學術產出-學位論文

題名 臺灣電信產業資本結構決定因素之研究
The Determinants of Capital Structure of The Telecom Industry in Taiwan
作者 林志隆
Lirn, Jyh Lurng
貢獻者 謝劍平
Shieh, Joseph C.P.
林志隆
Lirn, Jyh Lurng
關鍵詞 資本結構
負債比率
Capital Structure
Debt Ratio
日期 2008
上傳時間 8-十二月-2010 15:36:12 (UTC+8)
摘要 By use of traditional regression analysis, this study investigates the explanatory power of several factors on the capital structure of the three biggest telecom companies in Taiwan. The study extends empirical work on capital structure through Granger causality to determine whether it is, for instance, the firm size that affects the choice of capital structure or a firm`s choice of capital structure that affect its firm size. In the traditional regression analysis, confirming the pecking order model, more profitable firms have lower debt ratio. Consistent with most literatures, collateral value of tangible assets has a positive effect on debt ratio. The effect of firm size is ambiguous. Results of Granger causality between variables have different implications for the selected companies. Overall this study provides some useful information of capital structure of the telecom industry in Taiwan.
參考文獻 【中文】
1.中華電信股份有限公司96年度年報。
2.台灣大哥大股份有限公司96年度年報。
3.遠傳電信股份有限公司96年度年報。
4.王瑛璋,1993「國內上市公司資本結構決定因素之研究」,政治大學企業管理研究所未出版碩士論文。
5.陳隆麒,溫育芳,2002,「國內上市公司資本結構決定因素之研究」,台灣銀行季刊,第五十三卷,第一期,頁171-194。
6.張炯滄,2005,「中華航空公司資本結構影響因素之探討」,政治大學商學院經營管理碩士學程碩士論文。
7.楊淑媛、廖四郎、黃瑞靜,2000,「從動態資本結構模型探討台灣產業最適資本結構」,亞太經濟管理評論,第三卷,第二期,頁41-64。
【英文】
1.Barclay, M.J., Smith, Jr, C.W., ”The priority Structure of Corporate Liabilities”, Journal of Finance, Vol. 50, No.3, Jul 1995, pp.899-917.
2.Baskin, J., ”An Empirical Investigation of the Pecking Order hypothesis”, Financial Management, Vol.18, No.1, Spring 1989, pp.26-35.
3.Beattie, V., Goodacre, A., Thomson, S.J., ”Corporate Financing Decisions: UK Survey Evidence”, Journal of Finance, Vol. 33, No.9/10, Nov/Dec 2006, pp.1402-1434.
4.Brav, A., Graham, J.R., and Harvey, C.R., ”Payout Policy in the 21st Century.” Journal of Financial Economics, Vol. 77, 2005, pp.483-527.
5.Castanias, R., ”Bankruptcy risk and optimal capital structure”, Journal of Finance, Vol. 38, No.5, Dec 1983, pp.1617-1635.
6.Chung, Kee H., ”Asset Characteristic And Corporate Debt Policy: An Empirical Test”, Journal of Business Finance and Accounting, Vol. 20, No.1, Jan 1993, pp.83-98.
7.Enders, Walter, ”Applied Econometric Time Series.” Wiley, 2004.
8.Fama, F.E., and French, R.k., ”Testing Tradeoff and Pecking Order predictions About Dividends and Debt.” Review of Financial Studies Vol. 15, No.1, Mar 2002, pp.1-33
9.Graham, R.J., ”Debt and the Marginal Tax Rate.” Journal of Financial Economics, Vol. 41, No.1, May 1996, pp.41-73.
10.Graham, R.J., Lemmon, M.L., Schallheim, J.S., ”Debt, Leases, Taxes and the Endogeneity of Corporate Tax Status”, Journal of Finance, Vol. 53, No.1, Feb 1998, pp.131-162.
11.Graham, R.J., and Harvey, R.C., ”The Theory and Practice of Corporate Finance: Evidence from the field”, Journal of Financial Economics, Vol. 60, No.2, May 2001, pp.187-243.
12.Gaver, J. and Gaver, K., ”Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies”, Journal of Accounting and Economics 16, Jan 1993, pp.125-160.
13.Jensen, M., and Meckling, M., ” Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics,Vol.3, No.2, Oct 1976, pp.305-360.
14.Kester, C.W., ”Capital and Ownership Structure: A Comparison of The United States and Japanese Manufacturing Corporations”, Financial Management, Vol.15, No.1, Spring 1986, pp.5-16.
15.Leary, T.M., and Roberts, R.M., ”Do firms rebalance Their Capital Structures.” Journal of Finance, Vol.60, No.6, Dec 2006, pp.2575-2619.
