新竹科學園區產業融資行為:實證研究

Abstract

高科技產業是臺灣經濟發展的重要命脈，亦是臺灣在國際舞臺上競爭之武 器，因此，政府對於科技產業之發展格外的重視，由於高科技產業是一種 高風險且資本技術密集度高之產業，因此其營運風險較高，而欲降低此營 運風險公司可藉由融資策略之擬訂來達到，因為一個妥善的融資策略有三 個優點：一、確保資金的取得在金額及時間上能配合所需的資金支出，二 、降低公司整體的資金成本，如此可提高投資計劃成功的機率，三、可降 低或控制因取得資金而導致公司整體風險的變動，因此能夠改善公司整體 的風險結構，可見融資策略對高科技產業相當重要。本研究乃以新竹科學 園區產業為樣本，利用園區各公司之財務經理或總經理所填寫之問卷資料 ，來檢驗融資順序理論及靜態交換理論此兩個互斥之理論，一方面可以就 融資理論相關之文獻提供實證之結果，另一方面更可對我國科技產業提供 參考之依據。本研究之結果可以歸納為以下三點： (1) 不論從產業別、 公司規模大小或整體產業皆顯示新竹科學園區產業之融資行為符合融資順 序之現象。 (2) 公司之負債比率與產業別及公司規模大小無關，由此可 見公司之負債比率高低並不因不同的產業或公司規模大小而受到影響。此 結果與一般文獻所記載的有不一致之情形，值得學者對此現象進一步加以 探討。 (3) 公司之負債比率與其最適負債比率並不一致，即公司之負債 比率並未依其所認為最適之負債比率而調整。 1990s is definitely going to be a critical period of time for Taiwan's high-tech industries which have long enjoyed much attention and support from the government. However, the government's six-year plan and other sector of the economy have demanded an increasing share of Taiwan's usable fund. In addition the liberation of Taiwan's financial syatem has caused interest rates and exchange rates to become more volatile. Thus, financing the increasing investment project is becoming difficult and complex. The well known MM theorem (Modigliani and Miller 1958) shows that financing is irrevalent to investment decision. the agency problem literature has suggested that to maximize the value of a firm, it is desirable for the firm to finance its operation with an optimal capital structure that will minimize its weighted average cost of capital. However several recent studies (e.g.,Myers and Majluf, 1984 and Breadley and Myers, find with survey data that, in practice the financing behavior of the S&P 500 firms is best described by the pecking order theory. This finding obviously contradicts to the traditional views of financing behavior of firms and deserves further investigation. This study conducted a survey on SIPA's finance managers. Based on the responded questionaire, two competing theories of capital structure are tested. The study found: (1) The financing behavior of Hsinchu SIPA's companies is in accord with the pecking order theory. (2) The type of industries and companies scale have no impact on the debt ratio. (3) The debt ratio of the sample companies are significantly from their optimal debt ratios.