主題一:動態資本結構調整速度之決定因素
1.林素吟、丁學勤 (1999),「資本結構的影響因素探討與實證研究」,企銀季刊,第23卷第2期,139-154。
2.王元章、張椿柏 (2011),「從核心代理問題的角度探討股權結構,董事會特性對公司價值之影響」,證券市場發展季刊,第23卷第2期,131-174。3.王元章、辜儀芳 (2003),「資本結構的選擇、融資與負債清償規模」,財務金融學刊,第11卷第3期,35-87。4.江晏誱 (2005),「動態資本結構之研究─台灣上市公司之實證分析」,未出版碩士論文,朝陽科技大學財務金融系。5.林宛瑩、汪瑞芝、游順合 (2012),「研發支出、內部董事與經營績效」,會計審計論叢,第2卷第1期,61-90。6.賴文泰 (2009),「最適資本結構之實證研究-部分調整模式之應用」,未出版碩士論文,中正大學財務金融研究所。
7.劉維琪、劉玉珍 (1989),「融資順位理論之發展與實證」,管理評論,第8卷第1期,7-22。8.劉維琪、李怡宗 (1993),「融資順位理論之調查研究」,管理評論,第12卷第1期,120-139。9.Ahn, S., D. J. Denis and D. K. Denis (2006), “Leverage and investment in diversified firms”, Journal of Financial Economics, Vol. 79, 317-337.
10.Alexei, V. O. (2010), “Capital structure decisions: Evidence from deregulated industries”, Journal of Financial Economics, Vol. 95, 249-274.
11.Anderson, R. C., S. A. Mansi and D. M. Reeb (2004), “Board characteristics, accounting report integrity, and the cost of debt”, Journal of Accounting and Economics, Vol. 37, 315-342.
12.Banjeree, S., A. Heshmati and C. Wihlborg (2004), “The dynamics of capital structure”, Research in Banking and Finance, Vol. 4, 275–297.
13.Berger A. and G. Udell (1994), “Relationship lending and lines of credit in small firm finance”, Journal of Business, Vol. 68, 351-381.
14.Berger, P. G., E. Ofek and D. L. Yermack (1997), "Managerial entrenchment and capital structure decisions", Journal of Finance, Vol. 52, 1411-1438.
15.Booth, L., V. Aivaian, A. Demirgűç and V. Maksimovic (2001), “Capital structures in developing countries”, Journal of Finance, Vol. 56, 87-130.
16.Byoun, S. (2008), “How and when do firms adjust their capital structures toward targets?”, Journal of Finance, Vol. 63, 3069-3095.
17.Chen, J. J. (2004), “Determinants of capital structure of Chinese-listed companies”, Journal of Business Research, Vol. 57, 1341-1351.
18.Cook, D. O. and T. Tang (2010), “Macroeconomic conditions and capital structure adjustment speed”, Journal of Corporate Finance, Vol. 16, 73-87.
19.Dang, V. A., M. Kim and Y. Shin (2008), “Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models”, available from URL: http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2008-athens/Viet.pdf
20.Drobetz, W. and G. Wanzenried (2006), “What determinates the speed of adjustment to the target capital structure”, Applied Financial Economics, Vol. 16, 941-958.
21.Fama, E. F. and K. R. French (2002), “Testing trade-off and pecking order predictions about dividends and debt”, Review of Financial Studies, Vol. 15, 1-33.
22.Fischer, E., R. Heinkel and J. Zechner (1989) “Dynamic capital structure choice: Theory and tests”, Journal of Finance, 44, 19–40.
23.Flannery, M. J. and K. P. Rangan (2006). “Partial adjustment toward target capital structures”, Journal of Financial Economics, Vol. 79, 469-506.
24.Haas, R. and M. Peeters (2004), “The Dynamic adjustment towards trget capital structures of firms in transition economies”, Econ. Transition, Vol. 14, 133-169.
25.Harris, M. and A. Raviv (1988), “Corporate control contests and capital structure”, Journal of Financial Economics, Vol. 20, 55-86.
