資金對於公司經營而言相當重要，它可以使公司擴張事業，而公司籌措資金的第一個來源為內部資金，公司籌資的第二個來源為外部融資，即負債(debt)和權益(equity)融資，而公司的資本結構(capital structure)則是一個公司的負債和權益的分配情況，此分配情況不僅會影響公司價值，亦會影響公司的生存發展，因此資本結構對於公司是值得被關注的，然而，究竟哪些因素會影響融資決策，即是本研究欲探討的。
本研究利用台積電公司1995至2019年，共25年的年頻率資料，以多元迴歸模型實證結果發現公司成長性和資產抵押價值對於總負債比率呈現顯著正相關，獲利能力、公司獨特性、股利發放率、非負債稅盾和流動性則是與總負債比率呈現顯著負相關。
本研究亦以長期負債比率和負債權益比作為敏感性分析之相依變數，實證結果發現公司成長性、資產抵押價值和流動性對於長期負債比率呈現顯著正相關，獲利能力、公司獨特性、非負債稅盾和美國費城半導體指數則是與長期負債比率呈現顯著負相關；實證結果發現公司成長性和資產抵押價值與負債權益比呈現顯著正相關，獲利能力和非負債稅盾則是與負債權益比呈現顯著負相關，然而，流動性、股利發放率、美國費城半導體指數和公司獨特性則顯示出不同結果，意味著長期負債比率和負債權益比與總負債比率對於某些資本結構影響因素有所差異。

Capital is important for companies because they can use the capital to expand their business. It can be divided into internal capital and external capital which includes debt financing and equity financing. The ratio of debt and equity represents companies’ capital structure. This ratio not only affects the value of companies but also relates to the developments of the companies. As a result, the capital structure of a company is worth our attention, and the objective of this study is to find the determinants of the capital structure.
The sample of this study is Taiwan Semiconductor Manufacturing Company and the research period is from 1995 to 2019, including 25 annual data. Based on the result of multiple regression analysis, growth and collateral value of the assets have significantly positive correlations with total debt ratio. Conversely, profitability, R&D, payout ratio, non-debt tax shield and liquidity have significantly negative correlations with total debt ratio.
This study also uses long-term debt ratio and debt to equity ratio for sensitivity analysis. The empirical results show that growth, collateral value of the assets and liquidity have significantly positive correlations with long-term debt ratio. Profitability, R&D, non-debt tax shield and PHLX Semiconductor Sector Index have significantly negative correlations with long-term debt ratio. In addition, the results of the regression show that growth and collateral value of the assets have significantly positive correlations with debt to equity ratio. Profitability and non-debt tax shield have significantly negative correlations with debt to equity ratio. Nevertheless, long-term debt ratio, debt to equity ratio and total debt ratio have different empirical results for liquidity, payout ratio, PHLX Semiconductor Sector Index and R&D, which means that the determinants of capital structure among long-term debt ratio, debt to equity ratio and total debt ratio are different.

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