政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/7422

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113656/144643 (79%)
Visitors : 51721411 Online Users : 572

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/7422

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/7422

Title:	Effects of Macroeconomic Conditions and Firm-Level Productivity on Optimal Capital Structure: Theory and Evidence
Other Titles:	總體經濟條件與公司生產力對最適資本結構之影響: 理論與實證分析
Authors:	廖四郎;黃星華 Liao,Szu-Lang;Huang,Hsing-Hua
Keywords:	Macroeconomic Conditions;Firm-Level Productivity;Optimal Capital Structure
Date:	2006-12
Issue Date:	2008-11-14 12:15:48 (UTC+8)
Abstract:	This paper develops and examines a partial equilibrium model to investigate the effects of macroeconomic condition and firm-level productivity shocks on the determination of optimal debt ratio. The model extends the contingent-claims models of the firmfs capital structure by incorporating both the industry demand and firm-level supply factors into the firmfs earnings and unlevered asset value. Our model predicts that the optimal debt ratio is negatively correlated to the macroeconomic conditions and the firm-level productivity. Furthermore, the theoretical implications are totally supported by the pooled feasible generalized least squares estimation with 311 Taiwanese listed manufacturing firmsf quarterly data over the period from 1994 to 2003. The differences between the high-tech electronics and other manufacturing firms are also investigated, and particularly the high-tech firms are not tied up with the macroeconomic conditions while the others are.
Relation:	Journal of Financial Studies, 14(4), 1-27
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

Files in This Item:

File	Size	Format
mab114.pdf	16031Kb	Adobe PDF2	1767	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...