政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/3738
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113873/144892 (79%)
造訪人次 : 51957244      線上人數 : 310
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/3738


    題名: 產業需求與公司技術水準對公司債評價及資本結構之影響
    其他題名: The Impacts of Industry Demand Shocks and Firm-Level Technology Shocks on the Valuation of Corporate Debts and Capital Structure
    作者: 廖四郎
    關鍵詞: 產業需求;公司技術水準;最適資本結構
    Industry Demand;Firm-Level Technology;Optimal Capital Structure
    日期: 2005
    上傳時間: 2007-04-18 16:34:57 (UTC+8)
    出版者: 臺北市：國立政治大學金融系
    摘要: 本研究提出並檢驗一個部分均衡模型來探討總體、產業與個體因素對公司負債比率之影響。本研究將原有的公司資本結構或有求償權模型，擴展為一個既能考慮總體產業需求亦可反應個體公司供給的新模型。本模型之理論預測與台灣130家製造業上市公司從1994 年第4 季到2003 年第4 季之實證結果相符。結果顯示最適負債比率與資金成本和平均產業工資成正向關係，與總體需求和公司生產力平均成長率、需求彈性和勞動與資本產出彈性成反向關係。此外，由SUR 的估計結果，我們發現不同的產業可能存在完全不同的特性。
    This research develops and examines a partial equilibrium model to investigate the effects of the macroeconomic, industry, and microeconomic factors on the firm-level debt ratio. The model extends the contingent-claims models of the firm’s capital structure to take into consideration not only the macroeconomic demand conditions, but also the microeconomic firm-level supply conditions. Our model predictions are generally supported by the pooled feasible generalized least squares estimations of the 130 Taiwanese manufacturing firms in the period from 1994:Q4 to 2003:Q4, where the optimal debt ratio is positively correlated to the cost of capital and the mean industry wage but is negatively correlated to the mean growth rates of the macroeconomic demand and the firm-level productivity, the elasticity of demand, and the output elasticities of labor and capital. In addition, the seemingly unrelated regression estimation for each industry further shows different industries may lead to quite diverse properties.
    描述: 核定金額：720000元
    資料類型: report
    顯示於類別:[金融學系] 國科會研究計畫

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    942416H004046.pdf190KbAdobe PDF21639檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