本研究利用Danis, Rettl and Whited(2014)所建立的動態資本結構模型,探討在考慮公司是否正在進行調整資本結構行為後,當年度獲利能力與下一年度槓桿比率間的動態關係。本研究援引2005年到2014年止,國內所有上市公司資料,以最小平方法進行迴歸分析。研究結果發現,對於當年度有獲利能力的公司而言,若其下一年度大幅調降權益,即公司有發行現金股利或購回庫藏股的行為,則當年度的獲利能力會與下一年度的槓桿比率呈正相關,部分支持Danis, Rettl and Whited(2014)的對美國資料的研究發現。然而,若公司下一年度無大幅調整資本結構的行為,則當年度的獲利能力與下一年度的槓桿比率會呈正相關,支持先前大部分學者的論點。 此外,本研究額外發現,對於近十年台灣上市公司而言,相對於藉由減少權益來增加公司整體的槓桿比率,使用發行負債的方式較能有效達成提高槓桿比率的目地。
Based on dynamic inaction model which built by Danis, Rettl and Whited in 2014. We examine the dynamic relationship between profitability and leverage ratio after consider whether firms are increasing their leverage and at optimal capital structure. And the method which used to distinguish firms is to consider debt issuance, payment of cash dividends and share repurchase. The data period is from 2005 to 2014, and we use Pool Least Squares(Pool OLS) as our economics model. We find that a positive relationship between profitability and leverage ratio if firms at an optimum. This result support the observation in Danis, Rettl and Whited (2014) that tests the data of the United States. And the model also present a negative relationship between profitability and leverage for firms are not at an optimum. Moreover, we also find debt issuance is more effective than decreasing equity in order to decrease firms’ leverage ratio in Taiwan.