Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/34054
|
| Title: | 影響調整至最適資本結構之調整因子分析
Cross-country Determinants of Partial Adjustment Speed toward Target Capital Structure |
| Authors: | 楊淑婷
Yang, Shu-Ting |
| Contributors: | 屠美亞
Twu, Mia
楊淑婷
Yang, Shu-Ting |
| Keywords: | 資本結構理論
最適資本結構
調整速度
國家變數
capital structure theories
target capital structure
adjustment speed
country-level factor
partial adjustment model
fixed effect panel model |
| Date: | 2006 |
| Issue Date: | 2009-09-17 19:16:37 (UTC+8) |
| Abstract: | 近幾年針對資本結構的研究發現,在比較先進國家的企業確實有逐步調整回自己的最適資本結構的動作。本論文進一步將研究擴大到開發中國家，發現研究中的32個國家，不論是已開發或是發開中國家的企業，確實都有維持最適資本結構的動作。當資本結構偏離時，企業會逐步地調整回其最適值，然而每個國家調整回最適資本結構的調整速度則存在著差異性。本論文進一步利用國家間法律、會計、制度以及規範面的差異下去分析，發現國家發展程度以及會計制度是影響調整回最適資本結構的速度快慢的重要因子。此外，本論文亦探討融資順位理論及擇時理論的影響，發現加入融資順位理論因子後，調整速度會有相當程度的減緩，而減緩的幅度，則與國家發展程度、法律保護、公司稅率以及會計制度有顯著的關連性。
Recent empirical literature provides evidences that firms in most developed countries do partially adjust toward their target capital structure. In this paper, we show that no only firms in developed countries, but also those in emerging countries gradually move back to their long-run equilibrium when they are away from it. But the adjustment speeds vary from country to country. We study the determinants of adjustment speeds around the world by focusing on differences in laws and regulations across countries. Our evidences show that firms in countries with common-law tradition, stronger shareholder right, or more completed accounting standards tend to move back to their optimal leverage quicker. Furthermore, we add two variables related to other two main capital structures (pecking order and market timing) in our analysis to capture their effects. Both theories add some information in explaining capital structure, but the impacts differ when applying different leverage measures. When we define leverage ratio as long-term debts dividend by net assets, we observe that pecking order factor lowers the adjustment speed a lot. And the magnitude of decrease on adjustment speed is significantly correlated with market condition, law enforcement, corporate tax rate and accounting standard. More developed countries and countries with stronger law enforcement, higher corporate tax rate, or more completed accounting standards tend to have less reduction on adjustment speed when including pecking order factor, because they have less information asymmetries. |
| Reference: | 1.Auerbach, A. J., 1985. Real determinants of corporate leverage. Corporate capital structures in the United States, University of Chicago Press, pp.301-332.
2.Baker, P. Malcolm, and Wurgler, A. Jeffrey, 2002. Market timing and capital structure. Journal of Finance, Vol.57, pp.1-32.
3.Beck, Thorsten, Demirguc-Kunt, Asli and Levine, Ross, 2001. Law, politics, and finance. Policy Research Working Paper Series, 2585, The World Bank
4.Boyd, J., and Prescott, E., 1986. Financial intermediary-coalitions. Journal of Economic Theory, Vol.38, pp.211-232
5.Brealey, R. A. and Myers, S. C., 1984. Principles of corporate finance. 2nd Ed., McGraw-Hill Book Co., New York.
6.Chirinko, R.S., and Singha, A.R., 2000. Testing static tradeoff against pecking order models of capital structure: a critical comment. Journal of Financial Economics, Vol.58, pp.417-425
7.Demirguc-Kunt, Ash and Levine, Ross, 1999. Bank-based and market-based financial systems cross country comparisons. Policy Research Working Paper Series, 2143, The World Bank
8.Demirguc-Kunt, Ash and Maksimovic, Vojislav, 1999. Institutions, financial markets and firm debt. Journal of Financial Economics, Vol.54, pp.295-336
9.Demirguc-Kunt, Asli & Huizinga, Harry, 1998. Determinants of commercial bank interest margins and profitability: some international evidence.
10.Demirguc-Kunt, Asli & Maksimovic, Vojislav, 1996. Institutions, financial markets, and firms’ choice of debt maturity. Policy Research Working Paper Series, 1686, The World Bank.
11.Demirguc-Kunt, Asli and Vojislav Maksimovic, 2001. Firms as financial intermediaries: evidence from trade credit data. World Bank Working Paper
12.Diamond, Douglas W., 1984. Financial intermediation and delegated monitoring. Review of Economics Studies, Vol.5, pp.393-414
13.Donaldson, G., 1961. Corporate debt capacity: a study of corporate debt policy and the determination of corporate debt capacity. Boston, division of research, Harvard Graduate School of Business Administration.
14.Fama E., and MacBeth J., 1973. Rick, return and equilibrium: empirical tests. Journal of Political Economy, Vol.81, pp.607-636
15.Fama, E., and French, K., 2002. Testing tradeoff and pecking order predictions about divides and debt. Review of Financial Studies, Vol.15, pp.1-33
16.Fischer, E., Heinkel, R., and Zechner, J., 1989. Dynamic capital structure choice: theory and tests. Journal of Finance, Vol.44, pp.19-40
17.Flannery, Mark, and Rangan, Kasturi P., 2006. Partial adjustment towards target capital structures. Journal of Financial Economics, Vol.79, pp.469-506
18.Francis, Jere, R., Khurana, Inder K., and Pereira, Raynolde, 2001. Investor protection laws, accounting and auditing around the world. Working Paper.
