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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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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。

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.
其他識別: U0005-0806201112303000
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