Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/24206
標題: 以追蹤資料分析影響台灣塑膠產業資本結構因子
An Empirical Analysis on the Capital Structure of Taiwan Plastic Companies Using Panel Data Model
作者: 陳建興
Chen, Chien-Hsing
關鍵字: Long-term debt ratio
長期負債比率
Determinants of capital structure
Panel data model
Financial tsunami
Trade-off theory
Pecking order theory
資本結構因子
追蹤資料模型
金融海嘯事件
權衡理論
融資順位理論
出版社: 高階經理人碩士在職專班
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摘要: 本研究以台灣經濟新報資料庫2000~2010年中,27家上市櫃塑膠產業公司為樣本,運用追蹤資料,分析影響台灣塑膠產業資本結構的因子,結果發現金融海嘯對長期負債比率有顯著負向影響,表示金融海嘯期間各公司之長期負債比率減少。 公司規模、資產抵押價值、流動性與長期負債比率呈正相關,而現金股利與長期負債比率呈負相關,符合權衡理論。 獲利能力與長期負債比率呈負相關,而成長率與長期負債比率呈正相關,這與融資順位理論一致。 董監事持股比率與長期負債比率呈正相關, 而其他資本結構決定因子如有效稅率、非負債稅盾、研究發展費用率及盈餘波動性與長期負債比率在統計上並無顯著影響。 由本研究之實證結果,我們發現權衡理論與融資順位理論,皆能被台灣塑膠產業之資本結構決定因子的實證結果所支持,然以權衡理論較能受本研究的結果所支持。
This study aims to investigate determinants of capital structure in 27 Taiwan's plastic companies. The quarterly data of financial statements of the companies come from Taiwan Economic Journal (TEJ) Database, which runs from year 2000 to 2010. By using panel data regression, we find the results as follows. First, the financial tsunami has a significant impact on the capital structure of the Taiwan's plastic industry, which indicates that the long-term debt ratio declines significantly after the financial tsunami. Second, in the industry level, firm size, assets collateral value and liquidity are positively related to and the dividend payout ratio is negatively related to long-term debt ratio, thus supporting the trade-off theory. Also, the profitability is negatively related to long-term debt ratio, but positively for the sales growth. These results are in line with the pecking order theory. Finally, the management's shareholding ratio is negatively related to long-term debt ratio. However, other factors such as tax shields, non-debt tax shields, uniqueness and earning volatility do not significantly influence the capital structure of the Taiwan's plastic industry in this study. Both pecking order theory and the trade-off theory are supported by the signs of the determinants; nevertheless the former is properly better in this study.
URI: http://hdl.handle.net/11455/24206
其他識別: U0005-0806201112303000
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0806201112303000
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