26.Hovakimian, A. and G. Li (2011), “In search of conclusive evidence: How to test for adjustment to target capital structure”, Journal of Corporate Finance, Vol. 17, 33-44.27.Hovakimian, A. and O. S. Titman (2001), “The debt-equity choice”, Journal of Financial and Quantitative Analysis, Vol. 36, 1-24.
28.Jensen, M. C. (1986), “Agency costs of free cash flow, corporate finance and takeovers”, American Economic Review, Vol. 76, 323-329.
29.Jensen, M. C. and W. H. Meckling (1976), “Theory of the firm: Managerial behavior, agency cost and ownership structure”, Journal of Financial Economics, Vol. 3, 305-360.
30.Kayhan, A. and S. Titman (2007), “Firms’ histories and their capital structure”, Journal of Financial Economics, Vol. 83, 1-32.
31.Kim, K. (2010), “Blockholder monitoring and the efficiency of pay-performance benchmarking”, Journal of Corporate Finance, Vol. 16, 748-766.
32.Kisgen, D. J. (2006), “Credit Ratings and Capital Structure”, Journal of Finance, Vol. 61, 1035-1072
33.Lang, L., E. Ofek and R. M. Stulz (1996), “Leverage, investment and firm growth”, Journal of Financ Economics, Vol. 40, 3-29.
34.Lőőf, H. (2003), “Dynamic optimal capital structure and technical change”, ZEW Discussion paper No.03-06.
35.Mao, C. X. (2003), “Interaction of debt agency problems and optimal capital structure: Theory and evidence”, Journal of Financial and Quantitative Analysis, Vol. 38, 399-423.
36.Miller, M. (1977), “Debt and taxes”, Journal of Finance, Vol. 32, 261-276.
37.Modigliani, F. and M. H. Miller (1958), “The Cost of capital, corporation finance and the theory of investment”, American Economic Review, Vol. 48, 261-297.
38.Modigliani, F. and M. H. Miller (1963), “Corporate income taxes and the cost of capital : A correction”, American Economic Review, Vol. 53, 433-443.
39.Morck, R., A. Shleifer and R. W. Vishny (1988), “Management to ownership and market valuation: An empirical analysis”, Journal of Financial Economics, Vol. 20, 293-315.
40.Myers, S. C. (1977), “The Capital structure puzzle”, Journal of Finance, Vol. 39, 575-592.
41.Myers, S. C., and N. S. Majluf (1984), “Corporate financing and investment decisions when firms have information that investors do not have.”, Journal of Financial Economics, Vol. 13, 187-222.
42.Őzteken, O. and M. J. Flannery (2012), “Institutional determinates of capital structure adjustment speeds”, Journal of Financial Economics, Vol. 103, 88-112.
43.Pound, J. (1988), “Proxy contests and the efficiency of shareholder oversight”, Journal of Financial Economics, Vol. 20, 237-265.
44.Rajan, R. G. and L. Zingales (1995), “What do we know about capital structure? Some evidence from international data”, Journal of Finance, Vol. 50, 1421-1460.
45.Shen, C. H. and C. C. Lee (2006), “Same financial development yet different economic growth—why?”, Journal of Money, Credit and Banking, Vol. 38, 1907-1944.
46.Stulz, R. M. (1990), “Managerial discretion and optimal financing policies”, Journal of Financial Economics, Vol. 26, pp.3-27.
47.Thies, C. and M. Klock (1992) “Determinants of capital structure”, Review of Financial Economics, Vol.1, 40-52.
48.Titman, S. and R. Wessels (1988), “The determinants of capital structure choice”, Journal of Finance, Vol. 43, 1-18.
49.Wruck, K. (1989), “Equity ownership concentration and firm value: Evidence from private equity financings”, Journal of Financial Economics, Vol. 23, 3-28.
50.Yermack, D. (1996), “Higher market valuation of companies with a small board of directors”, Journal of Financial Economics, Vol. 40, 185-211.
51.Zwiebel, J. (1994), “Dynamic capital structure under managerial entrenchment”, American Economic Review, Vol. 86, 1197-1215.
