金融環境變遷下公司資本結構影響因素之研究

Abstract

本研究之主要目的有三:(一)探討企業資本結構影響因素在長期(10年)的 追蹤下,其在時間上的穩定度. (二)金融因素對資本結構之解釋能力. (三)金融環境變遷前後,影響企業資本結構因素之對照比較.本研究採二階 段之研究設計:第一階段運用因素分析法及逐步迴歸,進行重複十年之橫斷 面分析,萃取出影響公司資本結構之因素,並觀察這些因素在十年中的變異 程度.第二階段先加入金融變數,並將樣本以同時跨公司及跨時間序列的方 式混合後,切割為兩組,分別做為反應金融環境變遷前後之資料,然後同樣 運用因素分析以解決變數共線之問題,最後以誤差成份模式來求取影響公 司資本結構之顯著因素.本研究獲致以下三項主要結論:(一)除了"成長性" 因素外,其餘所有解釋因素在10年追蹤下,皆顯示出中高程度的穩定解釋能 力.特別是"公司規模"對短期及總負債比例,以及"資產抵押價值"與"非負 債稅盾"對長期負債比例的解釋能力特別顯著而穩定.(二)"金融因素"在第 二階段表現最高的解釋能力,替代解釋了部份以往文獻上被認為具有解釋 能力的因素,例如:"成長性".(三)在金融環境變遷前後的對照比較上,"金 融因素"不再顯著,但"獲利能力"與"資產抵押價值"則不受影響.綜合第一 階段及第二階段之實証結果,"公司規模","獲利能力","資產抵押價值"及" 非負債稅盾"是本論文實証過程中,不因時間改變而影響其解釋能力,亦不 受金融環境變化所影響的四個重要因素. The three main purposes of this study are: First, to empirically examine the variation of determinants of corporate capital structure choice over time bytracing Taiwan's empirical data from 1985 to 1994. Second, to explore the possible association between financial market and corporate capital structure.Third, to test whether the determinants of corporate capital structure changeunder Taiwan's changing financial infrastructure.Our study has adopted a two-stage design. In the first stage, we conducted arepetitive procedures to analyze the ten-year cross-section data. We utilizedthe factor analysis approach to mitigate the multicollinearity problem amongproxies and the stepwise regressio特別是"公司規模"對短期及總負債比例,以及"資second stage, we first added financial variables such as stock index into our data used in the first stage, then made a pooling of cross- section and timeseries data, and fianlly divided the data into two subsets reflecting different financial infrastructure. By utilizing the error component model, weextracted the significant factors respectively in the two subset study.Our study has reached the following conclusion:1. Except fot the fac degree explanatory power to corporate capital structure in the first- stage study. Especially, the "Size" factor in the short-term debt and total debt models, and the "Collateral Asset Value" and "Non-debt tax shields" in the long-term debt model demonstrate the most significant and stable explana- tory power.2. The "Financial Factor" has been proved to be the most significant determi- nants prior to the change of financial infrastruture. It also replaces some factors such as "Growth" in explaining the behavior of corporate capital structure.3. In the contrast of determinants before-and-after the changes of financial infrastructure, we found that the "Financial Factor" is no longer signifi- cant after the changes of financial infrastructure; however, the "Profit- ability" and "Collateral Asset Value" remain significant. In summary for the whole empirical study, "Size", "Profitability", "Collateral Asset Value", and "Non-debt tax shields" are the most stable and significant explanatory factors, whose explanatory power neither varied over time nor was affected by changing financail infrastructure.