由於近年來碳中和議題越來越受到重視，經濟成長伴隨電力需求提升，如何能源轉型並穩定提供充足且乾淨之能源成為重要課題，全球制定法案的趨勢也將帶動綠能相關產業發展，因此本研究於篩選關於「太陽能」、「風力發電」等產業，以2017年至2021年間綠能產業之上市48家、上櫃15家，共63家公司作為研究對象，找出影響此產業負債比率之重要變數並建構研究假說。

本研究採橫斷面分析法進行統計分析，先由敘述性統計一窺本產業中所有研究變數，有概略性的基本了解後，再採用皮爾森相關分析、多元迴歸分析及逐步迴歸方法，並透過檢定觀察解釋能力是否顯著及排除共線性問題，藉此探究資本結構的決定因素。

經由實證分析後結果顯示，一、上市櫃之綠能相關產業公司之總負債比率平均為50.11%；若拆分風力及太陽能產業鏈探討，風力發電業之總負債比率平均值為54.35%，太陽能產業為48.53%，負債比率偏高，為產業特性所致。二、多元迴歸分析中顯著之決定因素為公司規模、獲利能力、資產抵押價值、股利發放率等，並且總負債比率及長期負債比率之分析結果皆符合假說，而短期負債比率結果與假說不一致，短期負債較重視獲利能力的表現且較不重視資產抵押價值，可看出不同期限之負債比率影響因素的差異。

In recent years, more and more attention has been paid to the issue of carbon neutrality, and the economic growth is accompanied by the increase of power demand. How to transform energy and stably provide sufficient and clean energy has become an important issue. The trend of global legislation will also drive the development of green energy-related industries. Therefore, this study aims at screening industries such as "solar energy" and "wind power generation". Taking 63 companies from 2017 to 2021 as research objects, finding out the important variables that affect the debt ratio of this industry and constructing research hypotheses.

This study adopts cross-sectional analysis method for statistical analysis. First, narrative statistics are used to get a glimpse of all research variables in this industry. Then Pearson correlation analysis, multiple regression analysis and stepwise regression method are used. Finally, through verification, observe whether the explanatory ability is significant and eliminate the collinearity problem. This research method is used to explore the determinants of capital structure.

The empirical analysis shows that:
1. The total debt ratio of listed companies in green energy related industries is 50.11% on average; If the wind power and solar industry chains are discussed separately, the average total debt ratio of wind power industry is 54.35%, and that of solar industry is 48.53%. The high debt ratio is due to the industrial characteristics.
2. Significant determinants in multiple regression analysis are company size, profitability, mortgage value of assets, dividend payout ratio, etc. Moreover, the analysis results of total debt ratio and long-term debt ratio are consistent with the hypothesis. However, the results of short-term debt ratio are inconsistent with the hypothesis. Short-term debt pays more attention to the performance of profitability and pays less attention to the mortgage value of assets, which shows the differences of influencing factors of debt ratio in different maturities.

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