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| 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. |
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| 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: | [國際經營與貿易學系 ] 學位論文
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