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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/38484


    Title: 台灣高科技產業形成無負債公司的決定因素研究
    The Determinants of Debt-Free High-Tech Electronic Companies in Taiwan
    Authors: 陳健南
    Contributors: 張元晨
    CHANG, YUAN-CHEN

    陳健南
    Keywords: 資本結構
    無負債
    Captial Structure
    Debt Free
    Date: 2009
    Issue Date: 2010-04-09 14:47:34 (UTC+8)
    Abstract: 本研究以台灣地區上市櫃科技產業公司1991年至2008年資料為研究對象,分析高科技產業無負債經營的情形及其決定因素。實證結果發現部份台灣高科技產業公司習慣以長期零負債方式在經營公司,並未追求資金成本最小化,而且無負債經營的公司有隨著時間漸漸增加的趨勢。
    本研究也發現高科技產業公司無負債公司比例與公司規模成反比,規模越小無負債比例越高,同時規模越小的無負債公司有較多的舉債限制;無負債公司的獲利能力比負債公司佳,而且有較多的投資機會;小型無負債公司藉由高現金股利提高現金殖利率,大型無負債公司則發放較多的現金股利以減輕代理問題;無負債公司在現金股利未分派給股東前會將公司內部資金當成短期權益資金使用,故無負債公司自由現金流量較獲利較差的負債公司充裕;無負債公司有較高的股票評價,但股票報酬率則與負債公司無顯著不同;無負債公司利用較多的非負債稅盾,故所得稅率並未高於負債公司,最後本研究發現台灣高科技公司是否無舉債經營之機率與競爭同業整體無負債比例呈正相關。
    This study explores the determinants of debt-free high technology firms in Taiwan using data from 1991-2008. We find that some firms in Taiwan’s hig-tech industry operate without any debt for a long time and the number of debt-free firms increases overtime. Our results also show that the percentage of debt-free firms varies inversely with firm size. When the size of the company is small, the percentage for them to be debt free firms is higher. We find that there are more borrowing constraints for small debt-free firms in Taiwan and debt-free firms are more profitable, have more investment opportunities. Small debt-free firms tend to pay high cash dividend to increase the yield of stock. Large debt-free firms pay high dividend to mitigate agency problem between managers and shareholders. We find that debt-free firms use retained earning as short term equity capital to generate more free cash flow than debt firms before cash dividend dispatched to shareholders. We also find that debt-free firms have better stock valuation but their stock return are similar to those firms with debts. There is no evidence that debt-free firms pay higher income tax rate than debt firms because they tend to use more non-debt tax shelter. Our results show that the probability for firms to operate with debt is positively related to the average percentage of competitor’s debt-free ratio in the same industry.
    謝辭…………………………………………………………………Ⅰ
    中文摘要……………………………………………………………Ⅱ
    英文摘要……………………………………………………………Ⅲ
    目錄…………………………………………………………………Ⅳ
    表目錄………………………………………………………………Ⅵ
    第一章 緒論
    第一節 研究動機………………..……………………………1
    第二節 研究範圍與研究目的……………………………......3
    第三節 研究限制……………………………………………..4
    第四節 論文架構與研究流程………………………………..5
    第二章 相關理論及文獻探討
    第一節 資本結構理論……………..…………………………6
    第二節 國內外相關實證研究……………………………….10
    第三章 研究方法
    第一節 研究架構…………..………………………………...14
    第二節 變數定義與衡量方法……………………………….15
    第三節 研究樣本與資料來源……………………………….17
    第四章 統計分析與實證結果
    第一節 敘述性統計分析………………….………………18
    第二節 研究假說………………………………………….25
    第三節 單變量統計分析………………………………….29
    第四節 Logit迴歸分析..………………………………….39
    第五章 結論與建議
    第一節 研究結論………………………………………………43
    第二節 研究建議………………………………………………46
    參考文獻……………………………………………………………..47

