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題名：資本結構，競爭策略及公司績效
作者：楊季霖
作者(外文)：Chi-LinYang
校院名稱：國立成功大學
系所名稱：國際企業研究所碩博士班
指導教授：江明憲
學位類別：博士
出版日期：2013
主題關鍵詞：資本結構；廣告投資；競爭策略；海外上市；公司價值；股票報酬；capital structure；advertising investment；competitive strategy；cross-list；firm value；stock return
原始連結：連回原系統網址new window
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本研究調查在美國市場上市公司與它們的競爭對手的資本結構，財務限制較少的海外上市公司能夠在市場上進行侵略性的行為。在本研究經由策略性競爭衡量來探索海外公司上市宣告的策略性優勢，其中策略性競爭衡量包含策略性替代與策略性互補。在實證結果中發現財務限制較少的公司宣告時會有正向的財富效果，而財務限制較高的公司宣告時沒有正向的財富效果。此外，當財務限制較少的公司宣告時配合策略性替代會有顯著正向的財富效果；然而，當它的競爭者的公司價值卻會受到負向的影響。若財務限制較少的公司宣告時採取策略性互補也會有顯著正向的財富效果，而且它的競爭者的公司價值也會有正向的效果。
另外本研究也從事資本結構與廣告投資的關係調查，廣告支出可以視為公司做出侵略性行為，尤其財務限制較多的公司沒有能力去支持用廣告支出去對抗它的競爭者。因此，財務限制較多的公司會降低廣告投資，相對地，廣告投資高的公司應該是擁有較少的財務限制。結果發現在高廣告投資公司其資本結構與公司股票報酬之關係較為明顯，在財務限制較少公司中廣告投資就是能夠預測公司未來的股票報酬，這就說明財務限制較少時的公司的廣告投資與股票報酬有正向關係
This study investigates the capital structure of cross-listing firms and their incumbent competitors in the U.S. market. These financially less leveraged cross-listing firms can execute aggressive competitive behavior in the market. In this study we explore the strategic advantage of cross-listing announcements as part of a competitive strategy measure (CSM)—strategic substitutes (SS) or strategic complements (SC). In our empirical results, we find that the cross-listing announcements of the less leveraged firms are positively correlated to the value of firm, and the more financially leveraged competitors do worse. In addition, we find the significantly positive effects which result from the cross-listing announcements made by the less financially leveraged firms with SS. However, their competitors with more financial leverage have obvious negative influences on the value of rival firm. Furthermore, there are significant positive impacts upon the less financially leveraged cross-listing firms when they are paired with SC, and the financially more leveraged competitors have significantly positive impacts on the value of rival firm.
We also study the interaction relationship between capital structure and advertising investment in this article and have significant evidence on the financial leverage-return relation, and the advertising-return relation. The advertising expenditure can be seen as an aggressive competitive action of the firm. A financially leveraged firm may not support to finance for advertising against their competitors. Therefore, the constrained firms decrease with their advertising intensity. Conversely, advertising-intensive firms decrease with their financial constraints. We find the empirical relation between financial leverage and stock return, primarily among advertising-intensive firms. Moreover, advertising predicts returns only among financially less leveraged firms. This evidence suggests that the less financial constraint potentially has the positive advertising-return relation.
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