臺灣科技產業融資行為之實證研究

Abstract

近年來資本技術密集的科技產業逐漸成為臺灣經濟成長的主要動力，因此 科技產業的發展便格外受到重視，並且科技產業生命週期短更需有效率的 資金管理以因應市場的快速變化，因此本研究以融資順序理論的觀點來探 討科技產業與一般產業在融資行為上是否有差異？以明瞭公司在為投資計 畫而籌措資金時，是否呈現如融資順序理論所預測的規律現象。一方面可 就融資順序之相關文獻提供實證之結果，另一方面更可為我國科技產業提 供參考依據。本研究對過去有關融資順序理論在理論上與實證方面的研究 做文獻的探討與回顧，進而以國內 233家股票上市公司過去十一年的財務 報表為研究資料以彰顯出公司的實際融資行為；而實證結果顯示如下： (一)公司會優先考慮以內部資金來融資。 (二)如需外部融資時，並不會 優先考慮以負債來融資。 (三)公司研發費用比率的高低並不影響公司的 負債比率。從本研究的結果發現，顯然融資順序理論的預測並未在此研究 中獲得印證，所以臺灣股票上市公司的融資行為並無法以單一的融資理論 描述之，而如果能將靜態交換理論中的破產成本納入融資順序理論的考慮 中，應更能接近公司實際的融資行為。 In recent years,high-tech industries have been the major driving force for the economic growth in Taiwan.Therefore the development of high-tech industries has enjoyed much attention and support from the R.O.C government.Issues related to the financing of high-tech industries are of interest to the government and academics as well. In this study,we explored to see if the financing behavior of high-tech industries are different from that of general industries in term of the Pecking Order Theory.Also we want to find if the financing behavior of the companies in Taiwan presents a pattern as Pecking Order Theory Predicted. In this study,data were derived from financial reports of 233 stock-issuing companies. Statistical analysis were then conducted. The empirical findings are summaried as follows: (1)The stock-issuing companies prefer internal capital to finance a investment project. (2)If needed external capital,the stock-issuing companies won't prefer to finance with debt rather than finance with stock. (3)The rate of research & development expense won't influence the debt leverage. Apparently,the findings of this study couldn't testify to any financing theory.Thus,the financing behavior in Taiwan couldn't be completely explained by a single financing theory.If the pecking Order theory could consider more about the effect of bankruptcy cost,it should then be more powerful in explaining the actual financing behavior of business firms.