高科技產業正在成為2l世紀社會經濟發展的主要動力，各國政府都紛紛制定相應措施，以期在未來世界經濟中佔有一席之地，但高科技產業在高回報的同時要求較高的研發等投入，並且由於其具有高風險性、技術積累性等與傳統產業不一樣的特點，使高科技產業的融資表現出一定的融資特徵，其不同生命週期發展階段可供選擇的融資方式也不盡相同。本文以台灣高科技產業為主要研究對象，從其企業生命週期的角度研究分析了高科技產業在不同階段所出現的融資問題，並提出有效的融資策略建議。
本文主要採用實證研究的方法，在系統回顧高科技產業、企業生命週期與企業融資相關理論和國內外研究文獻基礎上，以2007-2016年連續十年在台灣上市的高科技企業為樣本，在理論分析的基礎上運用複迴歸模型對高科技企業融資影響因素進行研究。研究結果表明，高科技企業在不同生命週期階段，其融資決策有明顯差異，以股東權益比率大小排序，成熟期>衰退期>成長期>初創期。而且本文所考慮到的控制變量：資產總額自然對數、稅後淨利成長率、總資產周轉率和固定資產比率均通過模型顯著性檢驗並與企業權益比率呈負相關；資產回報率、稅後淨利率、流動比率、法人持股比率和外資持股比率也都通過模型顯著性檢驗並與企業權益比率呈正相關。本文最後依據各生命週期階段不同的企業資本結構，針對處於不同生命週期階段的高科技企業提出相應的融資策略建議，幫助企業做出最優的融資決策。

The high technology industry is becoming the main power of the 21st century social economy development. All the countries’ government have formulated the corresponding measures to play a role in the future world economy. Usually, high-tech industry has high returns. At the same time, it requires higher investment in research and development. Because of its high risk, technology accumulating characteristics and some different ways with traditional industry, so that its financing shows some unique characteristics, and their different life cycle stages of development of alternative means of financing are not the same. This paper takes Taiwan's high-tech industry as the main research object, from the perspective of life-cycle research and analysis of the financing problem in different stages, and puts forward the effective financing strategy suggestion.
This study used empirical research method, systematically reviewed the definition of high-tech, the theory of corporate life cycle, the theory of corporate finance and some domestic and international research literatures. Taking Taiwan listed high-tech companies as sample in ten consecutive years from 2007 to 2016, and based on the theoretical analysis, this study examined the factors affecting financing of high-tech companies by using Multiple Linear Regression Model. Results of this study showed that the high-tech enterprise financing strategies have significant difference in different stages of life cycle. The magnitude sorted in equity ratio order is Maturity stage > Decline stage > Growth stage > Introductory stage. Control variables including natural logarithm of the total assets, net profit growth rate after tax, total asset turnover rate and fixed asset ratio all passed model significant test and were negatively correlated with equity ratio; ROA, net profit margin, current ratio, corporate shareholding ratio and foreign ownership ratio were also passed model significant test and positively correlated with equity ratio. Based on the different enterprise capital structure of each life cycle stage, this study gives the corresponding financing strategy suggestions for the high-tech enterprises in different life cycle stages to help the enterprises make the optimal financing decision.

(一)中文部分
1.于俊年，2012，計量經濟學軟件－－Eviews的使用，第二版，對外經濟貿易大學出版社。
2.王炳成，2011，企業生命週期研究述評[J]，技術經濟與管理研究，(4)：52-55。
3.王瑛璋，1994，國內上市公司資本結構決定因素之研究[D]，政治大學企業管理研究所碩士論文。
4.呂長江、韓慧博，2001，中國上市公司資本結構特點的實證分析[J]，南開管理評論，(5)：26-29。
5.李業，2000，企業生命週期的修正模型及思考[J]，南方經濟，(2)：47-50。
6.李宏盼，2016，企業社會資本對融資政策的影響[D]，西南交通大學會計專業碩士論文。
7.汪鬱，2010，基於生命週期的我國高新技術企業融資研究[D]，湖北大學工商管理系碩士論文。
8.汪威信，1992，從代理理論的觀點驗證臺灣股票上市公司負債水準與其決定因素的關係[D]，臺灣大學財務金融研究所碩士論文。
9.宋常、劉司慧，2011，中國企業生命週期階段劃分及其度量研究[J]，商業研究，(1)：1-10。
10.余序江、許志義、陳澤義，1998，科技管理導論: 科技預測與規畫，臺北市五南圖書出版公司。
11.林世淵、趙奕山，2005，台灣高科技產業現狀研究[J]，亞太經濟，(5)：55-58。
12.洪錫頤、沈藝峰，2000，我國上市公司資本結構影響因素的實證分析[J]，廈門大學學報(哲學社會科學版)，(3)：114-120。
13.孫茂竹、王豔茹和黃羽佳，2008，企業生命週期與資本結構－－以我國製造業上市公司為例[J]，會計之友，(24)：47-55。
14.孫秋霞、易顏新，2015，企業生命週期會影響融資策略嗎？－－來自創業板上市公司的經驗證據[J]，生產力研究，(7)：127-131。
15.陳少華、陳愛華，2012，企業生命週期劃分與度量方法分析[J]，全國中文核心期刊-財會月刊，(27)：79-80。
16.陳佳貴，1995，關於企業生命週期與企業蛻變的探討[J]，中國工業經濟，(11)：5-13。
17.陳曉紅、劉劍，2003，我國中小企業融資結構與融資方式演進研究[J]，中國軟科學，(12)：61-67。
18.張珊，2015，我國高新技術企業融資策略研究－－以華為技術有限公司為例[D]，中國海洋科技大學管理學院會計系碩士論文。
19.張玉明、鄧志欽、燕鵬，2005，高新技術企業融資策略與資本結構優化[J]。科學學與科學技術管理，(7)：139-143。
20.張錦源，2009，台資企業在中國大陸之融資策略以及影響因素研究－－以大蘇州地區為例[D]，復旦大學會計學系博士論文。
(二)英文部分
1.Adizes, I., 1989, “Corporate Lifecycles:How and Why Corporations Grow and Die and What to Do about It[M].” Englewood Cliffs,New Jersey:Prentice-Hall,Inc.
