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題 名 | 影響我國中小企業資本結構因素之探討--負債代理成本觀點=Factors of Capital Structure for Small and Medium Enterprises--View of the Debt Agency Cost |
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作 者 | 黃瑞靜; | 書刊名 | 亞太社會科技學報 |
卷 期 | 4:2 2005.02[民94.02] |
頁 次 | 頁129-144 |
分類號 | 494.75 |
關鍵詞 | 中小企業; 資本結構; 負債代理成本; Small and medium enterprises; Capital structure; Debt agency cost; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究以代理理論、文獻中歸納出影響資本結構之決定因素,再探討這些因素與短期負債比率、長期負債比率及總負債比率之相關性,並以櫃檯買賣中心交易之製造業為實証樣本,根據逐步迴歸分析、Spearman’s相關係數檢定,歸納出所得結果為營業風險越高,現金股利發放越高,則其負債代理成本越低,短期負債比率越低。公司規模越大則較易舉借長期負債,其與本文預期相符,而公司融資政策仍以短期融資為主,因此公司應減少發放現金股利以增加其舉債能力。總體而言,營業風險越高、現金股利越低及資產結構越高則總負債比率越高,且中小企業中確實存在負債代理成本。 |
英文摘要 | This paper uses agency theory to investigate the factors of capital structures of small and medium enterprises (SMEs) in Taiwan. Meanwhile, the impacts of actors on short-term debt ratio、long-term debt ration and total debt ratio are also analyzed. The study tests by stepwise regression and Spearman’s correlation for manufacture firms which trading on GreTai Securities Market(over-the-counter market). The results indicate that the higher business risk and cash dividend then the lower debt agency cost and the lower a leverage ratio is. The larger firm sizes, the easier raise long-term capital, but the main source of funds still are short-term capital for SMEs. Therefore, SMEs should decline dividend payment to enforce finance ability. To sum up, operating risk and asset structure are positively related to total debt ratio. The cash dividend is negatively associated with total debt ratio. Finally, there is debt agency cost in SMEs. |
本系統中英文摘要資訊取自各篇刊載內容。