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題名 | 經濟景氣波動下臺灣股票上市公司投資、股利與舉債決策關聯性之實證研究=The Impact of Business Fluctuations on the Relationship among Corporate Investment, Dividend, and Debt Financing: An Empirical Evidence from Taiwan Listed Companies |
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作者姓名(中文) | 葉憲弘; | 書刊名 | 國立屏東科技大學學報 |
卷期 | 9:1 2000.03[民89.03] |
頁次 | 頁59-69 |
分類號 | 563.53 |
關鍵詞 | 經濟景氣波動; 投資; 股利; 舉債融資; Business fluctuations; Investment; Dividend; Debt financing; |
語文 | 中文(Chinese) |
中文摘要 | 本文採用二階段方式進行實證研究,藉以檢驗不同經濟景氣是否會對「投資、股 利與舉債融資間之關聯性」造成影響。在第一階段先將研究資料分成經濟景氣收縮與擴張兩 組分別進行因素分析,萃取外生變數之因素成份,藉以消除聯立模型中外生變數間之共線性 問題。而在第二階段時,再將萃取之因素成份放入聯立方程式模型中,利用三階段最小平方 法進行估計。 本研究發現(1)本研究之實證結果無法支持MM無關論。(2)經濟景氣波動會對「投資、 股利與舉債間」部份之關聯性造成影響。(3)在經濟景氣擴張情況下,國內股票上市公司之 股利決策為—剩餘決策。(4)在經濟景氣收縮情況下,投資與股利之間有資金競用排擠效果。 (5)在經濟景氣擴張期間,前期股利對股利有顯著正面影響;但在經濟景氣收縮期間,前期股 利對股利並無顯著正面影響。 |
英文摘要 | The purpose of this paper is to examine whether the business fluctuations affect the relationship among corporate investment, dividend, and debt financing. A two-step multivariate procedure is employed in this study. The data are first subjected to the factor analysis in order to condense the information contained in the original variables into a smaller set of new factors with a minimum loss of information. This can avoid or lessen the problem of multi-collinearity in the subsequent analysis. Then, in the second stage the extracted factors are used in the simultaneous equations model and the three-stage least squares estimation procedure is used to estimate the parameters of any equation within the model. The major findings of this study are as follows. First, the empirical result does not support Modigliani and Miller's independence hypothesis. Second, business fluctuations affect some relationships among corporate investment, dividend, and debt financing. Third, the firms in this study follow the residual dividend policy during the expansion period of business fluctuations. Fourth, the outlays for investment and dividends are competitive in the contraction period of business fluctuations. Fifth, lagged dividends have a significantly positive influence on current dividends during the expansion period of business fluctuations but there is not such a relationship in the contraction period. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。