Author: |
羅婉瑜 Wan-Yu - Lo |
---|---|
Thesis Title: |
臺灣產業融資政策決定因子之研究 The Determinants of Financing Policy in Taiwanese Industries |
Advisor: |
謝劍平
Joseph C.P. Shieh |
Committee: |
陳俊男
Chun-Nan Chen 劉代洋 Day-Yang Liu |
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: | 52 |
Keywords (in Chinese): | 融資政策 、財務因子 、臺灣產業 |
Keywords (in other languages): | financing policy, financial determinants, Taiwanese industries |
Reference times: | Clicks: 414 Downloads: 0 |
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本研究的目的為探討分析電子類股公司(第一類產業)以及非金融與電子類股公司(第二類產業),此兩分類不同產業上市公司的企業在財務決策上或營運方面的成長性與融資政策之間是否有差異性,並且進一步探討兩分類不同產業對於本研究所納入的解釋變數是否存在相關性且相關性為何。
根據過去相關文獻對於融資決策研究方法所擬定的變數,本研究歸納對於融資決策可能存在影響性的財務因子作為解釋變數,其中包含股利支付率、規模、可抵押資產比率、稅率、獲利能力、成長機會、研發費用率、銷貨成長性、營運風險,分別對以上解釋變數建立研究假說並加以驗證研究結果,且使用最小平方估計式(Ordinary Least Squares Estimator,簡稱OLS)模型進行複迴歸分析。
經由本研究實證結果發現,規模、獲利能力、研發費用率、銷貨成長性對於電子類股公司在融資決策上有顯著的影響性;而以相同的方式研究非金融與電子類股公司則有不一樣的結果,研究結果顯示上述解釋變數對於整體負債比率皆無顯著影響性,但若將負債比率加以細分成短債比率以及長債比率後,可以從中發現,股利支付率以及可抵押資產比率對短債比率存在顯著負相關,獲利能力與短債比率呈現顯著正相關,可抵押資產比率卻與長債比率呈現顯著正相關。
The purpose of this research is to analyze the difference of the relationship between financial decision-making, operations growth of companies and financing policy in the electronic industry (the type-one industry) and the non-financial-and-electronic companies (the type-two industry) in Taiwan. Further, this research analyzes whether there are correlations between the explanatory variables included in this research and each of the two types of industries mentioned above.
In the light of the previous researches, this research selects some financial determinants that may have an impact on financing policy as explanatory variables, which include dividend payout ratio, size, collateral ratio, tax rate, profitability, growth opportunity, R&D expenses, sales growth and business risk. After that, this research constructs research hypotheses for each of the above explanatory variables, and uses the Ordinary Least Squares Estimator (OLS) model to do multiple regression analysis.
The empirical result shows that size, profitability, R&D expenses and sales growth have significant influence on the financing policy of electronic companies. In the same way, the result of non-financial-and-electronic companies is different. It shows that the above explanatory variables have no significant effect on debt ratio, but if the debt ratio is subdivided into short-term debt ratio and long-term debt ratio, it can be found that dividend payout ratio and collateral ratio are significantly negatively correlated with short-term debt ratio, profitability are significantly positively correlated with short-term debt ratio, collateral ratio are significantly positively correlated with long-term debt ratio.
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(三) 網路資料
1. 臺灣證券交易所 (2013),臺灣證券交易所股份有限公司上市公司產業類別劃分暨調整要點。
2. 臺灣證券交易所 (2016),發行量加權股價指數成分股暨市值比重。