    表目錄
    表3-3-1 研究樣本產業別統計表………………………………….17
    表4-1-1無負債樣本年度統計表…………………………………..19
    表4-1-2 無負債年次數統計表…………………………………….21
    表4-1-3長期(6-9年)無負債公司產業別統計表………………….22
    表4-1-4 無負債樣產業別統計表………………………………….24
    表4-3-1無負債樣本依規模統計表………………………………..29
    表4-3-2無負債樣本舉債限制檢定………………………………...30
    表4-3-3無負債樣本獲利能力/投資/現金股利檢定……………….32
    表4-3-4無負債樣本股票評價檢定…………………………………34
    表4-3-5無負債樣本非負債稅盾檢定………………………………35
    表4-3-6同產業無負債比率檢定……………………………………36
    表4-3-7其他無負債樣本指標檢定…………………………………38
    表4-4-1 Logit 迴歸分析表………………………………………...40
    表4-4-2 調整後Logit 迴歸分析表………………………………..41
    表4-4-3 單一操作性變數Logit迴歸分析………………………..42
    Reference: 一、 中文文獻:
    王英璋(民83年),國內上市公司資本結構決定因素之研究,國立政治大學財政研究所碩士論文。
    林呈祥(民83年),台灣科技產業融資行為之實證研究,國立交通大學科技管理研究所碩士論文。
    陳隆麒、溫育芳(民90年),國內上市公司資本結構決定因素之研究,台灣銀行季刊,第53卷第1期(3月):171-194。
    陳麗媛(民89年),租稅負擔與公司資本結構,國立政治大學財政研究所碩士論文。
    張南寧(民90年),台灣地區上市公司資本結構之實證研究,私立長庚大學企管研究所碩士論文。
    簡志昇(民87年),台灣地區股票上市公司資本結構影響因素之研究,國立交通大學管理科學研究所碩士論文。
    藍瑞卿(民88年),台灣地區股票上櫃公司資本結構影響因素之探討,國立臺北大學企業管理研究所碩士論文。
    二、 英文文獻:
    Baker, M., J. Stein, and J. Wurgler, 2003, When does the market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics 118, 969-1006.
    Baker, M. and J. Wurgler 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
    Barclay, M. J., C. W. Smith Jr., and R. L. Watts, 2001, The Determinants of Corporate Leverage and Dividend Policies, Journal of Applied Corporate Finance 7 (4), 4-14.
    Baskin, J., 1989 . An Empirical Investigation of Pecking Order Hypothesis. Financial Management (Spring) , 26-35
    Bradley, M., G.A. Jarrell and E.H. Kim, 1984, “On the Existence of an Optimal Capital Structure: Theory and Evidence,” Journal of Finance 39, 857–878.
    DeAngelo H. and L. DeAngelo, 2006, Capital structure, payout policy, and financial flexibility, Univeristy of Southern California working paper.
    Fama, E. F. and K. R. French, 2002, Testing tradeoff and pecking order predictions about dividends and debt, Review of Financial Studies 15(1), 1-33.
    Fama, E. F. and K. R. French, 2005, Financing decisions: Who issues stock?, Journal of Financial Economics 76, 549–582.
    Frank, M. Z. and Vidhan K. Goyal, 2003, Testing the pecking order theory of capital
    structure, Journal of Financial Economics 67(2), 217–248.
    Frank, M. Z. and V. K. Goyal, 2004, Capital structure decisions: Which factors are reliably important? University of British Columbia working paper.
    Graham, J., and A. L. Tucker, 2006, Tax shelters and corporate debt policy, Journal of Financial Economics 81 (3), 563-594.
    Hall, G., P. Hutchinson , and N. Michaelas. 2000 . Industry effects of the determinants of unquoted SMEs capital structure. International Journal of The Economics of Business. 7 , 297-312
    Jensen, M.C. and W. Meckling, 1976, Theory of the firm: Managerial behavior, agency
    costs, and capital ttructure, Journal of Financial Economics 3, 305-360.
    Jung, Kooyul, Yong-Cheol Kim, and Rene M. Stulz, 1996, Timing, investment opportunities, managerial discretion, and the security issue decision, Journal of Financial Economics 42, 159–185.
    La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny, 2000, Agency problems and dividend policies around the world, Journal of Finance 55, 1–33.
    Lemmon, M and J. F. Zender, 2004, Debt capacity and tests of capital structure theories. University of Utah and University of Colorado working paper.
    Marsh, P., 1982. The choice between equity and debt: An empirical study, Journal of Finance 37, 121-144.
    Myers, S. C., 1984, The capital structure puzzle, Journal of Finance 39, 575-592.
    Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson, 1999, The determinants and implications of corporate cash holdings, Journal of Financial Economics 52, 4-46.
    Shyam-Sunder, L. and S. C. Myers, 1999, Testing static trade-off against pecking order models of capital structure, Journal of Financial Economics 51, 219-244.
    Soku, B., 2008 . Why Do Some Firms Become Debt-Free. Hankamer School of Business, Baylor University working paper.
    Titman, S. and R. Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43, 1–21.
    Welch, I., 2004, Capital structures and stock returns, Journal of Political Economy 112, 106-131.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    96932242
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096932242
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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