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Author: 夏禹
Yu Xia
Thesis Title: 臺灣高科技產業融資策略與企業生命週期之相關性研究
The Relationship between Financing Strategy and Business Life Cycle in Taiwan High-Tech Industry
Advisor: 陳俊男
Chun-Nan Chen
Committee: 陳俊男
Chun-Nan Chen
謝建平
Joseph C.P. Shieh
王澤世
Tse-Shih Wang
林軒竹
Hsuan-Chu Lin
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2017
Graduation Academic Year: 105
Language: 中文
Pages: 46
Keywords (in Chinese): 高科技產業企業生命週期融資策略
Keywords (in other languages): High-Tech industry, Business life cycle, Financing strategy
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  • 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.

    摘 要 ABSTRACT 致 謝 目 錄 圖目錄 表目錄 第壹章 緒論 第一節 研究動機與背景 第二節 研究目的 第三節 研究流程 第貳章 文獻綜述 第一節 高科技產業的定義與界定 一、何謂高科技產業? 二、高科技產業的界定 第二節 企業生命週期相關理論 一、企業生命週期理論及發展 二、企業生命週期的劃分標準 三、企業生命週期與融資決策相關研究文獻述評 第三節 融資理論與相關影響因素之文獻 一、融資的概念與主要方式 二、資本結構理論 三、影響企業融資決策的相關因素 第參章 研究方法 第一節 樣本選取標準與來源 第二節 變量描述 一、被解釋變量 二、解釋變量 三、控制變量 第三節 模型架構與研究假設 一、複迴歸模型架構 二、研究假設 第肆章 實證結果分析 第一節 敘述性分析 第二節 相關性分析 第三節 複迴歸模型檢定 一、變異數膨脹因子檢定 二、異質性White檢定 三、Newey-West檢定修正 第四節 迴歸結果分析 第伍章 結論與建議 第一節 研究結論 一、對處於初創期階段的公司之融資建議 二、對處於成長期階段的公司之融資建議 三、對處於成熟期階段的公司之融資建議 四、對處於衰退期階段的公司之融資建議 第二節 研究限制與建議 一、研究限制與不足 二、研究建議 參考文獻 (一) 中文部分 (二) 英文部分 (三) 網路資料

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    (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

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