學術產出-Theses
Article View/Open
Publication Export
-
題名 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作者 張鈞焙 貢獻者 林柏生
張鈞焙關鍵詞 垂直整合
資本結構
台灣電子產業
Vertical integration
Capital structure
Electronics industry in Taiwan日期 2017 上傳時間 24-Jul-2017 11:57:21 (UTC+8) 摘要 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 toresort 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 asindependent 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.參考文獻 Adelman, M. A. (1955). Concept And Statistical Measurement of VerticalIntegration. Princeton University Press, 281-330.Alonso, E. J. M. (2000). The Effect of Firm Diversification On Capital Structure:Evidence From Spanish Firms. European Financial Management AssociationAnnual Meeting, Athens, Greece.Balakrishnan, S. and Fox, I. (1993). Asset Specificity, Firm Heterogeneity and CapitalStructure. Strategic Management Journal, 14, 3-16.Bradley, M., Jarrell, G. A., and Kim,E.H. (1984). On the Existence of an OptimalCapital Structure: Theory and Evidence. The Journal of Finance, 39, 857-878.Buzzells, R. D. (1983). Is Vertical Integration Profitable, Harvard Business Review,61, 92-102.DeAngelo, H. and Masulis, R. (1980). Optimal Capital Structure UnderCorporate And Personal Taxation. Journal of Financial Economics, 8, 3-29.Dreyer, B., Gronhaug, K. and Isaksen, J. R. (2007). Vertical Integration AndPerformance: The Impact of Measurements And Industry.Retrieved fromhttp://munin.uit.no/bitstream/handle/10037/2546/paper_3.pdf?sequence=2Leontief, W. W. (1951). The Structure of American Economy. Oxford UniversityPress, 1919-1939.Maddigan, R. J. (1981). The Measurement of Vertical Integration. The Review ofEconomics and Statistics, 63, 328-335.Myers, S. C. (1984). The Capital Structure Puzzle. The Jourmal of Finance, 39, 574-592.Scott, J. H. (1977). Bankruptcy, Secured Debt, And Optimal Capital Structure. TheJournal of Finance, 32, 1-19.Smith, C. W. (1977). Alternative methods for raising capital: Rights versusunderwritten offerings. The Journal of Finance, 5, 273-307.Titman, S. and Wessels, R. (1988). The Determinants of Capital Structure Choice. TheJournal Of Finance, 43, 1-19.Warner, J. B. (1977). Bankruptcy Cost: Some Evidence. The Journal of Finance, 32,337-347Whyte, G. (1991). The Role of Asset Specificity In The Vertical Integration Decision.Journal of Economic Behavior and Organization, 23, 287-302.Willamson, O. E. (1979). Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law and Economics, 22, 233-261. 描述 碩士
國立政治大學
國際經營與貿易學系
104351039資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104351039 資料類型 thesis dc.contributor.advisor 林柏生 zh_TW dc.contributor.author (Authors) 張鈞焙 zh_TW dc.creator (作者) 張鈞焙 zh_TW dc.date (日期) 2017 en_US dc.date.accessioned 24-Jul-2017 11:57:21 (UTC+8) - dc.date.available 24-Jul-2017 11:57:21 (UTC+8) - dc.date.issued (上傳時間) 24-Jul-2017 11:57:21 (UTC+8) - dc.identifier (Other Identifiers) G0104351039 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111290 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 104351039 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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 toresort 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 asindependent 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. en_US dc.description.tableofcontents 第一章緒論 v第一節 研究動機與目的 1第二節 研究架構 2第二章文獻探討 3第三章研究方法 10第一節 模型假設 10第二節 變數選擇與計算 11第三節 計量方法與實證結果 15第四章結論與建議 19 zh_TW dc.format.extent 898261 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104351039 en_US dc.subject (關鍵詞) 垂直整合 zh_TW dc.subject (關鍵詞) 資本結構 zh_TW dc.subject (關鍵詞) 台灣電子產業 zh_TW dc.subject (關鍵詞) Vertical integration en_US dc.subject (關鍵詞) Capital structure en_US dc.subject (關鍵詞) Electronics industry in Taiwan en_US dc.title (題名) 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 zh_TW dc.title (題名) Effect of vertical integration decision on firm’s capital structure: empirical study in Taiwan electronics industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Adelman, M. A. (1955). Concept And Statistical Measurement of VerticalIntegration. Princeton University Press, 281-330.Alonso, E. J. M. (2000). The Effect of Firm Diversification On Capital Structure:Evidence From Spanish Firms. European Financial Management AssociationAnnual Meeting, Athens, Greece.Balakrishnan, S. and Fox, I. (1993). Asset Specificity, Firm Heterogeneity and CapitalStructure. Strategic Management Journal, 14, 3-16.Bradley, M., Jarrell, G. A., and Kim,E.H. (1984). On the Existence of an OptimalCapital Structure: Theory and Evidence. The Journal of Finance, 39, 857-878.Buzzells, R. D. (1983). Is Vertical Integration Profitable, Harvard Business Review,61, 92-102.DeAngelo, H. and Masulis, R. (1980). Optimal Capital Structure UnderCorporate And Personal Taxation. Journal of Financial Economics, 8, 3-29.Dreyer, B., Gronhaug, K. and Isaksen, J. R. (2007). Vertical Integration AndPerformance: The Impact of Measurements And Industry.Retrieved fromhttp://munin.uit.no/bitstream/handle/10037/2546/paper_3.pdf?sequence=2Leontief, W. W. (1951). The Structure of American Economy. Oxford UniversityPress, 1919-1939.Maddigan, R. J. (1981). The Measurement of Vertical Integration. The Review ofEconomics and Statistics, 63, 328-335.Myers, S. C. (1984). The Capital Structure Puzzle. The Jourmal of Finance, 39, 574-592.Scott, J. H. (1977). Bankruptcy, Secured Debt, And Optimal Capital Structure. TheJournal of Finance, 32, 1-19.Smith, C. W. (1977). Alternative methods for raising capital: Rights versusunderwritten offerings. The Journal of Finance, 5, 273-307.Titman, S. and Wessels, R. (1988). The Determinants of Capital Structure Choice. TheJournal Of Finance, 43, 1-19.Warner, J. B. (1977). Bankruptcy Cost: Some Evidence. The Journal of Finance, 32,337-347Whyte, G. (1991). The Role of Asset Specificity In The Vertical Integration Decision.Journal of Economic Behavior and Organization, 23, 287-302.Willamson, O. E. (1979). Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law and Economics, 22, 233-261. zh_TW