16.Liu, Tong, ”The Determinants of Corporate Capital Structure: Evidence from Listed Companies In China”, A published master thesis, Concordia University, Canada, 1999.
17.Long, M. and Malitz, I., ”The Investment-financing Nexus: Some Empirical Evidence”, Midland Corporate Finance Journal 3, 1985, pp.53-59.
18.Majluf, N.S., and Myers, S.C., ”Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics, Vol.13, No.2, Jun 1984, pp.187-224.
19.Marsh, P., ” The Choice Between Equity and Debt: An Empirical Study.” Journal of Finance, Vol.37, No.6, Mar 1982, pp.121-144.
20.Mehran, H., Taggart, R.A., Yermack, D., ”CEO Ownership, Leasing, and Debt Financing”, Financial Managment,Vol.28, No.2, Summer 1999, pp.5-14.
21.Miao, J, ”Optimal Capital Structure and Industry Dynamics.” Journal of Finance, Vol.60, No.1, Dec 2005, pp.2621-2659.
22.Morellec, E., ”Asset Liquidity, Capital Structure, and Secured Debt”, Journal of Financial Economics, Vol.61, No.2, Aug 2001, pp173-206.
23.Modigliani, F., and Miller, M.H., ” Corporate income taxes and the cost of capital: A Correction.” American Economic Review 53, 1963, pp433-443.
24.Myers, S.C., ”Determinants of Corporate Borrowing.” Journal of Financial Economics, Vol.5, No.3, Jul 1977, pp.147-175.
25.Myers, S.C., ” The Capital Structure Puzzle.” Journal of Finance, Vol.39, No.3, Jul 1984, pp.575-592.
26.Myers, S.C.,” Still Searching For Optimal Capital Structure.” The Continental Bank Journal of Applied Corporate Finance. Spring 1993. Vol. 6, No.1, p. 4-14.
27.Rajan, R.G., Zingales, L., ”What Do We Know About Capital Structure: Some Evidence from Internal Data”, Journal of Finance, Vol.50, No.5, Dec 1995, pp1421-1460.
28.Scott, J.H., ”A theory of Optimal Capital Structure.” Bell Journal of Economics 7 (1), 1976, pp33-54.
29.Titman, S., Wessels, R., ”The determinants of capital structure choice.” Journal of Finance, Vol.43, No.1, Mar 1988, pp1-19.
30.Thomson, S.J., ”The Role of Leasing in UK Corporate Financing Decisions, Accounting Treatment and Market Impact”, 2003, PhD Thesis (University of Stirling).
31.Wald, J.K., ”How Firm’s Characteristics Affect Capital Structure.” Journal of Financial Research, Vol.43, No.2, Mar 1999, pp161-187.
32.Warner, J., ”Bankruptcy Costs: Some Evidence”, Journal of Finance, Vol. 32, May 1977, pp337-347.
描述 碩士
國立政治大學
財務管理研究所
94357026
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094357026
資料類型 thesis
dc.contributor.advisor 謝劍平zh_TW
dc.contributor.advisor Shieh, Joseph C.P.en_US
dc.contributor.author (作者) 林志隆zh_TW
dc.contributor.author (作者) Lirn, Jyh Lurngen_US
dc.creator (作者) 林志隆zh_TW
dc.creator (作者) Lirn, Jyh Lurngen_US
dc.date (日期) 2008en_US
dc.date.accessioned 8-十二月-2010 15:36:12 (UTC+8)-
dc.date.available 8-十二月-2010 15:36:12 (UTC+8)-
dc.date.issued (上傳時間) 8-十二月-2010 15:36:12 (UTC+8)-
dc.identifier (其他 識別碼) G0094357026en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/49639-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 94357026zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) By use of traditional regression analysis, this study investigates the explanatory power of several factors on the capital structure of the three biggest telecom companies in Taiwan. The study extends empirical work on capital structure through Granger causality to determine whether it is, for instance, the firm size that affects the choice of capital structure or a firm`s choice of capital structure that affect its firm size. In the traditional regression analysis, confirming the pecking order model, more profitable firms have lower debt ratio. Consistent with most literatures, collateral value of tangible assets has a positive effect on debt ratio. The effect of firm size is ambiguous. Results of Granger causality between variables have different implications for the selected companies. Overall this study provides some useful information of capital structure of the telecom industry in Taiwan.en_US
