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題名：Network Linkage and Financial Leverage
書刊名：財務金融學刊
作者：郭憲章
作者(外文)：Kuo, Hsien-chang
出版日期：2006
卷期：14:1
頁次：頁95-123
主題關鍵詞：網路聯結；財務槓桿；追蹤資料分析；Network linkage；Financial leverage；Panel data analysis
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 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:1
  • 共同引用共同引用:0
  • 點閱點閱:27
資本結構理論歷經四十餘年來的發展，仍然在財務上具有重要地位。然而，在最近二十年來，國際經濟情勢丕變，也漸而影響產業生態及金業經營結構。策略學者提出網路聯結可以促成企業具有比較利益或價值提高，進而演化之資本結構變化，是一個有趣的問題。本研究擬探索以產業網路聯結引導之資源基礎進而影響財務槓桿之情形，這也是一個新的研究面向。 本研究採用資料追蹤分析，期間為1997-2001年，計有265個觀測值。實證結果發現：公司的總資產規模愈大、獲利能力愈強、以及公司間財務網路聯結程度之效益愈大，愈有助於降低其財務槓桿程度。IT產業與NIT產業在財務槓桿上存在產業特質的差異，IT產業之舉度高於NIT產業。另外，財務網路聯結變數與負債比率呈現”U”型效果，此一結果說明公司間財網路聯結程度與其財務槓桿應存在一個最適規模。
Strategic scholars have proposed that network linkages could enhance the competitive advantage or the total value of a firm, and in turn induce the evolution of capital structure; this is an interesting issue. This study adopts a new perspective, which employs network linkage based on a resource-based view to explore financial leverage. This work uses panel data analysis from 1997 to 2001, and the results show that both linear and non-linear financial network linkages indicate that the information technology (IT) industry has more leverage than the non-information technology (NIT) industry. With greater firm size, profitability, and financial network linkage, there is less financial leverage. Also, I find that financial network linage along with debt ratio presents a “U” shape effect, which means that there is an optimal scale between network linkage and financial leverage.
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會議論文
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2.Kuo, H. C.、Li, Y.、Ho, H. S.(2003)。Financial network linkages on capital structure。the 11 Annual Conference on Pacific Basin Finance, Economics, and Accounting。Taipei。  new window
3.Kuo, H. C.、Wang, L. H.(2002)。The effect of degree of internationalization on MNCs' capital structure-Evidence from Taiwan's case during the Asian financial crisis。The 10th Annual Conference Pacific Finance, Economics, and Accounting。  new window
研究報告
1.Chaplinsky, S.、Niegaus, G.(1990)。The determinants of inside ownership and leverage。University of Michigan。  new window
2.Kuo, H. C.、Wang, L. H.(2004)。Foreign direct investment and financial leverage。National Chi-Nan University。  new window
圖書
1.Porter, Michael E.(1980)。Competitive Strategy: Techniques for Analyzing Industries and Competitors。Free Press。  new window
2.Hsiao, Cheng(2003)。Analysis of Panel Data。Cambridge University Press。  new window
圖書論文
1.Grossman, S. J.、Hart, O. D.(1982)。Corporate financing structure and managerial incentives。The economics of information and uncertainty。Chicago：University of Chicago Press。  new window
2.Johanson, J.、Mattsson, L. G.(1987)。Internationalization in industry system: A network approach。Strategies in Global Competition。London：Routledge。  new window
3.Porter, M. E.、Fuller, M. B.(1986)。Coalitions and Global Strategy。Competitive in Global Industries。Boston, MA：Harvard Business School Press。  new window
 
 
 
 
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