Please use this identifier to cite or link to this item:
標題: 探索影響台灣化學產業之資本結構的因素:以上市、櫃公司為例
Exploring the Determinants of Capital Structure in Taiwan's Chemical Industry: Evidence of Listed and OTC Companies
作者: 王桔森
Wang, Chieh-Sen
關鍵字: Panel data model
Chemical industry
Long-term debt ratio
Determinants of capital structure
Financial tsunami
出版社: 高階經理人碩士在職專班
引用: 一 中文文獻: 江來成(2005),資本結構影響因素之研究-以台灣上市鋼鐵業為例,銘傳大學管理學院高階經理碩士學程在職專班碩士論文。 江晏誱(2005),動態資本結構之研究─台灣上市公司之實證分析,朝陽科技大學財務金融系碩士論文。 李麗琴(2008),中小企業有效稅率與資本結構之實證研究,逢甲大學會計學系碩士在職專班碩士論文。 余財安(2002),臺灣資訊電子業股票上市公司資本結構決定因素探討,國立中山大學財務管理學系碩士研究論文。 吳雅茹(2004),成長機會與負債期限對公司資本結構之影響,國立高雄第一科技大學金融營運系碩士論文。 林靜雪(2007),台商大陸投資與公司資本結構之關係,逢甲大學國際貿易學系碩士班碩士論文。 黃英陶(1988),代理問題對公司資本結構影響之研究,國立成功大學工業管理研究所碩士論文。 黃小玲(2001),兩稅合一對公司資本結構之影響,國立中山大學財務管理學系研究所碩士論文。 黃瑞靜(2001),動態資本結構評價模式之分析與應用,國立中山大學財務管理研究所博士論文。 陳玉華(2004),台灣資訊電子產業融資決策之研究,銘傳大學財務金融學系碩士在職專班碩士論文。 陳東生(2009),資本結構決定因素之實證研究-以越南上市公司為例,國立高雄第一科技大學金融理財研究所碩士論文。 梁宜峰(代碼:16886),化學原料及其製品批發業之現況與展望,台經院產經資料庫。 鄭素卿(1982),租稅對公司財務結構影響之分析,台銀季刊第33 卷。 二 英文文獻: Armen, H., T. Opler, and S. Titman, 2001,“The debt-equity choice,"Journal of Financial and Quantitative Analysis 36, 1-24. Baskin, J., 1989, “An empirical investigation of the pecking order hypothesis,” Financial Management, 26-35. Baxter, N. D., 1967, “Leverage, risk of ruin and the cost of capital,” Journal of Finance, 395-403. Breusch, T. S., A. R. Pagan, 1980, “The Lagrange multiplier test and its applications to model specification tests in econometrics,” Review of Economic Studies, 47, 239-53. Chakraborty, I., 2010, “Capital structure in an emerging stock market: The case of India,” Research in International Business and Finance, 24, 295–314. Chaplinsky, S. and G. Niehaus, 1993, “Do inside ownership and leverage share common determinants?” Quarterly Journal of Business and Economics, 32, 4, 51– 65. Chen, J., and R. Strange, 2006, “The determinants of capital structure: Evidence from Chinese listed companies,” China Economic Review, 17, 14-36. Crutchley, C. E. and R. S. Hansen, 1989, “A test of the agency theory of managerial ownership, corporate leverage and corporate dividends,” Financial Management, 18, 4, 36-46. DeAngelo, H. and R. Masulis, 1980, “Optimal capital structure under corporate and personal taxation,” Journal of Financial Economics, 8, 3 –29. Durand, D., 1952, “Cost of debt and equity funds for business: trends and problems of measurement,” Conference on Research in Business Finance, National Bureau of Economic Research, New York, 215-247. Ferri, M. and W. Jones, 1979, “Determinants of financial structure: A new methodological approach,” Journal of Finance, 34, 631-644. Fischer, E., R. Heinkel, and J. Zechner, 1989, “Dynamic capital structure choice: theory and tests,” Journal of Finance, 44, 19-40. Frank, M.Z. and V. K. Goyal, 2003, “Testing the pecking order theory of capital structure,” Journal of Financial Economics, 67, 217-248. Friend, I. and L. Lang, 1988, “An empirical test of the impact of managerial self-interest on corporate capital structure,” Journal of Finance, 43, 271–281. Graham, R. C., and R. D. King, 2000, “Accounting practices and the market valuation of accounting numbers:evidence from Indonesia ,Korea, Malaysia, the Philippines, Taiwan, and Thailand,” The International Journal of Accounting, 35, 445-470. Grossman, S. J. and O. Hart, 1982, ”Corporate financial structure and managerial incentives,” The Economics of Information and Uncertainty. J. McCall. Chicago, IL, Unicersity of Chicago Press. Gaud, P., E. Jani, M. Hoesli and A. Bender, 2005, “The capital structure of Swiss companies: an empirical analysis using dynamic panel data,” European Financial Management, 11, 1, 51–69. Hsiao, C., 2003, Analysis of Panel Data, 2nd edition, Cambridge: Cambridge University Press. Huang, G. and F. M. Song, 2006, “The determinants of capital structure: evidence from China,” China Economic Review, 17, 14– 36. Harris, M. and A. Raviv, 1991, “The theory of capital structure,” Journal of Finance, 46, 297-355. Jensen, M. C. and W. H. Meckling, 1976, “Theory of the firm: Managerial behavior, agency cost and ownership structure,” The Journal of Financial Economics, 3, 305-360. Jensen, M. C. and R. S. Ruback., 1983, “The market for corporate control: The scientific evidence,” Journal of Financial Economics, 11, 5-50. Jung K., Y.