dc.description.tableofcontents Chapter 1 Itroduction………………………………………………… 1
Chapter 2 Theory of Capital Structure and Literature
Review……………………………………………………………9
Chapter 3 Determinants of Capital Structure and Research
Methods…………………………………………………………16
Chapter 4 Results and Discussions………………………………… 30
Chapter 5 Summary and Conclusion…………………………………………………………………… 52
References…………………………………………………………………… 54
Appendix 1…………………………………………………………………… 57
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/#G0094357026en_US
dc.subject (關鍵詞) 資本結構zh_TW
dc.subject (關鍵詞) 負債比率zh_TW
dc.subject (關鍵詞) Capital Structureen_US
dc.subject (關鍵詞) Debt Ratioen_US
dc.title (題名) 臺灣電信產業資本結構決定因素之研究zh_TW
dc.title (題名) The Determinants of Capital Structure of The Telecom Industry in Taiwanen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 【中文】zh_TW
dc.relation.reference (參考文獻) 1.中華電信股份有限公司96年度年報。zh_TW
dc.relation.reference (參考文獻) 2.台灣大哥大股份有限公司96年度年報。zh_TW
dc.relation.reference (參考文獻) 3.遠傳電信股份有限公司96年度年報。zh_TW
dc.relation.reference (參考文獻) 4.王瑛璋,1993「國內上市公司資本結構決定因素之研究」,政治大學企業管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 5.陳隆麒,溫育芳,2002,「國內上市公司資本結構決定因素之研究」,台灣銀行季刊,第五十三卷,第一期,頁171-194。zh_TW
dc.relation.reference (參考文獻) 6.張炯滄,2005,「中華航空公司資本結構影響因素之探討」,政治大學商學院經營管理碩士學程碩士論文。zh_TW
dc.relation.reference (參考文獻) 7.楊淑媛、廖四郎、黃瑞靜,2000,「從動態資本結構模型探討台灣產業最適資本結構」,亞太經濟管理評論,第三卷,第二期,頁41-64。zh_TW
dc.relation.reference (參考文獻) 【英文】zh_TW
dc.relation.reference (參考文獻) 1.Barclay, M.J., Smith, Jr, C.W., ”The priority Structure of Corporate Liabilities”, Journal of Finance, Vol. 50, No.3, Jul 1995, pp.899-917.zh_TW
dc.relation.reference (參考文獻) 2.Baskin, J., ”An Empirical Investigation of the Pecking Order hypothesis”, Financial Management, Vol.18, No.1, Spring 1989, pp.26-35.zh_TW
dc.relation.reference (參考文獻) 3.Beattie, V., Goodacre, A., Thomson, S.J., ”Corporate Financing Decisions: UK Survey Evidence”, Journal of Finance, Vol. 33, No.9/10, Nov/Dec 2006, pp.1402-1434.zh_TW
dc.relation.reference (參考文獻) 4.Brav, A., Graham, J.R., and Harvey, C.R., ”Payout Policy in the 21st Century.” Journal of Financial Economics, Vol. 77, 2005, pp.483-527.zh_TW
dc.relation.reference (參考文獻) 5.Castanias, R., ”Bankruptcy risk and optimal capital structure”, Journal of Finance, Vol. 38, No.5, Dec 1983, pp.1617-1635.zh_TW
dc.relation.reference (參考文獻) 6.Chung, Kee H., ”Asset Characteristic And Corporate Debt Policy: An Empirical Test”, Journal of Business Finance and Accounting, Vol. 20, No.1, Jan 1993, pp.83-98.zh_TW
dc.relation.reference (參考文獻) 7.Enders, Walter, ”Applied Econometric Time Series.” Wiley, 2004.zh_TW
dc.relation.reference (參考文獻) 8.Fama, F.E., and French, R.k., ”Testing Tradeoff and Pecking Order predictions About Dividends and Debt.” Review of Financial Studies Vol. 15, No.1, Mar 2002, pp.1-33zh_TW
dc.relation.reference (參考文獻) 9.Graham, R.J., ”Debt and the Marginal Tax Rate.” Journal of Financial Economics, Vol. 41, No.1, May 1996, pp.41-73.zh_TW
dc.relation.reference (參考文獻) 10.Graham, R.J., Lemmon, M.L., Schallheim, J.S., ”Debt, Leases, Taxes and the Endogeneity of Corporate Tax Status”, Journal of Finance, Vol. 53, No.1, Feb 1998, pp.131-162.zh_TW
dc.relation.reference (參考文獻) 11.Graham, R.J., and Harvey, R.C., ”The Theory and Practice of Corporate Finance: Evidence from the field”, Journal of Financial Economics, Vol. 60, No.2, May 2001, pp.187-243.zh_TW
