上市櫃公司槓桿積極增加之內、外部 決定因素

The Internal and External Determinants of Pro-active Leverage Increase for Listed Firms.

劉宸邑(CHEN-YI LIU)

指導教授 ： 王明昌 ； 劉亞秋

國立中正大學/管理學院/企業管理學系/碩士(2014年)

摘要

本文主要目的為探討企業內部、外部因素對財務槓桿積極增加之決定因素。以2003年至2013年台灣上市、上櫃公司為研究樣本，並且將金融機構以及受監管公共事業的公司刪除。實證結果發現，企業內部因素的投資與股利支付為影響財務槓桿積極增加之主要因素，並且將借貸取得的現金運用於投資與股利支付。在企業外部因素方面，不論是企業生命週期、景氣循環以及市場利率，皆會影響財務槓桿積極增加。本研究再進一步探討企業外部因素之企業生命週期與財務槓桿積極增加之間的關聯性。發現各個企業生命週期階段與財務槓桿積極增加之間皆有顯著影響，並且企業會依據其目前所在的階段，進行營運策略之調整。綜合以上本研究結論為，除了企業本身的內部營運策略會影響企業的槓桿外，總體環境對於企業是否進行槓桿的改變以及增加的幅度更為重要。

關鍵字

財務槓桿積極增加

並列摘要

The paper tries to examine the relation between internal as well as external factors and pro-active leverage increase for listed firms, using a sample of companies listed from 2003 to 2013, with financial firms and regulated utilities excluded. The empirical results reveal that cooperate internal factors, investment and payout are significantly and positively correlated with pro-active leverage increase .And the cash from loan will support investment and payout . About the external factors of cooperate, the life cycle, business cycle and market interest rate significantly influence pro-active leverage increase. This study further explores the relation between life cycle and pro-active leverage increase .We find that life cycle of corporations is significant influence on pro-active leverage increase and corporations will adjust their business strategy. Based on the above, we can conclude that the business strategy of corporations will effect on pro-active leverage increase. The most important is that macro environment has effect on leverage and will determine the magnitude change of leverage .

並列關鍵字

Pro-active Leverage Increase

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