19.Frank, M., and Goyal, V., 2003. Testing the pecking order theory of capital structure. Journal of Financial Economics, Vol. 67, pp. 217-248
20.Gaud, P., Jani, E., Hoesl, M., and Bender, A., 2005. The capital structure of Swiss companies: an empirical analysis using dynamic panel data. European Financial Management, Vol.11, pp.51-69
21.Graham, John R., and Harvey, Campbell R., 2001. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics, Vol.60, pp.187-243
22.Greene, W., 2003. Econometric analysis. 5th Ed., Upper Saddle River, Prentice Hall.
23.Harris, M., and A. Raviv, 1990. Capital structure and the informational role of debt. Journal of Finance, Vol.45, pp.321-349
24.Hausman, J., 1978. Specifications tests in econometrics. Econometrica, Vol.46, pp.1251-1271
25.Hertig, G., 1998. Lenders as a force in corporate governance: criteria and practical examples for Switzerland. Comparative Corporate Governance-the State of the Art and Emerging Research.
26.Jalilvand, Abholhassan, and Harris Robert S., 1984. Corporate behavior in adjusting to capital structure and divided targets: an econometric study. Journal of Finance, Vol.39, pp.127-145.
27.La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 1997. Legal determinants of external finance. Journal of Finance, Vol.52, pp.1131-1150
28.La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 1998. Law and finance. Journal of Political Economy, Vol.106, pp.113-1155
29.La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 2000. Agency problems and divide policies around the world. Journal of Finance, Vol.55, pp.1-33
30.Lakshmi Shyam-Sunder and Stewart C. Myers, 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, Vol.51, pp.219-244.
31.Leary, Mark T. and Roberts, Michael R., 2005. Do firms rebalance their capital structure? Journal of Finance, Vol.60, pp.2575-2619
32.Lee, J., Y, Lee, and B. Lee, 2000. The determination of corporate debt in Korea. Asian Economic Journal, Vol.14, pp.333-356
33.Lucas, D., and McDonald, R. L., 1990. Equity issues and stock price dynamics. Journal of Finance, Vol.45, pp.1019-1043
34.Mackie-Mason, J. K., 1990. Do taxes affect corporate financing decisions? Journal of Finance, Vol.45, pp.1471-1493
35.Marsh, P. R., 1982. The choice between equity and debt: an empirical study. Journal of Finance, Vol.37, pp.121-144
36.Merryman, John H, 1969. The civil law tradition: an introduction to the legal systems of Western Europe and Latin America. A.E.R. Vol.48, pp.261-297
37.Miguel, A. and Pindado, J., 2001. Determinants of capital structure: new evidence from Spanish panel data. Journal of Corporate Finance, Vol.7, pp.77-99
38.Miguel, A. D., and Pindado, J., 2001. Determinants of the capital structure: new evidence from Spanish data. Journal of Corporate Finance, Vol.7, pp.77-99
39.Modigliani, F., and Miller, M., 1958. The cost of capital, corporation finance, and the theory of investment. American Economic Review, Vol.48, pp.655-669
40.Morck, R., Yeung, B., and Yu, W., 2000. The information content of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics, Vol.13, pp.215-260
41.Myers, S. C., 1977. Determinants of corporate borowings. Journal of Financial Economics, Vol.5, pp.147-175
42.Myers, S. C., 1984. The capital structure puzzle. Journal of Finance, Vol.39, pp.575-592
43.Myers, S. C., 2000. Outside equity. Journal of Finance, Vol.55, pp.1005-1037
44.Myers, Stewart and Majluf, Nicholas S., 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, Vol.20, pp.237-265.
45.Nobes, Christopher and Robert Parker, 1991. Comparative international accounting. Prentice Hall, New York.
46.Opler, Hovakimian, A., T., and Titman, S. S., 2001. The debt-equity choice. Journal of Financial and Quantitative, Vol.36, pp.1-24
47.Ozkan, A. 2001. Determinants of capital structure and adjustment to long run target: evidence from UK company panel data. Journal of Business Finance and Accounting, Vol.28, pp.175-198
48.Pereira Alves, Paulo F. and Ferreira, Miguel A., 2005. Capital structure and law around the world. Working Paper
49.Rajan, R. G., and Luigi Zingles, 1995. What do we know about capital structure? Some evidence from international data. Journal of Finance, Vol.50, pp.1421-1460
50.Shyam-Sunder, L., and Myers, S. C., 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, Vol.51, pp.219-244
51.Steward C. Myers, 1983. The capital structure puzzle. The Journal of Finance, Vol.39, No.3, pp.575-592.
52.Stijn Claessens and Leora F. Klapper, 2005. Bankruptcy around the world: explanations of its relative use. American Law and Economics Review, Vol.7, pp.253-283
53.Welch, Ivo, 2004. Capital structure and stock returns. Journal of Political Economy, Vol.112, pp.106-131 |
| Description: | 碩士
國立政治大學
財務管理研究所
93357008
95 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0093357008 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
