Title

資本結構的選擇、融資與負債清償規模

Translated Titles

The Choice of Capital Structure, the Scale of Financing and Debt Refunding

DOI

10.6545/JFS.2003.11(3).2

Authors

王元章(Yung-Jang Wang);辜儀芳(Yi-Fang Gu)

Key Words

資本結構 ; 融資 ; 權益 ; 負債清償 ; Capital Structure ; Financing ; Equity ; Debt Refunding

PublicationName

財務金融學刊

Volume or Term/Year and Month of Publication

11卷3期(2003 / 12 / 31)

Page #

35 - 87

Content Language

繁體中文

Chinese Abstract

本研究不同以往,對負債或權益係以選擇觀點,而非以負債比例之變化為分析,並試圖將兩者作一整合,藉由公司負債比例變化,以Tobit迴歸模型先建構目標負債比例之迴歸式,後再進一步以羅吉斯諦迴歸(logistic regression)分析,探討企業融資是否有目標資本結構存在以及影響其融資工具選擇之主要因素為何;此外,過去實證多將融資工具的發行規模視為外生變數,本研究則另以多元迴歸模型,探討影響公司融資選擇因素,是否亦會對公司外部資金融資及負債清償規模造成影響。實證結果發現在負債或權益選擇方面:1.臺灣上市公司於面臨融資工具選擇時,有目標資本結構存在,管理者的融資策略會趨向此目標值調整,且不論高科技與一般產業均存在此一現象2.獲利率、成長機會愈高及股票報酬表現愈佳的企業,會傾向選擇以現金增資的方式融資3.當發行新股會造成盈餘及帳面價值稀釋時,企業則會儘量避免以現金增資融資4.非負債稅盾及短期負債壓力並非企業於負債與權益間選擇時所考量之因素。在融資與負清償規模方面:1.目標資本結構除影響企業融資工具選擇外,管理者於決定融資與負債清償數額多寡時亦會受此目標值所左右2.成長機會愈高的企業,來自普通股與可轉換公司債的融資數額亦愈大3.股票報酬表現愈佳的企業,來自普通股的融資數額亦愈多4.成長機會愈高、股票報酬表現愈佳及短期負債壓力較大的企業,負債的清償數額亦愈大。

English Abstract

Differing from previous ones on the change of debt ratio, this study focuses on the choices between debt and equity financing with an attempt to integrate the change of debt ratio by using Tobit model to form a target capital structure and then explores whether firms have optimal capital structure and find out which factors affect the choice of financing using logistic regression. In addition, previous studies usually treat the scale of issuing financial instruments as exogenous variables, while this study explores whether the factors affecting financing option change the scale of outside financing and debt refunding. The empirical findings for the choice of financing indicate that I. firms, being high-tech or not, may have target capital structure and move toward the target when they are away from it in Taiwan; 2. firms with high profitability or growth rate or with good performance in stock returns tend to select issuing equity; 3. when issuing equity may dilute corporate earnings or stock face value, firms may avoid using equity financing; 4. non-debt tax shield and the pressure from using short-term debt do not affect management in selection between debt and equity financing. The findings for the scale of financing and debt refunding indicate that I. target capital structure not only affects the choice of financing method but also influences the scale of financing and debt refunding; 2. the higher the growth of the firm, the more its equity or convertible bond financing goes; 3. the better the performance of the stock returns, the more the equity financing the firm takes; 4. firms with high growth rate or with good performance in stock returns or with more pressure from using short-term debt tend to have larger scale of debt refunding

Topic Category 社會科學 > 經濟學
社會科學 > 財金及會計學
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