經濟成長差異對公司資本結構之影響-以台灣上市公司為例

The Impact of Economic Growth Difference on Capital Structure：Evidence From Taiwanese Listed Companies

洪嘉偉(Chia-Wei Hung)

指導教授 ： 邱建良

共同指導教授 ： 鄭婉秀(Wan-Hsiu Cheng)

淡江大學/商學院/財務金融學系碩士班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00301

摘要

本研究以國內共229家上市公司個股為研究對象，探討在1995至2006年中，經濟成長率變動對資本結構中各影響變數之變化，並考量到時間序列的動態特性且能顧慮樣本的不同特質，採用橫斷面與時間序列縱橫資料模型(Panel Data)進行分析，並考量國內景氣循環成長期及衰退期的差異，特別將研究期間切割為兩期，分別為1995-1999年及2000-2006年，以探討資本結構的決定因素對資本結構的影響在前後期的差異。
實證結果顯示，獲利成長面中，獲利能力及成長性對資本結構在不同時期皆具有穩定且顯著的影響，獲利能力為顯著負相關，成長性則為顯著正相關。資本面中，公司規模效果在景氣成長期間並不顯著，在景氣衰退期間呈現顯著正相關，支持Ferri and Jones (1979) 規模效果不確定的論點。而資產抵押價值則在各時期皆呈現顯著正相關。股權結構面中，國內法人持股在全樣本及經濟成長期間並不顯著，在經濟衰退期間則具有顯著負相關。國外法人持股在全樣本長時間下有顯著負相關，短期下則不顯著。政府持股則皆無顯著相關。

關鍵字

景氣循環波動 ； 資本結構 ； 股權結構

並列摘要

This paper composed 229 Taiwan’s listed firms during 1995-2006 to analyze the impact of economic growth to capital structure. To consider the different characteristics of time-series and cross-section data, our regression models have been to measure by panel data. Specially, to consider the economic fluctuation of Taiwan’s economic growth, we divide our sample date into expansion period (1995-1999) and recession period (2000-2006) to analyze the different capital structures of these two periods.
Our results show that profitability, growth and asset collateral value express significantly and stably relationship with capital structure in individual period. Specially, our paper finds that the effect of firm size and institutional holdings on capital structure can be influenced by economic fluctuations. In addition, the result of firm size effect on capital structure supports the conclusion of Ferri and Jones (1979) that the relationship between corporate debt used and firm size does not conform to the positive.

並列關鍵字

Economic Fluctuations ； Capital Structure ； Ownership Structure

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