dc.relation.reference (參考文獻) 12.Gaver, J. and Gaver, K., ”Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies”, Journal of Accounting and Economics 16, Jan 1993, pp.125-160.zh_TW
dc.relation.reference (參考文獻) 13.Jensen, M., and Meckling, M., ” Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics,Vol.3, No.2, Oct 1976, pp.305-360.zh_TW
dc.relation.reference (參考文獻) 14.Kester, C.W., ”Capital and Ownership Structure: A Comparison of The United States and Japanese Manufacturing Corporations”, Financial Management, Vol.15, No.1, Spring 1986, pp.5-16.zh_TW
dc.relation.reference (參考文獻) 15.Leary, T.M., and Roberts, R.M., ”Do firms rebalance Their Capital Structures.” Journal of Finance, Vol.60, No.6, Dec 2006, pp.2575-2619.zh_TW
dc.relation.reference (參考文獻) 16.Liu, Tong, ”The Determinants of Corporate Capital Structure: Evidence from Listed Companies In China”, A published master thesis, Concordia University, Canada, 1999.zh_TW
dc.relation.reference (參考文獻) 17.Long, M. and Malitz, I., ”The Investment-financing Nexus: Some Empirical Evidence”, Midland Corporate Finance Journal 3, 1985, pp.53-59.zh_TW
dc.relation.reference (參考文獻) 18.Majluf, N.S., and Myers, S.C., ”Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics, Vol.13, No.2, Jun 1984, pp.187-224.zh_TW
dc.relation.reference (參考文獻) 19.Marsh, P., ” The Choice Between Equity and Debt: An Empirical Study.” Journal of Finance, Vol.37, No.6, Mar 1982, pp.121-144.zh_TW
dc.relation.reference (參考文獻) 20.Mehran, H., Taggart, R.A., Yermack, D., ”CEO Ownership, Leasing, and Debt Financing”, Financial Managment,Vol.28, No.2, Summer 1999, pp.5-14.zh_TW
dc.relation.reference (參考文獻) 21.Miao, J, ”Optimal Capital Structure and Industry Dynamics.” Journal of Finance, Vol.60, No.1, Dec 2005, pp.2621-2659.zh_TW
dc.relation.reference (參考文獻) 22.Morellec, E., ”Asset Liquidity, Capital Structure, and Secured Debt”, Journal of Financial Economics, Vol.61, No.2, Aug 2001, pp173-206.zh_TW
dc.relation.reference (參考文獻) 23.Modigliani, F., and Miller, M.H., ” Corporate income taxes and the cost of capital: A Correction.” American Economic Review 53, 1963, pp433-443.zh_TW
dc.relation.reference (參考文獻) 24.Myers, S.C., ”Determinants of Corporate Borrowing.” Journal of Financial Economics, Vol.5, No.3, Jul 1977, pp.147-175.zh_TW
dc.relation.reference (參考文獻) 25.Myers, S.C., ” The Capital Structure Puzzle.” Journal of Finance, Vol.39, No.3, Jul 1984, pp.575-592.zh_TW
dc.relation.reference (參考文獻) 26.Myers, S.C.,” Still Searching For Optimal Capital Structure.” The Continental Bank Journal of Applied Corporate Finance. Spring 1993. Vol. 6, No.1, p. 4-14.zh_TW
dc.relation.reference (參考文獻) 27.Rajan, R.G., Zingales, L., ”What Do We Know About Capital Structure: Some Evidence from Internal Data”, Journal of Finance, Vol.50, No.5, Dec 1995, pp1421-1460.zh_TW
dc.relation.reference (參考文獻) 28.Scott, J.H., ”A theory of Optimal Capital Structure.” Bell Journal of Economics 7 (1), 1976, pp33-54.zh_TW
dc.relation.reference (參考文獻) 29.Titman, S., Wessels, R., ”The determinants of capital structure choice.” Journal of Finance, Vol.43, No.1, Mar 1988, pp1-19.zh_TW
dc.relation.reference (參考文獻) 30.Thomson, S.J., ”The Role of Leasing in UK Corporate Financing Decisions, Accounting Treatment and Market Impact”, 2003, PhD Thesis (University of Stirling).zh_TW
dc.relation.reference (參考文獻) 31.Wald, J.K., ”How Firm’s Characteristics Affect Capital Structure.” Journal of Financial Research, Vol.43, No.2, Mar 1999, pp161-187.zh_TW
dc.relation.reference (參考文獻) 32.Warner, J., ”Bankruptcy Costs: Some Evidence”, Journal of Finance, Vol. 32, May 1977, pp337-347.zh_TW