2.Anthony, J. and Ramesh, K., 1992, “Association between Accounting Performance Measures and Stock Prices[J].” Journal of Accounting and Economics, (15): 203-227.
3.Baxter, Nevins D. and John G. Cragg, 1970, “Corporate choice among longterm financing instruments.” The Review of Economics and Statistics, 52, 225-235.
4.Boretsky, M., 1982, “The Threat to U.S. High Technology Industries: Economic and National Security Implications Draft.” International Administration, U.S. Department of Commerce.
5.Bradley, Michael, Gregg A. Jarrel, and E. Han Kim, 1984, “On the existence optimal capital structures: theory and evidence.” Journal of Finance, 39, 857-880.
6.DeAngelo, H., DeAngelo, L., and Stulz, R.M., 2006, “Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-cycle Theory[J].” Journal of Financial Economics, 81, 227-254.
7.Dickinson, V., 2011, “Cash Flow Patterns as a Proxy for Firm Life Cycle [J].” The Accounting Review, (06), 1969-1994.
8.Donaldson, G., 1961, “Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity.”
9.Ferdinand A. Gul, 1999, “Growth opportunities, capital structure and dividend policies in Japan.” Journal of Corporate Finance, 5, 141-168.
10.Gardner, J.W., 1965, “How to Prevent Organizational Dry Rot[M].” Harper's Magazine.
11.Garvey and Hanka, 1999, “Capital Structure and Corporate Control: The Effect of Antitakeover Statutes on Firm Leverage.” Journal of Finance, 54, 519-546.
12.Gaver, Jennifer J. and Kenneth M. Gaver, 1993, “Additional evidence on the association between the investment opportunity set and corporate financing dividend, and compensation policies.” Journal of Accounting and Economics, 16, 125-160.
13.Gort, M. and S. Klepper., 1982, “Time paths in the diffusion of product innovation.” Economic Journal, 92, 630-653.
14.Greiner, L., 1972, “Evolution and revolution as organizations grow[J].” Harvard Business Review.
15.Grupp, H.; Munt, G.; Schmoch, U., 1996, “Knowledge-Intensive and Resource-Concerned Growth In Germany.” Research Evaluation, 6(2), 96-104.
16.Haire, M., 1959, “Biological Models and Empirical Histories in the Growth of Organizations[D].” New York: John Wiley, l-5.
17.Jalilvad, A., and R. Harris, 1984, “Corporate Behavior in Adjusting to Capital Structure and Divided Targets: An Econometric Study.” Journal of Finance, 39, 127-145.
18.Jensen, M.C and Michael, W, H., 1976, “Theory of the firm: agency cost, and capital structure [J].” Journal of Financial Economics, 3, 306-360.
19.Marsh, Paul, 1982, “The choice between equity and debt: An empirical study.” Journal of Finance, 37, 121-144.
20.Modigliani, F. and M. Miller, 1958, “The cost of capital, corporation finance and the theory of Investment [J].” American Economic Review, 48, 261-297.
21.Modigliani, F. and M. Miller Myers, 1963, “Corporate income taxes and the cost of capital: a correction [J].” American Economic Review, 53, 433-443.
22.Miller, M. H., 1997, “Debt and taxes [J].” Journal of finance, 32, 261-275.
23.Miller M. H., R. K., 1985, “Dividend Policy under Asymmetric Information [J].” Journal of Finance, 40, 1031-1051.
24.Myers, S. C., 1984, The capital structure puzzle. Journal of Finance, 39, 575-592.
25.Myers, S. and Majluf, N. 1984, “Corporate financing and investment decisions when firms have information investors do not have.” Journal of Financial Economics, 13, l87-221.
26.Ozkan, Aydin, 2001, “Determinants of capital structure and adjustment to long run target: evidence from UK company panel data.” Journal of Business Finance and Accounting, 28, 175-198.
27.Phillips, GM., 1995, “Increased Debt and Industry Product Markets; An Empirical Analysis.” Journal of Financial Economies, 37, 189-238.
28.Rajan, R. G., and L. Zingales., 1995, “What do We Know about Capital Structure? Some Evidence from International Data.” Journal of Finance, 50, 1421-1460.
29.Ross, S. A., 1977, “The determination of financial structure: The Incentive-Signaling approach [J].” The Bell Journal of Economic, 8, 23-40.
30.Schumpeter, Joseph A.; Opie, Redvers, 1983, “The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle.” New Brunswick, New Jersey: Transaction Books. ISBN 9780878556984.
31.Titman, Sheridan and Roberto Wessels, 1988, “The determinants of capital structure choice.” The Journal of Finance, 43, l-19.
32.Wokukwu, Kingsley Chiedozie, 2000, “Life cycle and capital structure: Some empirical evidence[D].” DBA dissertation, Nova Southeastern University.
(三)網路資料
1.臺灣經濟新報(TEJ)財務資料庫科目說明
http://www.tej.com.tw/webtej/doc/fin/wf3.htm
2.楊朝祥，2007，高科技產業與人才創新－－台灣模式與經驗，國家政策研究基金會。http://www.npf.org.tw/2/1732