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題 名 | 臺灣多國籍企業與本國企業資本結構比較之研究=The Comparison of Capital Structures for Multinational Corporations and Domestic Corporations in Taiwan |
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作 者 | 王健聰; | 書刊名 | 東吳經濟商學學報 |
卷 期 | 31 2000.12[民89.12] |
頁 次 | 頁19-45 |
分類號 | 553.78 |
關鍵詞 | 多國籍企業; 資本結構; 國際多角化; 盈餘波動性; Multinational corporations; Capital structure; International diversification; Earnings volatility; |
語 文 | 中文(Chinese) |
中文摘要 | 本文實證研究包含二個部份:(1)針對國際多角化可降低多國籍企業盈餘波動性的假設進行檢定。(2)多國籍企業在負債比率以及在一些資本結構決定因素,是否與本國企業有顯著的差異進行比較。針對第一個部份之實證研究,本文將建立多元迴歸模式以進行分析。至於第二個部份之實證研究,本文則將以t-test、Mann- Whitney U-test以及三因子變異數分析進行比較。 本文選取國內50家多國籍企業的樣本與60家本國企業的樣本進行分析,研究期間自民國83年至87年,實證結果如下:(1)國際多角化的確可降低多國籍企業盈餘的波動性。(3)多國籍企業比本國企業有較高的負債比率與較低的盈餘波動性,此與理論所言是相同的。此外,本國企業對於經濟性匯率風險的敏感度高於多國籍企業。 |
英文摘要 | The empirical study in this paper is composed of two segments. First, the hypothesis that international diversification lowers earnings volatility for MNCs is tested. Next, we examine whether there are significant differences between multinational corporations (MNCs) and domestic corporations (DCs) in the debt ratio and the capital structure determinants. For the first segment, we use multiple regression analysis to examine the impact of international diversification on the earnings volatility for MNCs. For the second segment, t-test, Mann-whitney U-test, and three-way analysis of variance are applied. Using a sample 50 MNCs and 60 DCs, the empirical findings are: (1) The empirical result supports the hypothesis that international diversification lowers earnings volatiIity for MNCs. (2) The results indicate that MNCs have higher debt ratios than DCs, and that MNCs are less volatile than DCs. Moreover, DCs are significantly more sensitive to economic exchange rates than MNCs. |
本系統中英文摘要資訊取自各篇刊載內容。