本文係研究我國上市公司槓桿、成長與托賓Q間之關係。文中選取1988年至1993年間，在臺灣證券交易所上市之第一、二類股票為研究樣本，並按篩選標準選取共764個有效觀測樣本為研究對象，運用多元迴歸分析法加以分析。文中首先將樣本依托賓Q大於1及小於1劃分成二類，並將成長變數當成預測變數，再選取公司槓桿、風險、規模及產業別為預測變數及控制變數，探討在不同的公司績效下，槓桿、風險、規模與成長間之關係。 結果發現，當公司托賓Q大於1時，其銷貨收入成長率與淨值成長率皆和槓桿間呈正向顯著關係；然當托賓Q小於1時，其銷貨收入成長率則與槓桿間則呈負向顯著關係，淨值成長率則與槓桿間關係不顯著。企業的β風險對公司成長之影響，皆未達顯著水準。另外，無論公司之托賓Q是大於1或小於1，公司規模對其銷貨收入成長率及淨值成長率皆呈顯著負向影響。

　　　　　This paper attempts to examine the relationship between leverage, growth and Tobin's in Taiwanese Stock-Listed Companies. We collect their financial reports from 1988 to 1993m screen out 764 effective samples. We first separate the samples into two groups based on their Tobin's Q greater or less than 1. Then we use growth variable as a dependent variable, and leverage, β risk, size, industry dummy as independent variables. Try to find the relative phenomenon between these variables. The empirical results reveal that leverage has positive significant influence on corporate growth if its Tobin's Q greater than 1, but has negative significant influence on corporate growth if its Tobin's Q is less than 1.