資金對於企業的發展來說十分重要。根據其獲取途徑，主要可分成內部資金和外部資金，內部資金的來源為公司的保留盈餘；外部資金又可分為負債融資與權益融資，而由負債與權益組成的比例即為公司的資本結構，此比例不僅會影響企業價值之高低，甚至攸關企業的生存發展，是每間公司所必須重視的。因此基於資本結構之重要性，本研究旨在研究資本結構的影響因素，並參考Dickinson(2011)的生命週期劃分方法，將樣本劃分為初創期、成長期、成熟期、動蕩期，以及衰退期，以企業生命週期的角度加以分析2007年至2016年台灣上市上櫃公司的資本結構及其影響因子。而為了同時探究企業生命週期、產業，與各影響因素對於資本結構之相關性，研究過程主要以三個模型分別進行分析。
　　根據實證分析結果，發現我國公司資本結構確實具有生命週期特點，依照總負債比率之大小排序為：初創期＞成長期和衰退期＞成熟期和動蕩期。此外，就產業因素而言，此虛擬變數與總負債比率之間呈現無顯著相關。然而，流動比率、非負債稅盾、獲利能力、利息保障倍數，以及股利支付率等變數則會因為產業特性之不同，在資本結構上呈現顯著差異。針對其他解釋變數而言，本文發現公司流動性、非負債稅盾、獲利能力、研究發展費用比率、股利支付率與總負債比率呈顯著負相關；公司規模、有形資產比率與總負債比率則呈現顯著正相關。公司成長性與利息保障倍數的迴歸結果則接近顯著水準，並同時瞭解到公司成長性與總負債比率呈現正相關，利息保障倍數則呈現負相關。
　　本研究亦利用長期負債比率作為敏感性分析之研究，欲探究不同之應變數，是否會改變其資本結構決定因素的顯著程度與影響方向。而實證結果發現：總負債比率和長期負債比率在企業生命週期、產業因素、流動性、獲利能力、公司規模、有型資產比率、股利支付率等變數下，結果差距不大。然而，針對企業成長性、非負債稅盾、研究發展費用率、利息保障倍數則顯示出不同結果，代表著長期負債比率與總負債比率對於某些資本結構影響因素亦有所差異。

　 Capital is important for companies to develop. It can be divided into internal capital and external capital. Besides, external capital can be divided into debt financing and equity financing. The ratio of debt and equity represents companies’ capital structure. This ratio will not only affect corporate value, but also be relevant to the development of company. Therefore, every company needs to put great emphasis on it. Based on the importance of capital structure, the article aimed to analyze determinants of capital structure for listed companies in Taiwan from 2007 to 2016. According to Dickinson’s research, this study used cash flow pattern to divide the sample into five stages. In order to consider business life cycle, industry factor, and other determinants simultaneously, the research contained three models.
Based on the empirical results, the capital structure of companies in Taiwan have the characteristic of business life cycle. In terms of total debt ratio, the results showed that Introductory Stage > Growth Stage and Decline Stage > Maturity Stage and Shake-out Stage. In addition, we could find that industry factor was not significantly relevant to total debt ratio. However, liquidity ratio, NDTS, profitability, TIE, and dividend payout ratio will be affected by industry factor. Liquidity ratio, NDTS, profitability, R&D, and dividend payout ratio existed significantly negative correlation with total debt ratio. Size and tangible asset ratio existed significantly positive correlation with total debt ratio. The results of growth and TIE closed to significant level.
This study also used long-term debt ratio for sensitivity analysis. The empirical results showed that in terms of empirical results for business life cycle, industry factor, liquidity ratio, profitability, size, tangible asset ratio and dividend payout ratio, there were nearly no difference between total debt ratio and long term debt ratio. However, total debt ratio and long term debt ratio had different empirical results for growth, NDTS, R&D, and TIE, which meant that total debt ratio and long-term debt ratio had different determinants of capital structure.

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