Basic Search / Detailed Display

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: 247Downloads: 0
Share:
School Collection Retrieve National Library Collection Retrieve Error Report
  •   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.

    摘 要 I ABSTRACT II 致 謝 III 目 錄 IV 圖目錄 V 表目錄 VI 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與預期貢獻 2 第三節 研究範圍 2 第四節 研究流程 3 第貳章 文獻探討 4 第一節 融資理論之相關文獻 4 第二節 影響融資決策相關因素之文獻 9 第參章 研究方法 11 第一節 研究架構 11 第二節 研究對象樣本取樣 12 第三節 研究分析方法 14 第四節 研究假說 20 第肆章 實證分析結果 22 第一節 敘述性統計 22 第二節 複迴歸分析結果 23 第伍章 結論與建議 29 第一節 研究結論 29 第二節 研究限制與建議 31 附錄 32 參考文獻 39 (一) 中文部分 39 (二) 英文部分 40 (三) 網路資料 43

    (一) 中文部分
    1. 王元章 (2001) ,「內部人持股、風險、股利、負債、投資與公司價值」,證券市場發展,第13卷第3期,29-69。
    2. 王惠昕 (2000) ,「代理問題對公司股權結構與財務決策之影響」,國立中正大學碩士論文。
    3. 吳佩芬 (2006) ,「上市公司宣告買回庫藏股之宣告效果與買回動機研究」,國立臺灣大學碩士論文。
    4. 李宗哲、何憲章 (1993) ,「中小企業之財務管理」,經濟部、中華經濟研究院主編。
    5. 林哲彥 (2009) ,「投資、融資與股利財務決策之關聯性研究」,逢甲大學碩士論文。
    6. 林素吟、丁學勤 (1999) ,「資本結構的影響因素探討與實證研究」,企銀季刊,第23卷第2期,139-154。
    7. 徐文瑾 (2015) ,「以盈餘支付政策分析企業融資工具之選擇」,國立臺灣大學碩士論文。
    8. 張邦茹 (2007) ,「IPO公司之初期融資行為研究─從資訊不對稱理論、代理理論及抵換理論觀點」,創新與管理,第4卷第2期,77-104頁。
    9. 詹忠衛 (2002) ,「公司品質與股利及融資政策之關係」,國立成功大學碩士論文。
    10. 廖容岑 (2004) ,「家族企業負債代理成本及股利政策之研究─以臺灣上市公司為例」,淡江大學碩士論文。
    11. 劉正田 (2001) ,「研發支出資本化之會計基礎股票評價」,會計評論,第33期,1-26。
    12. 劉玟 (2007) ,「舉債後股利增發宣告之資訊內涵─由營運績效及內部人持股比率角度探討之」,淡江大學碩士論文。
    13. 劉維琪、李怡宗 (1993a) ,「近代資本結構理論的綜合探討」,企銀季刊,第17卷,第1期,1-26。
    14. 劉維琪、李怡宗 (1993b) ,「融資順位理論之調查研究」,管理評論,119-144。
    15. 劉維琪、劉玉珍 (1989) ,「融資順位理論之發展與實證」,管理評論,7-22。
    16. 歐進士 (1998) ,「我國企業研究發展與經營績效關聯性之實證研究」,中山管理評論,第6卷,357-386。
    17. 蔡美玲 (1997) ,「影響管理當局與分析師盈餘預測相對準確性之因素」,國立中正大學碩士論文。
    18. 蔡純真 (2011) ,「探討資本結構、股利政策對公司價值之影響─訊號理論暨代理成本觀點」,逢甲大學碩士論文。
    19. 謝劍平 (2016) ,《財務管理原理》,七版,智勝文化。
    20. 謝劍平 (2016) ,《現代投資學》,六版,智勝文化。
    21. 謝劍平 (2015) ,《財務報表分析》,四版,智勝文化。
    22. 謝劍平 (2014) ,《國際財務管理:跨國企業之價值創造》,二版,智勝文化。
    23. 簡志昇 (1998) ,「台灣地區股票上市公司資本結構影響因素之研究」,國立交通大學碩士論文。
    24. 施宜廷 (2009) ,「以權益成本測試市場擇時對資本結構之影響」,國立中山大學碩士論文。
    25. 顏偉志 (1998) ,「台灣地區新上市公司融資順位與資本結構之研究」,國立臺灣大學碩士論文。

