台灣IC產業資本結構之決定因素

Abstract

台灣IC產業本身所具備全球獨特的垂直專業分工特性與台灣政府推動IC產業的相關獎勵政策，都使得台灣IC產業的資本結構有其獨特性。因此本論文係針對台灣IC產業資本結構之決定因素加以研究，採成長機會、公司規模、獲利能力、抵押資產、經營風險、稅及公司獨特性等變量，分別對長短期借款比率的影響進行迴歸，得出以下結論： 一、台灣IC產業上中下游公司對融資考慮的因素的確有所不同。 二、台灣IC產業在公司規模，抵押資產和經營風險與資本結構呈現正相關關係，而獲利能力與公司獨特性(R&D)則是呈現負相關。 三、稅(TAX)的代理變數-實質稅率對於長短期借款比率並無法獲得任何顯著的結果，推測是受到遞延所得稅費用(利益)的影響太大。而遞延所得稅費用(利益)的估計目前並沒有一套嚴謹的方法，很容易受到管理當局基於盈餘管理的目的而有不一致的調整。 這些關係的跡象表明，融資順位理論以及最適資本結構理論可以用來解釋台灣IC產業的資本結構決定因素。本研究結果應可提供台灣IC產業管理當局決定該企業最佳資本結構之重要參考依據。

This thesis researches in the determinants of capital structure of the Taiwan's IC industry chain and using the factors such as opportunities for growth, the company size, profitability, collateral assets, operating risk, tax and company uniqueness as independent variables regressing on short-term and long-term borrowing rate of return, we have the following conclusions: First, the companies of the Taiwan's IC industry chain concern about different factors when financing. Second, the company size, collateral assets, and operating risk presents a positive correlation between capital structure, but the profitability and the company's unique have negative correlation. Third, proxy for the tax - the effective tax rate can not get any significant result; it might be the impact of deferred tax expense (benefit) is too large. These relationships are indications that the pecking order theory and optimal capital structure theory can be used to explain Taiwan's IC industry capital structure determinants. The results of this study should provide the authorities of Taiwan's IC industry to determine the optimal capital structure reference.