本研究探討了1997年至2006年台灣建築行業資本結構形成情況,在考量產品市場競爭力後觀察其影響資本結構之因素,並更進一步探討台灣營建業之融資順位是否符合Myers and Majluf(1984)所提出的融資順位理論,研究樣本取自於台灣經濟新報資料庫中的『上市櫃+曾經上市櫃公司資料庫』。 結果顯示加入產品市場競爭力對於模型的解釋能力能夠有提高的效果。而在營建業所採用的融資順序方面,先對外舉債,當達到舉債限制後則發行新股籌措資金,最後才使用企業的保留盈餘,與Myers and Majluf(1984)所提出的融資順位理論中的順位,先使用保留盈餘,其次舉債最後在發行新股的融資順序並不相符。
This study explores the capital structure formation of the construction industry in Taiwan from 1997 to 2006.This study considers the competitiveness and observes the factors that affect capital structure, and then explores whether the financing of Taiwan's construction industry is in line with the Pecking Order Theory by Myers and Majluf (1984). The sample is taken from the TEJ Database"Listing cabinet and listed cabinet company database". The results show that adding market competencies can improve the ability to explain the model. In the construction industry to use the financing order, the order is to borrow debt first.when the debt reaches the limit, the company issues new shares to raise funds, and finally uses the company's retained earnings .This phenomenon doesn’t conform to the order of Myers and Majluf (1984) in the Pecking Order Theory.