頁籤選單縮合
題名 | 臺灣資本、勞力及技術密集產業上市公司負債決策之實證研究=The Corporate Debt Leverage of Capital-intensive, Labor-intensive, and Technology-intensive Industries on Taiwan: An Empirical Analysis |
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作 者 | 葉憲弘; | 書刊名 | 國立屏東科技大學學報 |
卷期 | 6:3 1997.09[民86.09] |
頁次 | 頁223-240 |
分類號 | 555.8 |
關鍵詞 | 產業特性; 負債程度; 資本結構; 不對稱資訊理論; 代理模型理論; Industry characteristics; Corporate leverage; Capital structure; Agency models; Asymmetric information theory; |
語文 | 中文(Chinese) |
中文摘要 | 本研究採用以往學者並未採用過之產業密集特性(資本密集、勞力密集、技術密 集三種產業密集特性)作為產業分類之基礎以代替目前被慣用之產業別分類方法,藉以探 討產業密集特性對企業負債程度之影響與企業負債程度之決定因素,並驗證資本結構決定 理論模型對臺灣企業負債決策之解釋能力。本研究之實證結果顯示,企業成長性、公司規 模、盈飾變異性、固定資產密集度、產業類別等影響因素對企業長期負債程度有顯著影響 ;而企業成長性、獲利能力、固定資產密集度、銷管費用密集度、產業類別等影響因素對 企業短期負債程度有顯著影響。但企業成長性和盈餘變異性因素與企業長期負債決策之關 係,資本結構理論則無法解釋。本研究亦發現三種產業之企業負債決策符合資金配合原則 。技術密集產業之長期負債程度高於其他兩種產業之長期負債程度且其短期負債程度低於 其他兩種產業之短期負債程度,而勞力密集產業之總負債程度低於其他兩種產業之總負債 程度。 |
英文摘要 | This paper uses a new approach of industry classification to explore the industry effect on corporate debt leverage and the detertninants of corporate debt leverage among the industries in the study. The study shows that the factors of growth opportunity, firm size, fixed-asset intensity, and industry factor have impact on corporate long-term debt leverage , but the factors of growth opportunity, profitability, fixed-asset intensity, operating uniqueness, and industry factor have influence on short- tertn corporate debt leverage. As a whole, the evidence is consistent with the recent theories of optimal capital structure, but the theories cannot explain the influence of the growth opportunity nd earnings' volatility factors on corporate long-term debt leverage. Besides, the corporate long-term debt level in technology-intensive industry is significantly higher than that in the other two industries, and the short-term debt n technology- intensive industry is lower than that in the other two industries. However, the total debt leverage in labor- intensive industry is significantly lower than that in the other two industries. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。