國際化程度對資本結構與現金股利政策之影響 -比較美國及台灣電子業

The Effect on Internationalization of Capital Structure and Dividend Policy - Evidence on America and Taiwan Electronic Industry

饒鈺渝(Yuh-yu Rau)

指導教授 ： 林鳳麗

朝陽科技大學/管理學院/會計所/碩士(2011年)

摘要

電子業多角化及國際化的經營需投入更多的研發與資本支出，故其融資策略與財務決策必需隨時注意世界潮流與產業動態進而做出最佳決策，台灣電子業與美國關聯程度高。但國際化電子業與非國際化電子業間融資策略與財務決策是否不同，以及美國及台灣國際化電子業間融資策略與財務決策是否不同，即為本文研究動機。
以外銷比率大於50%視為國際化電子業，分別比較美國、台灣國際化電子業與非國際化電子業在負債比率與現金股利支付率的高低。並比較美國與台灣兩國國際化電子業之負債比率與現金股利支付率的高低。提供國際化電子業在面對複雜國際環境時，其融資策略與財務決策參考。
實證結果發現(1)美國、台灣國際化電子業的負債比率皆較非國際化電子業低，其原因可能為國際化電子業產品的獨特性及獲利能力較高，易產生足夠的盈餘與內部資金，故負債比率較低。(2)美國國際化電子業的現金股利支付率較非國際化電子業低，其原因可能為國際化電子業系統風險較高，傾向保留現金以備不時之需，故支付較低的現金股利。(3)美國國際化電子之負債比率較台灣國際化電子業低，其原因可能為美國國際化電子業獨特性及獲利能力較高，擁有較多的盈餘與內部資金，故美國國際化電子業負債比率較低。(4)美國國際化電子業之現金股利支付率較台灣國際化電子業低，其原因可能為美國國際化電子業國際化程度較高，因此系統風險較高，而傾向保留現金以備不時之需，故支付較低的現金股利。

關鍵字

國際化電子業 ； 負債比率 ； 現金股利政策

並列摘要

In order to keep its product more competitiveness, electronic industry would require to make more effort in R&D and capital investment via diversification and internationalization in market. The financial funding strategy and financial decision making of the internationalization electronic businesses should pay attention simultaneously to the world and industrial trending for achieving the optimal adjustment. Taiwan''s electronic industry has highly relationship with the U.S. electronic industry. The main motive in this study includes the difference between debt ratio and cash dividend ratio of internationalization and non-internationalization electronic industry in U.S. or in Taiwan.
The export ratio greater than 50% is used for the criterion of the international electronics industry. The relevant study of internationalization electronic industry in facing complicated international environment can be used for the reference of finance funding strategy and financial decision making.
Results in this study are shown as follows：
(1) Debt ratio of U.S. and Taiwan’s internationalization electronic industry is lower than that of non-internationalization electronic industry, probably because internationalization electronic own the core technology of matured products, higher profitability, higher growth and more internal funds.
(2) Cash dividend ratio of U.S. internationalization electronic companies is lower than that of non-internationalization electronic companies, probably because internationalization electronic have higher Beta of the firm than non-internationalization electronic companies.
(3) Debt ratio of U.S. internationalization electronic companies is lower than that of the Taiwanese, probably because U.S. have high profitability, higher growth and have more internal funds of that higher than that of Taiwan. Thus, it’s possible to payout in less cash dividend.
(4) Cash dividend payout rate of U.S. companies is lower than that of Taiwan, probably because of U.S. with higher internationalization and higher the Beta; Thus, the company with high system risk would come with more uncertainty of cash flow in future that it could possible to payout less cash dividend.

並列關鍵字

Cash dividend ratio ； Debt ratio ； Internationalization electronic industry

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