2007-2009金融危機之資本結構調整

Capital Structure Adjustments around the Financial Crisis of 2007-2009

項鈺茹(YU-JU HSIANG)

指導教授 ： 顏汝芳 ； 李孟峰

國立臺北大學/商學院/統計學系/碩士(2016年)

摘要

近年, 許多文獻指出宏觀經濟條件為分析企業的融資決策, 以及資本結構調整行為的重要因素。本研究分析了最近一次2007-2009年的金融危機, 是否影響權衡理論對資本結構實行。本研究發現企業在金融危機時, 調整他們之資本結構走向目標槓桿比率速度較慢, 特別對於過度舉債之公司。此外, 我們發現在金融危機時, 過度舉債之企業偏好還債, 使其槓桿降低。因此, 在金融危機時, 當過度舉債之企業面臨較少的現金持有量與較差的營運表現時, 金融危機對調整速度的影響更不利。本篇研究顯示, 資本結構調整機制在金融危機時, 企業的財務靈活性之重要性。

關鍵字

金融危機 ； 目標槓桿 ； 資本結構調整

並列摘要

Recent research has found that macroeconomic conditions are important factors in analyzing firms’ financing choices as well as the adjustment behaviors of the capital structure. This study analyze whether the most recent financial crisis of 2007-2009 has impacts on the implementation of trade-off theory for capital structure. We find evidence that firms adjust their capital structure toward target leverage ratio slower during the crisis years, in particular for the over-levered firms. Furthermore, we find that over-levered firms prefer reduce leverage by debt retirement. Hence, the detrimental effect of financial crisis on adjustment speed is more significant for over-levered firms with lower cash holdings and worse operating performance during crisis years. This study thus sheds light on the importance of financial flexibility during the crisis years through capital structure adjustment mechanism.

並列關鍵字

Financial crisis ； Target leverage ； Capital structure adjustment

參考文獻

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