Basic Search / Detailed Display

Author: 洪紫瑄
Zih-Syuan Hong
Thesis Title: 台積電公司資本結構影響因素之探討
A Study on the Factors Affecting Capital Structure of Taiwan Semiconductor Manufacturing Company
Advisor: 陳俊男
Chun-Nan Chen
Committee: 陳俊男
Chun-Nan Chen
謝劍平
Chien-Ping Hsieh
鄭仁偉
Jen-Wei Cheng
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: 2020
Graduation Academic Year: 108
Language: 中文
Pages: 62
Keywords (in Chinese): 資本結構台積電公司迴歸分析
Keywords (in other languages): Capital Structure, Taiwan Semiconductor Manufacturing Company, Regression Analysis
Reference times: Clicks: 284Downloads: 0
Share:
School Collection Retrieve National Library Collection Retrieve Error Report
  • 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.

    摘要 I Abstract II 誌謝 III 目錄 IV 圖目錄 VI 表目錄 VII 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 章節架構與研究流程 2 第二章 個案公司簡介與文獻探討 4 第一節 台積電公司簡介 4 第二節 資本結構相關理論 8 第三節 國內外資本結構相關實證文獻 13 第三章 研究方法 20 第一節 研究範圍 20 第二節 變數描述 20 第三節 模型架構 25 第四節 研究假設 27 第四章 實證結果分析 30 第一節 敘述性分析 30 第二節 相關性分析 33 第三節 多元線性迴歸模式分析 35 第四節 敏感性分析 41 第五章 結論與建議 48 第一節 研究結論 48 第二節 未來研究建議 49 參考文獻 一、中文文獻 50 二、英文文獻 51

    一、中文文獻
    台灣積體電路製造股份有限公司 (2019)。年度財務報告電子書。
    林武德 (民108)。資本結構與盈餘透明度之關聯性。未出版之碩士論文,國立台灣大
    學會計學研究所
    胡忠仁 (民104)。台灣肥料公司資本結構影響因素之探討。未出版之碩士論文,東吳
    大學企業管理研究所。
    徐于媜 (民94)。資本結構決定因素之探討–以美國與台灣高科技業與傳統產業為例。
    未出版論文,國立成功大學國際企業研究所。
    柴玉珂 (2015)。上市公司資本結構與企業績效關係研究。元華文創出版社。
    高佳銘 (民98)。公司內部因素、資本結構與績效之關聯性研究。未出版之碩士論文,國立成功大學
    企業管理學系碩博士班。
    夏禹 (民106)。臺灣高科技產業融資策略與企業生命週期之相關性研究。未出版之碩士論文,臺灣科
    技大學財務金融研究所。
    張永霖 (2017)。財務管理下—公司理財。高點文化事業有限公司。
    張瑋珊 (民108)。資本結構決策因素之探討:以國內電子業上市公司為例。未出版之碩士論文,國立
    台灣科技大學財務金融研究所。
    許名弌 (民107)。我國資本結構決定因素之實證研究—以企業生命週期觀點探討。未出版之碩士論
    文,國立台灣科技大學財務金融研究所。
    黃新堯 (民91)。中華電信公司資本結構之研究。未出版之碩士論文,國立交通大學經營管理研究
    所。
    顏祺祐 (民99)。台灣電子業資本結構與財務變數、公司治理變數關聯性之研究。未出版之碩士論
    文,東吳大學企業管理學系。
    藍瑞卿 (民89)。台灣地區股票上櫃公司資本結構影響因素之探討。未出版之碩士論文,國立台北大
    學企業管理研究所。
    二、英文文獻
    Baskin, J. (1989). An empirical investigation of the pecking order hypothesis.
    Financial Management, 18(1), 26-35.
    Bennett, M. & Donnelly, R. (1993). The determinants of capital structure: Some UK
    evidence. British Accounting Review, 25(1), 43-59.
    Bhabra, H. S., Liu, T. & Tirtiroglu, D. (2008). Capital structure choice in a
    nascent market: Evidence from listed firms in China. Financial Management,
    37(2), 341-364.
    Bradley, M., Jarrell, G.A. & Kim, E. H. (1984). On the existence of an optimal
    capital structure: Theory and evidence/discussion. Journal of Finance, 39(3),
    857-878.
    Deesomsak, R., Paudyal, K. & Pescetto, G. (2004). The determinants of capital
    structure: Evidence from the Asia pacific region. Journal of Multinational
    Financial Management, 14(Oct4/5), 387-405.
    Donaldson, G. (1961). Corporate debt capacity: A study of corporate debt policy
    and the determination of corporate debt capacity. Boston: Division of Research,
    Harvard School of Business Administration.
    Durand, D. (1952). Costs of debt and equity funds for business: Trends and
    problems of measurement. National Bureau of Economic Research, 215-247.
    Fama, E. F. & K. R. French. (2002). Testing trade-off and pecking order
    predictions about dividends and debt. The Review of Financial Studies, 15(1),
    1-33.
    Ferri, M. G. & W. H. Jones. (1979). Determinants of Financial Structure: A New
    Methodological Approach. Journal of Finance, 34(3), 631-644.
    Getzmann, A., Lang, S. & Spremann, M. (2014). Target capital structure and
    adjustment speed in Asia. Asia-Pacific Journal of Finance Studies, 43(1), 1-30.
    Jensen, M. C. & W. H. Meckling. (1976). Theory of the firm: Managerial behavior,
    Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4),
    305-360.
    Kester, W. C. (1986). Capital and ownership structure: A comparison of United
    States and Japanese manufacturing corporations. Financial Management, 15(1), 5-
    16.
    Kim, E. H. (1978). A mean-variance theory of optimal capital structure and
    corporate debt capacity. The Journal of Finance, 33(1), 45-63.
    Kim & Sorenson. (1986). Evidence on the Impact of the agency cost debt on
    corporate debt policy. Journal of Finance and Quantitative Analysis, 21(2),
    131-144.
    Kopyakova, A. (2017). Capital structure determinants: the evidence from listed
    and unlisted Dutch firms. Bachelor thesis, University of Twente.
    Mazur, K. (2007), The determinants of capital structure choice: Evidence from
    Polish Companies. International Advances in Economic Research, 13(40), 495-514.
    Miller, H. M. (1977). Debt and taxes. The Journal of Finance, 32(2), 261-275.
    Modigliani, F. & M. H. Miller. (1958). The Cost of Capital, corporation finance
    and the theory of investment. The American Economic Review, 48(3), 261-297.
    Modigliani, F. & M. H. Miller. (1963). Corporate income taxes and thecost of
    capital: A Correction. The American Economic Review, 53(3), 433-443.
    Myers, S. C. & N. S. Majluf. (1984). Corporate financing decisions when firms
    have information that investors do not have. Journal of Financial Economics,
    13(2), 187-221.
    Ozkan, A. (2003). Determinants of capital structure and adjustment to long run
    target: Evidence from UK company panel data. Journal of Business Finance &
    Accounting, 28(1-2), 175-198.
    Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics,
    87(3), 355-374.
    Titman, S. & R. Wessel. (1988). The determinants of capital structure choice.
    Journal of Finance, 43(1), 1-19.

    無法下載圖示 Full text public date 2025/08/03 (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