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題名：證券發行對資本結構的影響:台灣之證據
作者：吳怡慧
作者(外文)：Wu I-Hui
校院名稱：國立高雄科技大學
系所名稱：財務金融學院博士班
指導教授：菅瑞昌
黃一祥
學位類別：博士
出版日期：2019
主題關鍵詞：取捨理論；資本結構；目標槓桿；調整速度；台灣股票市場；Trade-off theory；Capital structure；Target leverage；Adjustment speed；Taiwan stock market
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本文發現前期股票報酬率和企業獲利對市值衡量的負債比率有顯著負向影響的樣本，包括全部樣本、無融資行為(無任何融資行為)公司、償還負債公司、以及發行債券公司。但是，這兩種因素的負向效應並不存在於同時發行負債和股票的雙重融資公司及發行股票的公司。雙重融資行為公司調整資本結構至目標資本結構的速度最快，而無融資行為公司的調整速度是最緩慢的。年平均而言，對雙重融資行為與無融資行為的企業，帳面價值(市場價值)槓桿調整至目標槓桿的調整速度分別為59%(68%)和6%(16%)。此外，本文也針對影響槓桿對資本結構的因素做檢測，包括前期股票報酬率、企業獲利、公司規模、固定資產和產業平均槓桿。整體上，利用美國股市資料實證的結果是支持動態取捨理論，與本文實證研究前期股票報酬率和企業獲利對槓桿的影響是一致的。
關鍵字：取捨理論、資本結構、目標槓桿、調整速度、台灣股票市場
Using Taiwan’s equity data, we show that while market leverage ratio is negatively related to lagged stock returns and profitability for the full sample and passive firms that do not issue or repurchase any security, debt-reduction firms and debt issuers, these two effects are nonexistent for dual issuers that issue both equity and debt and equity issuers. Furthermore, dual issuers adjust their leverages toward target the fastest, whereas passive firms do the slowest. On average, the speeds of adjustment toward book (market) leverage targets for dual issuers and passive firms are 59% (68%) and 6% (16%) per year, respectively. Moreover, the more reliable factors determining leverage ratio are lagged stock returns, profitability, firm size, tangibility, and mean industry leverage. Overall, our out-of-U.S.-sample evidence seems to support the view that the lagged stock returns and profitability effects on leverage are consistent with the dynamic trade-off hypothesis of capital structure that accounts for costly adjustment.
Keywords: Trade-off theory; Capital structure; Target leverage; Adjustment speed; Taiwan stock market
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