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題名：財務彈性與公司資本結構之迷思
作者：顏汝芳 引用關係
作者(外文)：Ju-Fang Yen
校院名稱：國立臺灣大學
系所名稱：財務金融學研究所
指導教授：洪茂蔚
學位類別：博士
出版日期：2013
主題關鍵詞：資本結構；槓桿過低迷思；財務彈性；現金存款；槓桿最適值；Capital structure；Low-leverage puzzle；Financial flexibility；Cash reserves；Target leverage
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近年來的實證結果指出公司資本結構往往較傳統理論模型所推導出來的最適值低，稱之為槓桿過低的迷思(Low-leverage puzzle)，這篇研究提出了一個抵換理論修正版本，將公司對於資金彈性的考量納入傳統資本結構抵換理論，企圖解決此一迷思。透過這樣的模型，我們發現當公司預期未來現金存款越有價值時，公司越傾向保持一個較低的負債比率，藉以保留甚至增加未來保留現金盈餘的能力。我們更進一步以市場資料做實證分析，我們的理論模型與實證結果皆顯示，槓桿過低的迷思來自於最適槓桿的高估。在考慮了現金存款的動機後，我們發現最適槓桿低於過去傳統模型所估計出來的最適值，因此，此篇研究認為，現金存款的動機可以幫忙解釋為何這幾年的實證結果均發現公司傾向較保守的負債比率，這樣的結果，與近二十年來公司越來越傾向保留現金存款的發現相呼應。
To explain the low-leverage puzzle, we propose a flexibility-adjusted tradeoff model that integrates the motive of cash savings into the traditional tax/distress model. This model shows that when firms foresee the expected value of cash holdings is high, value-maximizing firms would rather keep lower debt ratio to preserve or improve their future ability to accumulate cash flow. We further provide empirical evidences on how expected value of cash holdings
affects firms'' leverage target. Instead of discussing the adjustment costs, our theoretical and empirical
evidences show that the low-leverage puzzle could result from overestimation of the target. After accounting for the expected value of cash in estimating target leverage, we do find that the leverage target is lower than that estimated by regression without cash value considerations. We thus suggest that the motive of cash savings helps explain why firms prefer greater leverage conservatism in recent empirical findings, consistent with the growth of firms'' propensity to hold cash over the last two decades.
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