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題 名 | Network Linkage and Financial Leverage=網路聯結與財務槓桿 |
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作 者 | 郭憲章; | 書刊名 | 財務金融學刊 |
卷 期 | 14:1 民95.04 |
頁 次 | 頁95-123 |
分類號 | 494.7 |
關鍵詞 | 網路聯結; 財務槓桿; 追蹤資料分析; Network linkage; Financial leverage; Panel data analysis; |
語 文 | 英文(English) |
中文摘要 | 資本結構理論歷經四十餘年來的發展,仍然在財務上具有重要地位。然而,在最近二十年來,國際經濟情勢丕變,也漸而影響產業生態及金業經營結構。策略學者提出網路聯結可以促成企業具有比較利益或價值提高,進而演化之資本結構變化,是一個有趣的問題。本研究擬探索以產業網路聯結引導之資源基礎進而影響財務槓桿之情形,這也是一個新的研究面向。 本研究採用資料追蹤分析,期間為1997-2001年,計有265個觀測值。實證結果發現:公司的總資產規模愈大、獲利能力愈強、以及公司間財務網路聯結程度之效益愈大,愈有助於降低其財務槓桿程度。IT產業與NIT產業在財務槓桿上存在產業特質的差異,IT產業之舉度高於NIT產業。另外,財務網路聯結變數與負債比率呈現”U”型效果,此一結果說明公司間財網路聯結程度與其財務槓桿應存在一個最適規模。 |
英文摘要 | Strategic scholars have proposed that network linkages could enhance the competitive advantage or the total value of a firm, and in turn induce the evolution of capital structure; this is an interesting issue. This study adopts a new perspective, which employs network linkage based on a resource-based view to explore financial leverage. This work uses panel data analysis from 1997 to 2001, and the results show that both linear and non-linear financial network linkages indicate that the information technology (IT) industry has more leverage than the non-information technology (NIT) industry. With greater firm size, profitability, and financial network linkage, there is less financial leverage. Also, I find that financial network linage along with debt ratio presents a “U” shape effect, which means that there is an optimal scale between network linkage and financial leverage. |
本系統中英文摘要資訊取自各篇刊載內容。