| dc.contributor.advisor | 杜化宇 | zh_TW |
| dc.contributor.advisor | Anthony Tu | en_US |
| dc.contributor.author (作者) | 孫孟文 | zh_TW |
| dc.contributor.author (作者) | Amy Meng-Wen Pan | en_US |
| dc.creator (作者) | 孫孟文 | zh_TW |
| dc.creator (作者) | Amy Meng-Wen Pan | en_US |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 18-九月-2009 14:43:31 (UTC+8) | - |
| dc.date.available | 18-九月-2009 14:43:31 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-九月-2009 14:43:31 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0089932129 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/35318 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 經營管理碩士學程(EMBA) | zh_TW |
| dc.description (描述) | 89932129 | zh_TW |
| dc.description (描述) | 91 | zh_TW |
| dc.description.abstract (摘要) | 本論文探討公司負債到期結構的實證決定因素。本研究首先選取台灣一般製造業104家樣本，使用複迴歸進行分析，結果顯示此104家樣本公司市價對帳面價值比與實質稅率的係數估計值為負，證明高成長和高預期代理成本的公司，擁有長於三年到期結構負債的比率顯著的較低，驗證資訊不對稱程度較高的企業較不偏好長期負債的假說，並與理論的預測相同。對於負債到期結構之其他三項決定因素，即資產年限、變異性、與超額盈餘而言，結果和假說理論及國外實證研究結果不合，無法驗證資產與負債年限相配之假說，同時以負債到期結構與超額盈餘傳遞訊息假說之理論亦無法成立。由於此六項決定因素皆不具統計顯著性，故而再選取電子業31家樣本進行實證研究。此上市公司電子業31家的實證結果支持代理成本與負債到期結構之間具有負相關的假說，以及企業會配合公司資產年限和負債到期結構的相配假說；然而，實證結果無法驗證此31家電子產業的負債到期結構與企業規模呈現正相關，也無法驗證負債到期結構和公司價值的變異性、超額報酬具有負相關的假說。此外，研究結果並不支持稅負會影響負債到期結構的說法，以及企業會利用負債到期結構發佈訊息的假設。 | zh_TW |
| dc.description.abstract (摘要) | This paper investigates the empirical determinants of corporate debt maturity structure by exploring the possible relations between the firm’s debt maturity structure and six firm-specific characteristics of agency-related costs, size, signaling, asset maturity, taxes and variability. This is done by testing the theoretical model of debt maturity structure first using a cross-sectional data set of 104 non-financial Taiwan firms, and then using a data set of 31 Taiwan electronic firms. The results of the test on the 104 non-financial Taiwan firms shows that agency-costs, asset-maturity and taxes exert negative impacts on debt maturity, while size, variability and abcdrmal profit have positive impacts on debt maturity. However, none of these determinants are significant on the debt maturity structure decisions. As for the 31 Taiwan electronic firms, the evidence lends considerable support to the prediction that the impact of agency-costs on debt maturity is negative. The findings also provide support for the notion that these firms match the maturity of their debt to that of their assets. Though firm size is positively associated with debt maturity, it is not a significant determinant. The empirical analysis provides no evidence that taxes and volatility of firm value affect debt maturity structure. Finally, the empirical results are not supportive of the signaling hypothesis that Taiwan electronic firms use their debt maturity structure to signal information to the market. | en_US |
| dc.description.tableofcontents | 第壹章 緒論 第一節 研究動機與目的……………………………………… 1 第二節 研究流程與步驟……………………………………… 4 第三節 研究限制……………………………………………… 6第貳章 理論與文獻探討 第一節 假說理論……………………………………………… 7 第二節 國內外相關實證文獻………………………………… 9 第三節 相關文獻摘要………………………………………… 24第參章 研究方法與模型 第一節 變數說明……………………………………………… 31 第二節 實証模型……………………………………………… 35 第三節 資料來源及樣本篩選………………………………… 36第肆章 實證結果與分析 第一節 樣本資料敘述統計…………………………………… 41 第二節 實證分析……………………………………………… 42第伍章 結論與建議 第一節 結論…………………………………………………… 53 第二節 後續研究方向建議…………………………………… 54參考文獻 ………………………………………………………… 56 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0089932129 | en_US |
| dc.subject (關鍵詞) | 負債到期結構 | zh_TW |
| dc.subject (關鍵詞) | 代理成本 | zh_TW |
| dc.subject (關鍵詞) | 資訊假說 | zh_TW |
| dc.subject (關鍵詞) | Debt Maturity Structure | en_US |
| dc.subject (關鍵詞) | Signaling Hypothesis | en_US |
| dc.subject (關鍵詞) | Agency Cost Hypothesis | en_US |
| dc.title (題名) | 公司負債到期結構之實證研究-以台灣製造業為例 | zh_TW |
| dc.title (題名) | An Empirical Study on The Determinants of Taiwan Corporate Debt Maturity Structure | en_US |
| dc.type (資料類型) | thesis | en |
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