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題名:公司生命週期基礎下之資本結構動態調整及波動變幅實證模式
作者:高立翰 引用關係
作者(外文):Kao, Li-Han
校院名稱:國立交通大學
系所名稱:科技管理研究所
指導教授:洪志洋
學位類別:博士
出版日期:2011
主題關鍵詞:資本結構生命週期階段負債比率波動變幅部分調整模型CARR模型公司特性Capital structureLife-cycle stageVolatility range of debt ratioPartial adjustment modelCARR modelFirm-specific attributes
原始連結:連回原系統網址new window
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有鑑於傳統的財務理論在對市場實際資料的表現上,在解釋公司目標資本結構調整與波動現象時常無法完整的說明變動來源,且現有理論對實證的推論上,亦常具有時間上或跨產業差異,而使財務理論的一致適用性受到質疑。因此,本研究採用公司生命週期觀點做為資料區分的基礎,用以探討台灣上市公司的資本結構調整及變動程度,是否會因不同的公司生命週期發展階段而有所改變。此外,本研究亦加入產業及生命週期階段的分類所形成的區隔因素,分析在動態資本結構下,影響各階段目標負債比率變動的成因,同時探討不同構面下資本結構的調整,以及其變動幅度是否具有顯著性的差異。藉由初步的敘述統計的檢定,本研究發現公司資本結構除了具有顯著的階段差異外,其公司特性的表現上亦顯不同。進一步以部分調整模型進行估計與分析後,本研究亦獲得顯著的證據證明處於不同生命週期階段的公司,在影響資本結構的決定因素上,具有跨生命週期及跨產業的組成差異。上述這類因不同生命週期階段所產生的資本結構差異,又連動影響到公司在資本結構上的動態調整速度,以致產生明顯的產業差異現象。此外,藉由動態波動變幅模型的導入,本研究指出公司在目標資本結構的決定上,除會因為其公司特性變動而導致資本結構的波動外,更應衡量公司所處的生命週期階段,以及外部政策經濟環境,並採用各階段中影響最為顯著的波動因子及過去調整資訊,做為在不同理論基礎下融資策略的主要決定因素。為此,本研究最終提出公司在個別生命週期階段中的管理策略建議,以降低公司因過度調整資金組成而形成營運上的風險,同時公司亦可從各項建議中採取最適資本結構策略,以達成企業價值最大的目標。
Prior empirical studies on capital structure have focused primarily on whether a target capital structure exists. However, relevant empirical studies argued that the determinants are changeable with two or more competing theories. To find out alternative explanations, this study utilizes the dynamic capital structure model under the business life-cycle based assumption and tests hypothesis about the changes in firm-specific determinants of Taiwanese listed firms. The partial adjustment model is first applied for each fitted life-cycle stage. The results indicate that capital structure varies dynamically with the transitions between stages of life-cycle stages, and the effects of the determinants on leverage also differ as a function of life-cycle stage and industry type the firm represents. Besides, adjusting speed and volatility range of capital structure are also examined for life-cycle stage differences in industries. The estimated results for volatility range indicate that firms adjust capital structure by considering accumulated information, and changes of firm-specific attributes with development and policy environment transitions are also concerned. For these reasons, this study finally suggests that firms should measure the implicit operation risks from incentives and adopt proper financing strategies in different life-cycle stages to achieve the goal of maxmizing firm value.
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