| Abstract: | 本研究建議將公司資金分為四大類:短期負債、長期負債、保留盈餘以及已收股本。傳統實證方法皆將權益資金比例作為公司決定負債比例後的剩餘,本文認為保留盈餘與已收股本性質不相同,隨著不同的企業特性,對兩者會有不同的偏好,因此建議將權益資金再劃分為保留盈餘與已收股本,以對資本結構理論提供更進一步的實證證據。 在實證方法方面,本研究分別採用因素分析方法與線性結構關係模型。這兩種實證方法,皆可消除變數間共線性的問題,並縮減變數的個數,但是因素分析雖然較簡單,限制也較多,而線性結構關係模型則需要較多主觀的判斷,因此本研究採用兩方法作一比較。 兩種實證方法所得結果大致相符;實證結果顯現企業確實會隨著企業特性對資金選擇有不同偏好,代理理論及資訊不對稱理論,皆獲得相當地支持。高股權集中度或高成長性的企業,保留盈餘較多,這項結果支持代理理論的論點。負債比例隨著資產抵押價值增加,隨著獲利能力而減少,以及成長性的企業,其保留盈餘及負債比例都相對較高,其已收股本則相對較低,同時大型企業的保留盈餘較高而已收股本偏低,則都給予融資順位論相當實證的支持。
This research suggests to separate the capital structure of a company into four components: Long-term debt, Short-term debt, Retained earnings, and Paid-in capital. This claim is based on the recognition that companies of different characteristics would have different preference to retained earnings and paid-in capital. This recognition is fermented by the agent theory and the asymmetric information theory. We adopted two empirical methods to conduct this research: Factor analysis and Linear structural relation model. Both methods have the advantage of solving the multicollinearity problem among explanatory variables. However, although factor analysis is simpler in application, it has more restrictions. In coping with the restrictions, we use linear structural relation model as another evidence. The linear structural relation model, however, requires more subjective judgements. The empirical results of both methods coincide and support that different firms would have different capital structure due to their characteristics. The firms with higher concentration of ownership or with high growth retain more earnings. These give support to the agent theory. The following evidences give supports to the pecking order theory: The debt ratio of a firm has a positive correlation with profitability and a negative correlation with profitability, firms with comparatively higher growth retain more earnings and borrow more debts but have lower paid-in capital, and firms with bigger operating scales have more retained earning and fewer paid-in capital. |
