企業生命週期與融資順位關聯性之研究

Enterprise Life-cycle Associated with the Financing of Priority Research

朱薏玲(YI-LIN CHU)

指導教授 ： 林維珩

中原大學/商學院/會計研究所/碩士(2009年)

https://doi.org/10.6840/cycu200900865

摘要

對於企業是否一定存在最適資本結構－即最適目標負債比率（target debt ratio），目前學術界有兩大主要理論，本文則以其一之融資順位理論（Pecking Order Theory），認為企業在規劃其財務融資決策時存在一優先順序，以企業內部擁有的資金優先、其次是對外負債融資、最後才會利用發行新股籌資，此一理論即為探討的目標。
隨著全球經濟的國際化，也使得台灣企業籌資更積極的向國外擴張。企業需要資金來支持其投資計劃，因此如何更有效率的大量籌資，資本結構就成為企業應謹慎考量的重要課題。本文試著探討企業從創立到衰退這段漫長的時間裡，為因應外部環境的競爭和公司內部現有的條件，企業對其發展和延續其生命永續生存，企業在不同的生命階段中是否也存著不同的策略，是以，如果融資策略會影響外界對公司的評價，企業在各生命週期階段下，如何作融資決策，並經由實證分析瞭解真相，即為本文想深入探討的問題。
因此，檢定融資順位時、將企業生命週期一併納入考慮，或許能為此議題提供更謹慎準確的解釋，本研究的目的為：（一）使用最適當的企業生命週期劃分方式。（二）探討企業的融資順位在各生命週期階段有何差異。本研究透過（一）生命週期綜合指標（二）以及複迴歸模型，探討企業在不同的生命週期，融資選擇的差異性有何不同。
結論：成熟期的企業通常較成長期企業，具有較高的負債比率、長期負債比率以及短期負債比率，較多的投資機會、較高的資本支出及較高的獲利能力，低的盈餘波動性及現金流量波動性，且兩個生命週期存在顯著的差異。衰退期企業較成熟期企業，擁有較低的負債比率、長期負債比率以及短期負債比率，較少的投資機會、資本支出結構和成熟期相近，低的盈餘波動性及現金流量波動性，且兩個生命週期也存在顯著差異，水準都達百分之一。同時也驗證企業執行融資決策時符合融資順位理論。

關鍵字

資訊不對稱 ； 企業生命週期 ； 融資順位

並列摘要

There are mainly two academic theories concerning whether there must be an existing optimal corporate capital structure, i.e. target debt ratio. This research adopts the Packing Order Theory that believes the existing priorities in the enterprises concerning financial and funding decision making: first is the equity fund, second is the borrowed funds, and third is issuing new shares for financing. The Pecking Order Theory is the main subject to explore in this research.

Alone with the internationalization of the global economy, the enterprises in Taiwan expand overseas more aggressively, and the enterprises need funds to support their investment plans. Thus, the ways of raising a large number of funds more efficiently as well as capital structure are important issues for the enterprises to consider carefully. This research is to find out if there are different strategies in response to the competitive external environment and internal conditions and also for enterprise development and survival in different life spans from establishment to recession. If the financing strategy will affect the company's external reputation, in-depth study is conducted through the empirical analysis in order to understand how enterprises make funding decisions in each stage of the life cycle.

Therefore, in testing the Pecking Order Theory one should take the life cycle of enterprise into account such that a more careful and accurate interpretation might be provided. The goals of this study include: (a) Use the most appropriate division of the life cycle of enterprises. (b) Explore the differences of pecking order of financing in different the stages of enterprise life cycle. This study uses (a) life-cycle composite indicator as well as (b) multiple regression models to explore the differences of enterprise financing options in different life cycle.

Conclusion: Comparing with the growing enterprise, the mature enterprise usually has higher debt ratio, long-term debt ratio, and short-term debt ratio, more investment opportunities, higher capital spending, higher profitability, low earning volatility, and low cash flow volatility. In addition, there are significant differences in the life cycle between the growing enterprise and the mature enterprise. Besides, the recessed enterprise has lower debt ratio, long-term debt ratio, and short-term debt ratio, fewer investment opportunities, similar capital spending structure, low earning volatility, and low cash flow volatility, comparing to the mature enterprise. There are also significant differences in the life cycle between the recessed enterprise and the mature enterprise, i.e. one per cent. These findings verified that the financial and funding decision making of enterprises complies with the Packing Order Theory.

並列關鍵字

Asymmetric ； Pecking Order Theory ； Enterprise Life Cycle

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