-C. Kim, R. M. Stulz, 1996, “Timing, investment opportunities, managerial discretion, and the security issue decision,” Journal of Financial Economics, 42, 159-185. Kim, E. H., 1978, “A mean-variance theory of optimal capital structure and corporate debt capacity,” Journal of Finance, 33, 1, 45-64. Kim, H., A. Heshmati, and D. Aoun, 2006, “Dynamics of capital structure: The case of Korean listed manufacturing companies,” Asian Economic Journal, 20, 275-302. Klevmarken, N. A., 1989, “Panel studies: What can we learn from them? Introduction,” European Economic Review, 33, 523-529. Kraus, A. and R. H. Litzenberger, 1973, “A state preference model of optimal financial leverage,” Journal of Finance, 28, 4, 911-922. Leland, H., 1998, “Agency costs, risk management, and capital structure,” Journal of Finance, 53, 1212-1243. Mackie-Mason J. K., 1990, “Do tax affect corporate financing decision?” Journal of Finance, 45, 1471-1493. Mazur K., 2007, “The determinants of capital structure choice: evidence from Polish companies,” International Advances in Economic Research, 13, 4, 495-514. Mundlak, Y., 1978, “On the pooling of time series and cross section data,” Econometrica, 46, 69-85. Myers, Stewart C., 1977, “Determinants of corporate borrowing,” Journal of Financial Economics, 5, 147-175. Miller, M. H., 1977, “Debt and taxes,” Journal of Finance, 33, 2, 261-275. Modigliani, F. and M. Miller , 1958, “The cost of capital, corporation finance and the theory of investment,” American Economic Review, 48, 261-297. Modigliani, F. and M. Miller, 1963, “The taxes and the cost of capital,” American Economic Review, 53, 433-443. Myers, S. C. and N. S. Majluf, 1984, “Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics, 13, 2, 187-221. Ozkan, Aydin, 2001,“Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data,” Journal of Business Finance and Accounting, 28, 175-198. Rajan, R. G. and Zingales, L.(1995),”Is there an optimal capital structure? Some evidence from international data,” Journal of Finance, 50,1421-60 Stiglitz, J. E., 1972, “Some aspects of the pure theory of corporate finance: bankruptcies and takeovers,” The Bell Journal of Economics and Management Science, 3, 2, 458-482. Smith, C. W., and J. B. Warner, 1979, “On financial contracting: An analysis of bond covenants,” Journal of Financial Economics, 7, 117-161. Scott, J., 1977, “Bankruptcy, secured debt, and optimal capital structure,” Journal of Finance, 32, 1-20. Stulz, R. M., 1990, “Managerial discretion and optimal financing policies,” Journal of Financial Economics, 26, 3-27. Teker, D., O. Tasseven and A. Tukel, 2009, “Determinants of capital structure for Turkish firms: a panel data analysis,” International Research Journal of Finance and Economics, 29, 179-187. Titman, S. and R. Wessels, 1988, “The determinants of capital structure choice,” Journal of Finance, 43, 1-19. Wald, J. K., 1999, “How firm characteristics affect capital structure: An international comparison,” Journal of Financial Research, 22, 2, 161–187.
摘要: 本研究主要以追蹤資料分析法,探討台灣化學產業的資本結構因子及金融海嘯對台灣化學產業的長期負債比率的影響。本研究的資料來源為台灣經濟新報資料庫,選樣期間為2000~2010年化學產業中的38家上市櫃公司的季資料,並將資料分為整體化學產業、全體上市公司及全體上櫃公司三部分。 由追蹤資料分析結果發現,在整體化學產業及上市公司中,金融海嘯對台灣化學產業的資本結構有顯著負相關;公司規模在整體化學產業、上市及上櫃公司三部分與長期負債比率皆呈顯著正相關;而公司成長率在整體化學產業及上市公司部分與長期負債比率呈顯著正相關。 其次,實證結果亦發現在整體化學產業及上市公司部分,資產抵押價值與長期負債比率呈顯著負相關,但在上櫃公司部分則呈顯著正相關;而董監事持股比例與長期負債比率的關係,在整體化學產業、上市公司及上櫃公司三部分皆呈顯著負相關。但在整體化學產業、上市公司及上櫃公司三部分,有效稅率及非負債稅盾對資本結構在統計上皆為不顯著影響。
This study explores determinants of capital structure and also investigates whether the financial tsunami has an impact on the capital structure in 38 Taiwan's chemical companies. The quarterly data covering the period 2000-2010 are sourced from Taiwan Economic Journal (TEJ) Database whose data are classified to three categories, the whole companies in the industry, the listed companies and the OTC companies. By using the panel data regression, we find that the financial tsunami has a significantly negative impact on the long-term debt ratio of Taiwan's chemical industry in both whole industry level and listed company level. The company size is significantly positively related to the financial leverage in all the three levels. The profitability is significantly negatively related to the leverage in both whole industry level and listed company level. Also, the sales growth is significantly positively related to the leverage in both whole industry level and listed company level. Second, the empirical result also finds that the asset collateral value is significantly negatively related to the leverage in both whole industry level and listed company level, but significantly positively in OTC company level. Besides, the management shareholding ratio is significantly negatively related to the leverage in all the three levels. However, in this study, the tax shields and non-debt tax shield do not have significant influences on the long-term debt ratio of Taiwan's chemical industry in all the three levels.
其他識別: U0005-0806201114040800
Appears in Collections:高階經理人碩士在職專班



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.