本研究以1996年到2005年台灣上市上櫃企業為樣本，透過篩選條件選出符合的樣本，並針對所選出樣本進行分析。首先對選用的變數進行因素分析，目的在避免選取單一變數所產生的代表性問題。接著使用二元邏輯斯迴歸模型對樣本進行分析，研究發現，會發行股票融通資金的公司和當年度自身的獲利能力有顯著的正向關係，以債券融資的企業則是和當年度公司本身的流動性有顯著的正向關係，而不管是在前一年度或是在當年度的模型結果都顯示出，規模愈大的公司會愈傾向發行債券融通資金。最後，雖然市場評價此變數在模型中不顯著，但是以發行股票後的公司股價表現來看，企業的管理階層是存在擇時效果的。
另外，本文將樣本公司在發行融資工具前後三年的績效作比較，觀察結果發現，發行股票的公司其在發行後的營運績效明顯劣於發行債券的企業，顯示以股票融資的公司經理人比起發行債券的公司經理人有資金使用不當的情形。

This research’s data is based on listed companies for sample in Taiwan from 1996 to 2005 then through the screening conditions to select consistent samples, and aimed at selected samples to carry on the analysis. Firstly, selection of variables to the factor analysis, the goal is avoiding to bring about the representative bias which selected single variable. Afterwards, using the logistic regression model to analyze the data, then this research discovers that companies which issued stocks to finance capital have a significant positively relationship with its profitability in that year, and companies which issued bonds to finance fund have a significantly positive relationship with its liquidity in that year. Next to regardless of the previous year or this year in the model that results have shown, the larger size of the companies will be inclined to finance fund from issuing debt. Eventually, although the market evaluation of this variable is not significant in the model, but to depend on issuing companies after the stock price performance, the management level of enterprises still exist the effect of marking timing.
In addition, this research compare the performance before and after the company issued financial tools in three years, then it revealed that the issuing stocks companies’ operating performance significantly worse than the issuing bonds companies’ after issued financial tools. It shows that the manager of the company stock than financing companies from issuing bonds improper use of funds manager situation, evidently, the manager of issuing stocks companies more has the fund use improper situations than the manager of issuing bonds companies.

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