動態資本結構調整速度 、調整能力與融資決策

Dynamic Capital Structure Adjustment Speed, Adjustment Capacity and Financing Choice

林憲平(Hsien-ping Lin)

指導教授 ： 王元章

國立中正大學/管理學院/財務金融學系/博士(2015年)

摘要

主題一：動態資本結構調整速度之決定因素
本文以市場規律假說及代理問題假說觀點，探討動態資本結構調整速度之決定因素。就市場規律假說之測試發現，當企業的獲利能力較高、成長機會較多、具有較強的獨特性以及較佳的信用評等時，其調整速度較快，同時，若企業所屬產業之調整速度愈快者，亦使企業之調整速度較快。然而，企業的固定資產比率愈高或是偏離目標資本結構幅度愈大者，調整速度則愈慢。公司規模與股利政策會影響調整速度，但影響原因不明確。此外，就代理問題假說之測試則發現，當企業的董事會規模愈大，企業資本結構調整速度愈慢，但若企業的董事會獨立性愈高，會使得公司的監理機制較強，有利於其調整速度。其次，實證結果並無明顯證據顯示會因內部董事或是CEO兼任董事長的組織型態衝擊企業的調整速度。最後，除了經理人持股對資本結構調整速度不明確外，其他如董事會、大股東、法人或外資持股愈高，會使調整速度愈慢。

主題二：資本結構調整能力與融資決策
本文就資本結構調整能力提供一項新的衡量方法，並以兩階段最小平方法的聯立方程組，探討資本結構調整能力與融資決策間的內生性關係。實證發現企業可經由融資決策釋放資訊，並藉此優化資本結構調整能力；當企業選擇以公開發行方式融資時，會先衡量其財務調整能力，再行融資決策。大公司或舉債不足的公司，會優先選擇發行負債融資，而小公司或過度舉債的公司，則可能優先選擇發行現金增資。此外，財務能力較佳的企業，對應經濟環境變化的融資決策會較具彈性。

關鍵字

融資工具 ； 資本結構調整能力 ； 資本結構調整速度 ； 資本結構

並列摘要

I.The Determinants of Dynamic Capital Structure Adjustment Speed
This paper applies both views of market discipline hypothesis and agency problem hypothesis to explore the determinants of dynamic capital structure adjustment speed. As to market discipline hypothesis testing, the evidences show that firms with higher profitability, more growth opportunities, stronger uniqueness or better rating usually have a faster speed. In addition, industrial adjustment speed usually dominates firm’s speed. However, the proportion of tangible assets and the deviation between observed and target leverage are negatively related to firm’s adjustment speed. Although firm size and dividend policy have impacts on the speed, the direction is uncertain. With regard to agency problem hypothesis testing, the results show that larger board size is usually associated with a slower speed, but greater board independence with better corporate governance may positively correlate with the speed. Moreover, the results show no compelling evidences that inside directors or CEO-chairman may impact the speed. With the exception of a higher inside ownership, a higher board ownership, block ownership, institutional ownership or foreign ownership usually induces a slower speed.

II.Capital Structure Adjustment-Capacity and Financing Choice
This study examines the endogenous relationships between capital structure adjustment-capacity and financing choice. Using a simultaneously equation model and a new adjustment-capacity econometric technique, we find that financing choice could trigger a better adjustment-capacity. Choice decision also could be driven by adjustment-capacity when firms borrow from public. Consistent with previous literatures, large or under-levered firms prefer to issue debt rather than issue equity as financing instrument; in contrast, equity financing might be a better option for small or over-levered firms. The result shows that firms with higher financing capacity usually have more flexibility to face business conditions.

並列關鍵字

Financing Choice ； Capital Structure Adjustment Capacity ； Capital Structure Adjustment Speed ； Capital Structure

參考文獻

主題一：動態資本結構調整速度之決定因素

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