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    题名: 從動態資本結構模型探討台灣產業最適資本結構
    作者: 廖四郎;楊淑媛;黃瑞靜
    关键词: 動態資本結構;最適資本結構;稅盾效果
    Dynamic Capital Structure;Optimal Leverage;Tax Shield
    日期: 2000-03
    上传时间: 2008-11-14 12:54:35 (UTC+8)
    摘要: 本文以息前稅前淨利(EBIT)為基礎之動態資本結構模型，探討台灣傳統產業及高科技產業之
    最適資本結構。同時分析其產業特性、公司規模及股權結構對資本結構之影響。本文亦對設有範
    圍之動態資本結構調整進行比較。實際模擬結果為高科技產業之最適負債比率低於傳統產業，公
    司規模與負債比率呈U 型分配而非正相關，股權結構與資本結構關係並不顯著，其可能與國內上
    市公司之權益代理問題並不嚴重有關。
    This paper uses an EBIT-based optimal dynamic capital structure model to investigate the
    optimality of capital structures of traditional and high-tech industries of Taiwan. Meanwhile,
    the impacts of industry characteristic、firm size and ownership structure on the optimal capital
    structure are also analyzed. Using the actual data before and after Asian financial crisis, these
    results are also compared intertemperally. The simulation results indicate that the leverage ratio
    of traditional industry is higher than that of high-tech industry, while the relation between firm
    size and leverage ratios appears to be U-shaped, rather than a positive linear relationship. The
    impact of ownership structure on the leverage ratio is not significant, perhaps due to agency cost
    is not a sever program in the Taiwan’s capital market.
    關聯: 亞太經濟管理評論, 3(2), 41-64
    数据类型: article
    显示于类别:[金融學系] 期刊論文

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