經濟景氣對台灣產業最適動態資本結構之影響

THE INFERENCE OF ECONOMIC CONDITIONS ON OPTIMAL DYNAMIC CAPITAL STRUCTURE

黃雪華(Sheve-hwa Huang)

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(2009年)

摘要

本研究以動態資本結構模型來分析國內上市、上櫃公司最適負債比率及其影響因素，納入經濟景氣因素來探討對公司最適資本結構調整速度之影響。實證結果發現景氣繁榮時有助於公司最適資本結構的調整速度，同時負債比率與公司規模呈顯著正向關聯，與獲利率呈顯著負向關聯；當面臨景氣較衰退時，公司可能因著重基本實質面，在考量成本及審慎評估個別影響因素的程度後，會循序漸進緩慢調整，各變數對負債比率的影響力大於景氣繁榮時，負債比率與公司規模、資產抵押價值呈顯著正相關，與非負債稅盾、成長機會、獲利率、股權結構呈顯著負相關。

關鍵字

最適負債比率 ； 動態資本結構 ； 經濟景氣

並列摘要

This paper analyzes the optimal leverage and the factors that influence optimal leverage of the companies listed on Taiwan Stock Exchange and OTC in Taiwan with a dynamic capital structural model by incorporating economic conditions factors so as to examine the impacts of these factors on the speed of adjusting a corporate optimal capital structure. The empirical finding shows that a booming economy is beneficial to the adjusting speed of a corporate optimal capital structure. Meanwhile, there is a significantly positive correlation between leverage ratios and firm size. However, the correlation with profitability is negative. In a recession, companies pay more focus on fundamentals and take a gradual approach in adjusting their capital structure by taking into accounts costs and other factors. When the influence of individual variables on leverage is greater than that of an economic boom, there is a significantly positive correlation between leverage ratios, firm size and collateralized asset value. However, there is a significantly negative correlation with non-debt tax shield, growth opportunity, profitability and equity structure.

並列關鍵字

Optimal Leverage ； Dynamic Capital Structure ； Economic Condition

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