| dc.contributor | 財管系 | en_US |
| dc.creator (作者) | 張邦茹; 詹英汝 ; 姜堯民 | zh_TW |
| dc.creator (作者) | Chang, Pang-Ru ; Chan, Ying-Ju ; Chiang, Yao-Min | en_US |
| dc.date (日期) | 2012.06 | en_US |
| dc.date.accessioned | 22-May-2014 11:14:25 (UTC+8) | - |
| dc.date.available | 22-May-2014 11:14:25 (UTC+8) | - |
| dc.date.issued (上傳時間) | 22-May-2014 11:14:25 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/66139 | - |
| dc.description.abstract (摘要) | 本研究參考Huang and Ritter（2009），以權益風險溢酬當作市場擇時的代理變數，探討台灣高科技公司的融資行為是否遵循市場擇時理論，以及市場擇時是否長期影響公司的資本結構。Harris and Raviv（1991）說明公司資本結構受到產業別的影響，本研究深度討論在台灣極具特色的高科技產業的市場擇時融資行為。結果發現，（一）融資順位理論驗證結果顯示，高科技業面臨資金缺口時，不遵循融資順位，且負債使用情形是隨著時間改變的；（二）高科技業的融資行為遵循市場擇時理論；以及（三）高科技業的市場擇時持續性只有一年。本研究的結果發現，驗證市場擇時理論時必須考慮產業的差異性。 | en_US |
| dc.description.abstract (摘要) | We follow Huang and Ritter (2009) to estimate an equity risk premium as a market timing proxy and test the market timing theory using data of Taiwan`s listed high-tech firms from 1990 to 2008. Harris and Raviv (1991) noted that the industries impact on firms` capital structure. We test whether market timing is an important determinant of observed capital structures in high-tech firms. We find that high-tech firms all do not follow Pecking Order Theory to decide their capital structure, empirical evidence shows that high-tech firms follow marketing timing theory to decide their capital structure, and the effect of marketing timing lasted one year for high-tech firms. We show that we must take into account the industrial difference in testing the marketing timing theory. | en_US |
| dc.format.extent | 1531020 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.relation (關聯) | Journal of Innovation and Management, 9(2), 93-120 | en_US |
| dc.subject (關鍵詞) | 資本結構 ; 市場擇時 ; 權益風險溢酬 ; 高科技產業 ; capital structure ; market timing ; equity risk premium ; high technology industry | en_US |
| dc.title (題名) | Empirical Test of Market Timing on Taiwan’s Listed High-Tech Firm | en_US |
| dc.title.alternative (其他題名) | 台灣高科技公司市場擇時之實證研究 | en_US |
| dc.type (資料類型) | article | en |
