市價淨值比和資本結構：市場時機與成長機會之論

Abstract

市價淨值比被許多研究證實與當年負債比率有反向關係。部分研究認為此乃選擇市場時機籌措資金的證據；不過另有研究指出，如果目標資本結構是隨著時間變動及存在調整成本時，即便公司沒有選擇時機以募集資金，當市價淨值比是成長機會之代理變數則仍然對於負債比率有反向影響。上述不一致的實證結果，與市價淨值比可被當作市場錯誤評價（市場時機）與成長機會價值之衡量有關。本研究將市價淨值比拆解為：市場錯誤評價與成長機會價值等二項組成，以直接驗證市價淨值比各組成與負債比率的關聯，結果證實市場時機選擇與資本結構部分調整（或成長機會假說）此兩項對資本結構變動之解釋的成立。

Market-to-book ratio inversely relates to debt ratio was confirmed by many previous studies. Some studies believe that this is evidence of market timing. However, another study pointed out that if the target capital structure changes over time and there is adjustment cost, even if the company does not choose the time opportunity to raise funds, when the market value ratio is the proxy variable of the growth opportunity, it still has a negative impact on the debt ratio. The abovementioned inconsistent empirical results caused by market-to-book ratio can be a measure of market misvaluation (market timing) and growth opportunities. This study disaggregates the market-to-book ratio into market misvaluation and growth opportunity, and directly verifies the correlation between these components of market-to-book ratio and debt ratio. The findings confirm the hypotheses of market timing and growth opportunity (or capital-structure adjustment model).