主題二:資本結構調整能力與融資決策
參考文獻
1.王元章、辜儀芳 (2003),「資本結構的選擇、融資與負債清償規模」,財務金融學刊,第11卷第3期,35-87。2.王漢民、曹秀惠 (2006),「企業選擇負債融資工具影響因素之探討」,經濟與管理論叢,第2卷第1期,53-70。3.邱垂昌、洪福讚 (2008),「在不同企業生命週期下智慧資本與企業價值關聯性之研究」,當代會計,第9卷第2期,201-236。4.張邦茹、詹英汝與姜堯民 (2012),「台灣高科技公司市場擇時之實證研究」,創新與管理,第9卷第2期,33-118。5.Almeida, H., M. Campello and M. S. Weisbach (2004), “The Cash Flow Sensitivity of Cash”, Journal of Finance, Vol. 59, 1777-1804.
6.Alti, A. (2006), “How persistent is the impact of market timing on capital structure?”, Journal of Finance, Vol. 61, 1681-1710.
7.Berger, A. N. and G. F. Udell (1998), “The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle”, Journal of Banking & Finance, Vol. 22, 613-673.
8.Berger, P. G., E. Ofek and D. L. Yermack (1997), "Managerial entrenchment and capital structure decisions", Journal of Finance, Vol. 52, 1411-1438.
9.Bolton, P. and M. Dewatripont (2005), Contract Theory, The MIT Press, Campbridge MA.
10.Bolton, P. and X. Feixas (2000), “Equity, bonds, and bank debt: capital structure and financial market equilitrium under asymmetric information”, Journal of Politicall Economy, Vol. 108, 324-351.
11.Booth, L., V. A. Demirgűç and V. Maksimovic (2001), “Capital structures in developing countries”, Journal of Finance, Vol. 56, 87-130.
12.Byoun, S. (2008a), “How and when do firms adjust their capital structures toward targets?”, Journal of Finance, Vol. 63, 3069-3095.
13.Byoun, S. (2008b), “Financial flexibility and capital structure?”, working paper, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1108850
14.Cook, D. O. and T. Tang (2010), “Macroeconomic conditions and capital structure adjustment speed”, Journal of Corporate Finance, Vol. 16, 73-87.
15.Cooney, J. and A. Kalay (1993), “Positive information from equity issue announcements”, Journal of Financial Economics, Vol. 33, 149-172.
16.DeAngelo, H. and L. DeAngelo (2007), “Payout policy pedagogy: what matters and why”, European Financial Management, Vol. 13, 11-27.
17.DeAngelo, H., L. DeAngelo and T. M. Whited (2011), “Capital structure dynamics and transitory debt”, Journal of Financial Economics, Vol. 99, 235-261.
18.Denis, D. J. and V. T. Mihov (2003), “The choice among bank debt, non-bank privatedebt, and public debt: Evidence from new corporate borrowings”, Journal of Financial Economics, Vol. 70, 3-28.
19.Denis, D. J. and S. B. McKeon (2010), “Debt financing and financial flexibility evidence from proactive leverage increases”, Review of Financial Studies, Vol. 25, 1897-1929.
20.Drobetz, W. and G. Wanzenried (2006), “What determinates the speed of adjustment to the target capital structure”, Applied Financial Economics, Vol. 16, 941-958.
21.Fama, E. F. and K. R. French (2002), “Testing trade-off and pecking order predictions about dividends and debt”, Review of Financial Studies, Vol. 15, 1-33.
22.Fama, E. F. and K. R. French (2012), “Capital structure choices”, Critical Finance Review, Vol. 1, 59-101.
23.Faulkender, M. and M. A. Petersen (2006), “Does the source of capital affect capital structure?”, Review of Financial Studies, Vol. 19, 45-79.
24.Fischer, E., Heinkel, R. and Zechner, J. (1989), “Dynamic capital structure choice: Theory and tests”, Journal of Finance, Vol. 44, 19–40.
25.Flannery, M. J. and K. P. Rangan (2006), “Partial adjustment toward target capital structures”, Journal of Financial Economics, Vol. 79, 469-506.
26.Frank, M. Z. and V. K. Goyal (2003), “Testing the pecking order theory of capital structure”, Journal of Financial Economics, Vol. 67, 217-248.
27.Gamba, A. and A. Triantis (2008), “The value of financial flexibility”, Journal of Finance, Vol. 63, 2263-2296.
