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題名：二篇關於財務槓桿之研究-台灣公司的分量迴歸分析
作者：古裕彥 引用關係
作者(外文)：Yu-Yen Ku
校院名稱：國立中正大學
系所名稱：財務金融研究所
指導教授：顏子瑜
學位類別：博士
出版日期：2015
主題關鍵詞：財務槓桿；公司績效；資本結構；分量迴歸；Financial Leverage；Corporate Performance；Capital Structure；Quantile Regression
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第一篇文章藉由評估財務槓桿對於公司績效的異質效應影響來進一步地延深先前的研究；使用了在台灣的上市上櫃共1326家公司於2008-2012期間共6630觀察值(不包含金融或財務相關的公司)當做樣本；使用分量迴歸方法得到各分量的估計量並與之前文獻常用的最小平方法估計量以及固定效果估計量來進行比較。我們得到財務槓桿對於公司績效的異質性影響(亦即在公司績效較差或較佳的情況下，財務槓桿的影響是不同的)。實證結果為在公司比較虧錢情形下,其財務槓桿與公司績效為顯著地負向關係；然而在公司比較賺錢情形下,其財務槓桿與公司績效為顯著地正向關係；另外，當公司表現正常狀況下，其財務槓桿與公司績效為無顯著地關係。我們對於台灣公司的實證發現與Lee and Li (2012)對於美國公司的結果為一致的。藉由本研究中發現到財務槓桿與公司績效之間的不對稱關係可以令人滿意地來解釋先前實證研究的爭論。
第二篇文章實證地探討台灣公司其公司特性與資本結構(財務槓桿)的關係。我們以2008-2013年台灣公司為樣本來研究公司資本結構的決定性因素；並且使用分量迴歸方法得到各分量的估計量並與之前文獻常用的最小平方法估計量以及固定效果估計量來進行比較。我們以條件分量迴歸分析1231家台灣證券掛牌公司於連續6年的資料；發現公司在不同的槓桿水準之下，其資本結構不同。我們亦得到公司資本結構的決定性因素其效果會隨著公司的槓桿水準而改變；這些差異可以藉由決定性因素不同影響表現出來。我們的結果顯示公司的融資政策須要反映出公司的特性並且應該與公司的借貸條件配合。
Firstly, the first part of my dissertation further expand previous research by assessing the heterogeneous impacts of financial leverage on corporate performance using a sample of 1326 non-financial publicly traded companies in Taiwan. In view of the controversial empirical findings in the literature and the restrictions of the least squares regressions, I adopt the method of quantile regression (QR) and report a robust and significant negative relation between financial leverage and corporate performance among the less profitable firms but a significant positive related for those profitable firms. The asymmetric relationship between financial leverage and the corporate performance identified by this study could satisfactorily explain debate about the link between financial leverage and the corporate performance among previous empirical studies. This new finding, which the conditional mean-focused regressions (OLS) do not capture, suggesting that quantile regression adds substantially to our understanding of the relationship of leverage-performance. This heterogeneity is masked when using more standard empirical techniques.
Secondly, the second part of my dissertation empirically explores the relationship between firm characteristics and capital structure in Taiwanese companies. I investigate the determinants of the capital structure of Taiwanese companies between 2008 and 2013. I use a quantile regression model and compare its results with the ones provided by conventional models (least squares and fixed effects). Six years of data for 1231 firms listed on the Taiwan Stock Exchange Corporation (TWSE) are analyzed using a conditional quantile regression. The findings indicate that the capital structure of Taiwanese firms differ between firms in different quantiles of leverage. I show that the effects of the capital structure determinants change depending on the quantile. These differences are significant with the sign of explanatory variables change with the level of leverage. The results indicate that individual firm’s finance policy need to be responsive to the firm characteristics and should match with the different borrowing requirements of listed firms.
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