資本結構與企業生命週期之探討

THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND ENTERPRISE’S LIFE CYCLE

賴瓊霞(Chiung-Hsia Lai)

指導教授 ： 陳瑞璽

大同大學/經營設計學院/事業經營學系所/碩士(2007年)

摘要

Modigliani和Miller（1958）的MM理論主張在沒有稅、交易成本、財務危機成本、資訊不對稱及代理成本之假設下，公司的負債和權益比例對公司價值沒有影響。因為這個理論，在資本結構的領域衍生出靜態抵換、訊息不對稱、代理成本及融資順位等理論。
組織生命週期階段理論認為企業風險和財務風險因公司處於不同生命階段時具有不同的抵換關係。企業風險會隨著公司生命增長而降低，於此同時公司會允許財務風險增加。這個論點引發了公司生命階段與資本結構的關聯，認為資金需求會因公司環境的變化而改變。
本研究使用營收成長率、股利發放率、資本支出率、企業年齡與資產報酬率五個變數，採用分位法將企業區分成成長期、成熟期及衰退期。運用Shyam-Sunder & Myers之三個實證模型，分別驗證處於三種生命週期階段之企業的資本結構差異。實證結果顯示成長期企業之資本結構傾向於支持靜態抵換理論，而衰退期企業之資本結構傾向於融資順位理論，成熟期企業則兩者兼具。

關鍵字

資本結構 ； 企業生命週期

並列摘要

Modigliani and Miller (1958) stretched out share between debt and equity of a company has no effect on company's value when there is no tax, no transaction cost, no financial distress cost, no information asymmetry and no agency cost. A lot of theories are developed from the MM theory, such as static trade-off theory, information asymmetry theory, pecking order theory and agency cost theory.
Organizational life stage theory provides the direction of the change of the company’s characteristics. Bender and Ward (1993) emphasized the trade-off relation between business risk and financial risk.
Using five parameters including the sales revenue growth rate, the dividend payout ratio, capital expenditure ratio, the age of enterprise and the return on assets, this study separate the enterprise samples into three parts: growth, maturity and decline stages. This study finds enterprises in the growth stage tend to support static trade-off theory and enterprises in decline stage tend to support pecking order theory.

並列關鍵字

capital structure ； enterprise's life cycle

參考文獻

Modigliani, F. and M. H. Miller. “The Cost of Capital, Corporate Finance and the Theory of Investment.” American Economics Review 48, no.3 (1958): 261-297.

Adizes, I. “Organizational Passages - Diagnosing and Treating Lifecycle Problems of Organizations.” Organizational Dynamics 8, no.1 (1979): 3-25.

________. Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do about, Englewood Cliffs, NJ: Prentice Hall, 1989.

Anthony, J. H. and K. Ramesh. “Association between Accounting Performance Measures and Stock Price.” Journal of Accounting and Economics 15, no.2-3 (1992): 203-227.

Black, E. L. “Life-Cycle Impacts on the Incremental Value Relevance of Earnings and Cash Flow Measures.” Journal of Financial Statement Analysis 4, no.1 (1998): 40-56.