    (二) 英文部分
    1. Hovakimian, T. O., and S. Titman. (2001), “The Debt-Equity Choice”, Journal of Financial and Quantitative Analysis, 36(31), 31-24.
    2. Aggarwal, R., Kyaw, N. A. (2010), “Capital Structure, Dividend Policy, and Multinationality: Theory versus Empirical Evidence”, International Review of Financial Analysis, 19, 140-150.
    3. Alan A. Bevan, J. D. (2002), “Capital Structure and Its Determinants in the U.K. - A Decompositional Analysis”, Applied Financial Economics, 12, 13, 159-170.
    4. Bah, R., P. Dumontier (2001), “R&D Intensity and Corporate Financial Policy: Some International Evidence”, Journal of Business Finance and Accounting, 28, 671-692.
    5. Baker, M., and J. Wurgler (2002), “Market Timing and Capital Structure,” Journal of Finance, 57, 1-32.
    6. Barton, S. L., P.J. Gordon (1988), “Corporate Strategy and Capital Structure”, Stratregic Management Journal, 9, 623-632.
    7. Baskin, J. (1989), “Empirical Tests of Capital Structure Theories: An Empirical Investigation of the Pecking Order Hypothesis”, Financial Management, 18(11), 26-35.
    8. Bradley, M. G. J., and E.H.Kim. (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence”, Journal of Finance, 39, 857-880.
    9. Chae J., K. S., Lee E.J. (2009), “How Coperate Governance Affects Payout Policy under Agency Problems and External Financing Constraints”, Journal of Banking and Finance, 33, 2093-2101.
    10. Chang, R. P., G.S. Rhee. (1990), “The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions”, Financial Management, 19, 21-31.
    11. Cho, M. H. (1998), “Ownership Structure, Investment, and the Corporate Value: an Empirical Analisis”, Journal of Financial Economics, 47, 103-121.
    12. Clifford W. Smith, R. L. W. (1992), “The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies”, Journal of Financial Economics, 32(33), 263-292.
    13. Crutchley, C. E., R.S. Hansen. (1989), “A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends”, Financial Management, 18(14), 36-46.
    14. D., S. (2008), “The Evolving Relation between Earnings, Dividends, and Stock Repurchases”, Journal of Financial Economics, 87, 582-609.
    15. Donaldson, G. (1961), “Corporate Debt Capacity:A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity”, Graduate School of Business Administration, Harvard University.
    16. Elliott, W.B., Koëter-Kant, J., Warr, R.S. (2007), “A Valuation-Based Test of Market Timing”, Journal of Corporate Finance ,13, 112-128.
    17. Eugene F. Brigham, L. C. G. (1993), “Intermediate Financial Management”, The Dryden Press, Fourth Edition, 445-460.
    18. F.H., E. (1984), “Two Agency-Cost Explanations of Dividends”, American Economic Review, 74, 650-659.
    19. Graham, J.R., Harvey, C.R. (2001), “The Theory and Practice of Corporate Finance: Evidence from the Field”, Journal of Financial Economics, 60, 187-243.
    20. Harris, M., Raviv, A. (1991), “The Theory of Capital Structure”, Journal of Finance, 49, 297-355.
    21. Helwege, J., and N. Liang. (1996), “Is there a pecking order Evidence from a panel of IPO firms”, Journal of Financial Economics, 40, 429-458.
    22. Huang, R.,Ritter, J.R. (2009), “Testing the Market Timing Theory of Capital Structure”, Journal of Financial and Quantitative Analysis, 44, 237-271.
    23. Ikenberry, D., Lakonishok, J., Vermaelen, T. (1995), “Market Underreaction to Open Market Share”, Journal of Financial Economics, 39, 181-208.
    24. Jensen, G. S., W.H. Meckling. (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3, 305-360.
    25. Jung, K., Y. C. Kim, and R. M. Stulz. (1996), “Timing, Investment Opportunities, Managerial Discretion, and Security Issue Decision”, Journal of Financial Economics, 42, 159-185.
    26. Lintner, J. (1956), “Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes”, American Economic Review, 46(42), 97-113.
    27. Loughram, T., Ritter, J.R., Rydqvist, K. (1994), “Initial Public Offerings: International Insights”, Pacific-Basin Finance Journal, 2, 165-199.
    28. M., R. (1982), “Growth Beta and Agency Costs as Determinants of Dividend Payout Ratios”, Journal of financial Research, 249-259.
    29. Michael S. Long, I. B. M. (1985), “Investment Patterns and Financial Leverage”, University of Chicago Press, 325-352.
    30. Michaelas N., F. C., and P. Poutziouris. (1999), “Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data”, Small Business Economics, 12, 113-130.
    31. Miller, M. (1977), “Debt and taxes,” Journal of finance, 32, 261-275.
    32. Miller M.H., R. K. (1985), “Dividend Policy under Asymmetric Information”, Journal of Finance, 40, 1031-1051.
    33. Modigliani, F., and M. Miller, (1958), “The cost of capital, coporation finance and the theory of investmens”, American Economic Review, 48, 261-297.
    34. Modigliani, F., and M. Miller (1963), “Corporate income taxes and the cost of capital: A correction”, American Economic Review, 53, 433-443.
    35. Myers, S. (1974), “Interactions of Corporate Financing and Investment Decisions-Implications for Capital Budgeting”, Journal of Finance, 1-25.
    36. Myers, S. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics, 5(2), 147-175.
    37. Myers, S. C. a. M., N, S. (1984), “Corporate Financing and Investment Decisions When Firm Have Information That Investors Do Not Have”, Journal of Financial Economics, 187-221.
    38. Pagano, M., Panetta, F., Zingales, L. (1998), “Why Do Companies Go Public? An Empirical Analysis”, Journal of Finance, 53, 27-64.
    39. Pinegar, J. M. a. W., Lisa (1989), “What Managers Think of Capital Structure”, Financial Management, 82-91.
    40. Ravid, S. a. D., A. (1988), “On the Interaction of Real and Financial Decisions of the Firm under Uncertainty”, Journal of Finance, 4, 501-517.
    41. Scherr, F. C., H. M. Hulburt. (2001), “The Debt Maturity Structure of Small Firms”, Financial Management, 30, 85-111.
    42. Sougiannis, T. (1994), “The Accounting Based Valuation of Corporate R&D”, The Accounting Review, 69, 44-68.
    43. Titman, S. a. R. W. (1988), “The Determinants of Capital Structure Choice”, Journal of Finance, 1-19.
    44. Van der Wijst N., R. T. (1993), “Determinants of Small Firm Debt Ratios: An Analysis of Retail Panel Data”, Small Business Economics, 5, 55-65.
    45. Warner, B. J. (1977), “Bankruptcy Cost : Some Evidence”, Journal of Finance, 32, 337-348.

    (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。

    無法下載圖示 Full text public date 2022/02/06 (Intranet public)
    Full text public date This full text is not authorized to be published. (Internet public)
    Full text public date This full text is not authorized to be published. (National library)
    QR CODE