政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/111290

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/111290

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政大典藏 > College of Commerce > Department of International Business > Theses > Item 140.119/111290

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/111290

Title:	垂直整合決策對企業資本結構影響研究：以台灣電子業為例 Effect of vertical integration decision on firm’s capital structure: empirical study in Taiwan electronics industry
Authors:	張鈞焙
Contributors:	林柏生張鈞焙
Keywords:	垂直整合資本結構台灣電子產業 Vertical integration Capital structure Electronics industry in Taiwan
Date:	2017
Issue Date:	2017-07-24 11:57:21 (UTC+8)
Abstract:	本研究前半段從交易成本理論及沉沒成本效應出發，理論上，垂直整合企業，由於本身相對較高的專用性資產，對於企業的借債能力有著負向的影響，而垂直整合程度越高，企業越不傾向負債融資；後半段以台灣電子產業為例，以企業是否選擇垂直整合策略及垂直整合程度作為解釋變數，並加入其他影響資本結構的財務面因素，探討代表策略面因素的垂直整合，是否是影響企業未來資本結構的原因。實證上發現，策略面因素的確對於企業未來資本結構有著負向且顯著的影響，垂直整合企業相對於未垂直整合企業，有較低的負債比率，而垂直整合程度越高，負債比率越低；然而，本研究也發現，財務面因素仍是主要影響企業未來資本結構的主因。 The former part of research started from transaction cost economics and sunk cost effect. Theoretically, enterprises with vertical integration tend to have higher asset specificity, which weaken their ability to debt financing. Moreover, the more degree of vertical integration the firm decides to act, the less preference for firm to resort debt financing. The latter part of research tried to prove these assumptions. The study took the electronics industry in Taiwan as the analytic sample, debt ratio in the next period as dependent variable, and strategic aspects, whether to integrate vertically and what degree they integrate vertically, and other financial aspects as independent variables. Empirically, the research found two result. First, the strategic factors do have significant and negative relation to firms’ capital structure. Compared with non-vertical-integrated firm, those with vertical integration tend to choose less debt financing in the next period. And the deeper they integrate vertically, the less debt financing they prefer. Second, financial variables are still the main factors, which dominate the capital structure of the firms rather than strategic aspects.
Reference:	Adelman, M. A. (1955). Concept And Statistical Measurement of Vertical Integration. Princeton University Press, 281-330. Alonso, E. J. M. (2000). The Effect of Firm Diversification On Capital Structure: Evidence From Spanish Firms. European Financial Management Association Annual Meeting, Athens, Greece. Balakrishnan, S. and Fox, I. (1993). Asset Specificity, Firm Heterogeneity and Capital Structure. Strategic Management Journal, 14, 3-16. Bradley, M., Jarrell, G. A., and Kim,E.H. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39, 857-878. Buzzells, R. D. (1983). Is Vertical Integration Profitable, Harvard Business Review, 61, 92-102. DeAngelo, H. and Masulis, R. (1980). Optimal Capital Structure Under Corporate And Personal Taxation. Journal of Financial Economics, 8, 3-29. Dreyer, B., Gronhaug, K. and Isaksen, J. R. (2007). Vertical Integration And Performance: The Impact of Measurements And Industry. Retrieved from http://munin.uit.no/bitstream/handle/10037/2546/paper_3.pdf?sequence=2 Leontief, W. W. (1951). The Structure of American Economy. Oxford University Press, 1919-1939. Maddigan, R. J. (1981). The Measurement of Vertical Integration. The Review of Economics and Statistics, 63, 328-335. Myers, S. C. (1984). The Capital Structure Puzzle. The Jourmal of Finance, 39, 574- 592. Scott, J. H. (1977). Bankruptcy, Secured Debt, And Optimal Capital Structure. The Journal of Finance, 32, 1-19. Smith, C. W. (1977). Alternative methods for raising capital: Rights versus underwritten offerings. The Journal of Finance, 5, 273-307. Titman, S. and Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal Of Finance, 43, 1-19. Warner, J. B. (1977). Bankruptcy Cost: Some Evidence. The Journal of Finance, 32, 337-347 Whyte, G. (1991). The Role of Asset Specificity In The Vertical Integration Decision. Journal of Economic Behavior and Organization, 23, 287-302. Willamson, O. E. (1979). Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law and Economics, 22, 233-261.
Description:	碩士國立政治大學國際經營與貿易學系 104351039
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0104351039
Data Type:	thesis
Appears in Collections:	[Department of International Business] Theses

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