公開發行未上市公司融資選擇之研究-以科技類公司與非科技類公司為例

Abstract

融資選擇與資本結構對公司價值的影響，不僅為公司的財務人員或是管理 階層所重視，也是長久以來，財務學者所亟欲所探討的課題，因此本研究 希望藉由融資順位理論來探討公開發行未上市公司融資選擇的特性。本研 究以財團法人中華民國證券暨期貨市場發展基金會所登錄的臺灣公開發行 未上市製造業公司為研究對象，其結果如下：(1)與臺灣公開發行未上市 製造業公司各融資選擇型態有顯著關係的因素有成長性、公司規模、營運 風險、財務槓桿、資產抵押價值及折舊節稅性，(2)臺灣公開發行未上市 非科技類各融資選擇型態有顯著關係的因素有公司規模、股利政策、營運 風險、財務槓桿、資產抵押價值及折舊節稅性，(3)臺灣公開發行未上市 科技類與非科技類公司其融資選擇因素有顯著差異的計有獲利性、企業規 模、財務槓桿、資產抵押價值、營業活動投入性及償付能力，(4)臺灣公 開發行未上市科技類公司各融資選擇型態有顯著關係的因素有成長性、公 司規模、財務槓桿、負債預警指標、折舊節稅性與營業活動投入性。 The relationship among financing choices of a firm, capital structure of a firm and firm value has long been the topic about which the financial managers, the higher managers and the financial scholars were concerned. Based on the result that the characteristic of the financing behavior of a firm cannot be explained by the static trade-off theory entirely, this study was concentrated on the characteristic of the financing choices of the unlisted security firms by way of the pecking order theory.This thesis aim to research the unlisted security firms which were listed in the "Securities and Futures Institute, R.O. C.". There are eleven different kinds of industrys and 142 firms in the "Securities and Futures Institute, R.O.C.". The main research results are as follows :1. It reveals that the growth, the firm size, the business risk, the financial leverage, the asset mortgage value, and the non-tax shield, have significant influences on the financing choices of Taiwan's unlisted security firms.2. It reveals that the profitability, the firm size, the financial leverage, the asset mortgage value, the uniqueness and the resolvency, have significant differences between Taiwan's technology based unlisted security firms and others.3. It reveals that the firm size, the dividend policy, the business risk, the financial leverage, the asset mortgage value, and the non-tax shield, have significant influences on the financing choices of Taiwan's non-technology based unlisted security firms.4. It reveals that the growth, the firm size, the financial leverage, the offset of target debt ratio, the non-tax shield, and the uniqueness have significant influences on the financing choices of Taiwan's technology based unlisted security firms.