analysis is used for establishing target debt ratio
estimation on companies’ capital structures. Empirical result shows that three variables,
asset-backed value, research and development cost ratio and company scale, are compatible
with the expected results of thesis, and therefore these three variables are adapted to establish
an optimal estimation model for target debt ratio.
In the second stage, Ordered-Logistic regression analysis is adapted to explore situation
of companies’ convergence toward target debt ratio and pecking order. Empirical results show
that debt ratio of sampled companies converges toward average industry debt ratio, instead of
target debt ratio. The most important variable causing impacts on financing decision-making
of mobile industry companies is asset-backed vale, and the second most important variable is
the difference between target debt ratio and industry average debt ratio.
Order of financing decision is as following: non-borrowing、short-term debt、convertible
corporate bond、long-term debt、Euro-convertible bond、common stock、corporate bond、
Global Depositary Receipt. Overall speaking, this result is compatible with pecking order
theory.
Key-word：Pecking Order; Mobile Phone Industy; Tobit regression; Ordered-Logistic
regression.

並列關鍵字

Mobile Phone Industy ； Pecking Order ； Tobit regression ； Ordered-Logistic regression

參考文獻

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