28.Gilson, S. C. (1997), “Transactions costs and capital structure choice: Evidence from financially distressed”, Journal of Finance, Vol. 52, 161-196.
29.Graham, J. and C. Harvey (2002), “How do CFOs make capital budgeting and capital structure decisions?”, Journal of Applied Corporate Finance, Vol. 15, 8-23.
30.Hess, D. and P. Immenkötter (2013), “How much is too much? Debt capacity and financial flexibility”, CFR Working Paper NO. 14-03.
31.Holmstrom, B. and J. Tirole (1997), “Financial intermediation, loanable funds and the real sector”, The Quarterly Journal of Economics, Vol. 112, 663-691.
32.Hovakimian, A. and G. Li (2011), “In search of conclusive evidence: How to test for adjustment to target capital structure”, Journal of Corporate Finance, Vol. 17, 33-44.33.Hovakimian, A., T. Opler and S. Titman (2001), “The debt-equity choice”, Journal of Financial and Quantitative Analysis, Vol. 36, 1-24.
34.Huang, R. and J. R. Ritter (2009), “Testing theories of capital structure and estimating the speed of adjustment”, Journal of Financial and Quantitative Analysis, Vol. 44, 237-271.
35.Jalilvand, A. and R. S. Harris (1984), “Corporate behavior in adjusting to capital structure and dividend targets: an econometric study”, Journal of Finance, Vol. 39, 127-145.
36.Kayhan, A. and S. Titman (2007), “Firms’ histories and their capital structure”, Journal of Financial Economics, Vol. 83, 1-32.
37.Klein, L. S., T. J. O’Brien and S. R. Peters (2002), “Debt vs. equity and asymmetric information: A review”, The Financial Review, Vol. 37, 317-350.
38.Korajczyk, R. A. and A. Levy (2003), “Capital structure choice: Macroeconomic conditions and finacial constraints”, Journal of Financial Economics, Vol. 68, 75-109.
39.Leary, M. T. and M. R. Roberts (2005), “Do firms rebalance their capital structures?”, Journal of Finance, Vol. 60, 2575-2619.
40.Leary, M. T. and M. R. Roberts (2010), “The pecking order, debt capacity, and information asymmetry”, Journal of Financial Economics, Vol. 95, 322-355.
41.Lemmon, M. and J. Zender (2010), “Debt capacity and tests of capital structure theories”, Journal of Financial and Quantitative Analysis, Vol. 45, 1161-1187.
42.Marsh, P. (1982), “The choice between equity and debt: An empirical study”, Journal of Finance, Vol. 37, 121-144.
43.Modigliani, F. and M. H. Miller (1958), “The Cost of capital, corporation finance and the theory of investment”, American Economic Review, Vol. 48, 261-297.
44.Modigliani, F. and M. H. Miller (1963), “Corporate income taxes and the cost of capital : A correction”, American Economic Review, Vol. 53, 433-443.
45.Myers, S. C., and N. S. Majluf (1984), “Corporate financing and investment decisions when firms have information that investors do not have.”, Journal of Financial Economics, Vol. 13, 187-222.
46.Myers, S. C. (1977), “The Capital structure puzzle”, Journal of Finance, Vol. 39, 575-592.
47.Őzteken, O. and M. J. Flannery (2012), “Institutional determinates of capital structure adjustment speeds”, Journal of Financial Economics, Vol. 103, 88-112.
48.Rajan, R. G. and L. Zingales (1995), “What do we know about capital structure? Some Evidence from International data”, Journal of Finance, Vol. 50, 1421-1460.
49.Ravid, S. A. and H. S. Oded (1991), “Financial signalling by committing to cash outflows”, Journal of Financial and Quantitative Analysis, Vol. 26, 165-180.
50.Ross, S. A. (1977), “The determination of financial structure: the incentive signaling approach”, Bell Journal of Economics, Vol. 8, 23-40.
51.Stiglitz, J. E. (1969), “A re-examination of the Modigliani-Miller theorem”, American Economic Review, Vol. 59, 784-793.
52.Titman, S. and R. Wessels (1988), “The determinants of capital structure choice”, Journal of Finance, Vol. 43, 1-18.