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題名 Empirical Test of Market Timing on Taiwan’s Listed High-Tech Firm
其他題名 台灣高科技公司市場擇時之實證研究
作者 張邦茹; 詹英汝 ; 姜堯民
Chang, Pang-Ru ; Chan, Ying-Ju ; Chiang, Yao-Min
貢獻者 財管系
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
日期 2012.06
上傳時間 22-五月-2014 11:14:25 (UTC+8)
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。
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.
關聯 Journal of Innovation and Management, 9(2), 93-120
資料類型 article
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-Minen_US
dc.date (日期) 2012.06en_US
dc.date.accessioned 22-五月-2014 11:14:25 (UTC+8)-
dc.date.available 22-五月-2014 11:14:25 (UTC+8)-
dc.date.issued (上傳時間) 22-五月-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), 93-120en_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 industryen_US
dc.title (題名) Empirical Test of Market Timing on Taiwan’s Listed High-Tech Firmen_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) articleen