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題名:臺灣證券產業的資本結構分析
書刊名:臺大管理論叢
作者:劉任昌 引用關係
作者(外文):Liu, Jen-chang
出版日期:2005
卷期:16:1
頁次:頁115-132
主題關鍵詞:資本結構公司規模負債比率承銷商經紀商Capital structureFirm sizeDebt ratioUnderwriterBroker
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:0
  • 點閱點閱:31
對於公司資本結構的實證研究,傳統文獻的研究樣本未納入金融產業。Kuo與Lee(2003)對商業銀行資本結構決定因素的分析,是公司資本結構研究上的新嘗試。本文則針對臺灣的證券業進行業內比較分析,以討論部份財務理論模型,尤其是Titman(1984)關於產品特性與資本結構互動關係的理論。本文使用固定影響追蹤資料迴歸模型分析,發現地方性的小證券公司與上櫃的大證券公司,獲利能力相當。若從股東權益的每股盈餘方向作考量,則後者顯著大於前者,後者的業務項目也趨於多元化,而非集中於證券經紀業務。前者的公司負債比率顯著低於後者。經由本文進一步分析的結果,本文建議:證券公司如欲擴大規模或擴展業務範圍,則需伴隨舉債能力的提昇。
Traditionally, empirical studies on corporate capital structure exclude financial firms from the target sample. Kuo and Lee (2003) is one of the few attempts to conduct empirical analysis of determinants of financial industry. They analyze the capital structure of commercial banks in Taiwan. In this paper, I try to analyze the capital structure of Taiwan's security industry and discuss related financial theory, especially Titman's (1984) theory on the interaction between product attributes and capital structure. I will use a fixed-effect panel data regression model to find that an OTC firm's profitability is about the same as a small firm's Yet, an OTC firm's EPS is significantly larger than a small firm's. An OTC firm's service is much more diversified and does not rely on brokerage only. An OTC firm's debt ratio is significantly higher than a non-OTC firm's. This research suggests that to compete with foreign security firms in the event that Taiwan becomes a member of the WTO, Taiwan's security firms must strengthen their ability to raise debts.
期刊論文
1.Titman, Sheridan(1984)。The effect of capital structure on a firm's liquidation decision。Journal of Financial Economics,13(1),137-151。  new window
2.Maksimovic, V.(1988)。Capital Structure in Repeated Oligopolies。RAND Journal of Economics,19,389-406。  new window
3.Modigliani, F.、Miller, M.(1958)。The Costs of Capital, Corporation Finance, and the Theory of Investment。The American Economic Review,48(3),261-297。  new window
4.Bradley, Michael、Jarrell, Gregg A.、Kim, E. Han(1984)。On the Existence of an Optimal Capital Structure: Theory and Evidence。Journal of Finance,39(3),857-878。  new window
5.Brander, James A.、Lewis, Tracy R.(1986)。Oligopoly and financial structure: The limited liability effect。The American Economic Review,76(5),956-970。  new window
6.Maksimovic, V.、Titman, S.(1991)。Financial Policy and Reputation for Product Quality。Review of Financial Studies,4(1),175-200。  new window
7.Diamond, D. W.(1989)。Reputation Acquisition in Debt Markets。Journal of Political Economy,97(4),828-862。  new window
8.Harris, Milton、Raviv, Artur(1991)。The Theory of Capital Structure。The Journal of Finance,46(1),297-355。  new window
9.Titman, Sheridan、Wessels, Roberto(1988)。The determinants of capital structure choice。The Journal of Finance,43(1),1-19。  new window
10.DeAngelo, Harry、Masulis, Ronald W.(1980)。Optimal Capital Structure under Corporate and Personal Taxation。Journal of Financial Economics,8(1),3-29。  new window
11.Miller, Merton H.(1977)。Debt and Taxes。The Journal of Finance,32(2),261-275。  new window
12.Myers, Stewart C.(1984)。The Capital Structure Puzzle。Journal of Finance,39(3),574-592。  new window
13.Shyam-Sunder, Lakshmi、Myers, Stewart C.(1999)。Testing Static Tradeoff against Pecking Order Models of Capital Structure。Journal of Financial Economics,51(2),219-244。  new window
14.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。  new window
15.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
16.Williams, J. T.(1995)。Financial and industrial structure with agency。Review of Financial Studies,8(2),431-474。  new window
17.Baxter, N. D.(1967)。Leverage, Risk of Ruin, and the Cost Capital。The Journal of Finance,22(3),395-403。  new window
18.郭憲章(2000)。The Determinants of Capital Structure for Commercial Banks in Taiwan: An Analysis。International Journal of Management,17(4),505-511。  new window
19.Kuo, H. C.、Lee, C. H.(2003)。The Determinants of the Capital Structure of Commercial Banks in Taiwan。International Journal of Management,20(4),515-522。  new window
20.Rajan, R.、Zingales, L.(1995)。What Do We Know Abut Capital Structure? Some Evidence from International Data。The Journal of Finance,50(5),1421-1460。  new window
圖書
1.Greene, W. H.(2000)。Econometric Analysis。New York:Macmillan。  new window
 
 
 
 
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