資本結構是否影響公司價值？針對美零售次產業的上市公司的研究

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研究生：	Thalia Tamara Thalia Tamara
論文名稱：	資本結構是否影響公司價值？針對美零售次產業的上市公司的研究 Does Capital Structure Influence Firm Value? A Study on U.S Listed Retail Subsector Companies
指導教授：	陳俊男 Chun-Nan Chen
口試委員:	鄭仁偉 Jen-Wei Cheng 林軒竹 Lin, Hsuan-Chu 陳嬿如 Yenn-Ru Chen
學位類別：	碩士 Master
系所名稱：	管理學院 - 財務金融研究所 Graduate Institute of Finance
論文出版年：	2023
畢業學年度：	111
語文別：	英文
論文頁數：	65
外文關鍵詞：	U.S Retail Subsector, Growth Ratio, M.M Theory, Agency Cost Theory
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This paper aims to find out whether capital structure has influence on firm value or not. This study uses U.S listed retail subsector companies as the research sample. Over the years, various theories of capital structure have evolved, ranging from M.M Theory, Trade-Off Theory, Pecking Order Theory and Agency Cost Theory. Moreover, previous studies show inconsistent findings, where some found that capital structure positively influences firm value, and in others it does not. These reasons become motivations of conducting research in this field. Besides using dependent and independent variable, this research also uses control variables to control the research model. Dependent variable used in this research is firm value and independent variable used is capital structure. Control variables used include dividend policy, profitability, size, and growth ratio. This study uses Newey-West Test (HAC Method) to understand whether there is influence of capital structure or not on a firm value. Besides conducting main regression, several sensitivity tests were also done to better understand the influence of those variables on firm value. Based on main regression result, it can be concluded that this study found no influence of capital structure on firm value. Same result was also achieved for profitability where it was found to have no influence on firm value. On the other side, dividend policy, firm size and growth ratio were also found to have positive influence on firm value.

TABLE OF CONTENTS
ABSTRACT....................................................................................................................................iv
ACKNOWLEDGEMENTS ..........................................................................................................v
LIST OF TABLES.....................................................................................................ix
LIST OF FIGURES................................................................................................... x
CHAPTER 1 : INTRODUCTION ...............................................................................................1
1. Research Background and Motivation ............................................................................1
2. Problem Statements and Research Goals........................................................................2
3. Structure of Research.........................................................................................................3
CHAPTER 2 : LITERATURE REVIEW AND HYPOTESIS DEVELOPMENT..............4
1. Capital Structure.................................................................................................................4
1.1. Modigliani and Miller Theory (M.M Theory) ................................................................4
1.2. Trade-Off Theory ................................................................................................................5
1.3. Pecking Order Theory ........................................................................................................6
1.4. Agency Cost Theory ............................................................................................................7
2. Firm Value............................................................................................................................8
1.2 Price to Book Value (PBV).................................................................................................8
3. Hypothesis Development....................................................................................................9
3.1. Relationship between Independent Variable and Dependent Variable ......................9
3.1.1 The Impact of Capital Structure on Firm Value ..........................................................9
3.2. Relationship between Control Variable and Dependent Variable .............................9
3.2.1 The Impact of Dividend Policy on Firm Value ..............................................................9
3.2.1 The Impact of Profitability on Firm Value ..................................................................10
3.2.3 The Impact of Size on Firm Value .................................................................................11
3.2.3 The Impact of Company Growth on Firm Value........................................................11
CHAPTER 3 : DATA AND METHODOLOGY .....................................................................13
1. Research Model ................................................................................................................13
2. Sample Collection and Sampling Process......................................................................13
vii
3. Research Variables ...........................................................................................................14
3.1. Dependent Variable...........................................................................................................14
3.2. Independent Variable .......................................................................................................14
3.3. Control Variable ................................................................................................................14
4. Research Equation ............................................................................................................16
5. Data Analysis .....................................................................................................................17
CHAPTER 4 : EMPIRICAL RESULTS AND DISCUSSIONS ...........................................19
1. Descriptive Statistics.........................................................................................................19
2. Diagnosis Check.................................................................................................................20
2.1. Multicollinearity Test........................................................................................................20
2.2. Heteroscedasticity Test .....................................................................................................21
2.2. Autocorrelation Test .........................................................................................................21
4. Regression Result ..............................................................................................................23
4.1. OLS Result..........................................................................................................................23
4.2. Regression Result (Newey-West Test)............................................................................24
5. Sensitivity Test...................................................................................................................25
5.1. Sensitivity Test with Dummy Variables.........................................................................25
5.1. Sensitivity Test with different Dependent Variables ...................................................27
5.2.1First Sensitivity Analysis..................................................................................................27
5.2.1 Second Sensitivity Analysis.............................................................................................28
5.3. Sensitivity Test with different Independent Variable Proxy (X) ..............................29
5.3.1 Third Sensitivity Analysis...............................................................................................29
5.4. Sensitivity Test with different Dependent (X) and Independent Variable Proxies (X)
31
5.4.1 Fourth Sensitivity Analysis.............................................................................................31
5.4.2 Fifth Sensitivity Analysis.................................................................................................32
6. Regression Results Table Summary..............................................................................33
6.1 Newey-West Test/HAC Method Result.........................................................................33
6.2. Sensitivity Test with Different Dependent Variable Proxy (X).................................34
6.3. Sensitivity Test with Different Independent Variable Proxy (Y)..............................35
viii
6.3. Sensitivity Test with Different Dependent (X) and Independent Variable Proxies
(Y) 36
7. Result Analysis...............................................................................................................36
7.1 The Impact of Capital Structure on Firm Value......................................................37
7.2 The Impact of Dividend Policy on Firm Value .........................................................38
7.3 The Impact of Profitability on Firm Value ...............................................................40
7.4 The Impact of Size on Firm Value ..............................................................................40
7.5 The Impact of Growth on Firm Value .......................................................................41
CHAPTER 5 : CONCLUSION...................................................................................43
1. Conclusion ......................................................................................................................43
1.1 Main Regression Result ................................................................................................43
1.2 Sensitivity Analysis Result ...........................................................................................43
1.3 Result Analysis...............................................................................................................44
2. Research Limitations ....................................................................................................45
2. Future Research Recommendations...........................................................................45
APPENDICES...............................................................................................................................46
REFERENCES...................................................
                                

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全文公開日期 2025/01/18 (校內網路)
全文公開日期 2025/01/18 (校外網路)
全文公開日期 2025/01/18 (國家圖書館：臺灣博碩士論文系統)

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