Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 蕭富仁 | en_US |
dc.contributor.author | Hsiao, Fu-Jen | en_US |
dc.contributor.author | 朱博湧, 謝國文 | en_US |
dc.contributor.author | Chu Po-Young, Shieh Gwowen | en_US |
dc.date.accessioned | 2014-12-12T02:17:55Z | - |
dc.date.available | 2014-12-12T02:17:55Z | - |
dc.date.issued | 1996 | en_US |
dc.identifier.uri | http://140.113.39.130/cdrfb3/record/nctu/#NT850457047 | en_US |
dc.identifier.uri | http://hdl.handle.net/11536/62209 | - |
dc.description.abstract | 營運槓桿與財務槓桿間是否具有學理上所述的此消彼長的抵換關係 呢?不同的學者所做的實證研究有不同的結論。本研究以1983--1992年10 年期間的臺灣資料與美國資料分別進行實證。首先針對負值代理法與完全 正值法進行比較驗證,接著再以不同的成長變數與風險變數作為高低群組 的分類,分別進行個別群組的相關係數與迴歸係數檢定,最後則加入臺灣 與美國國別差異的比較,以探討抵換關係在受到不同國別差異與成長(風 險)程度高低不同的影響之下,是否仍然得以成立。經過實證研究結果發 現: (1)負值代理法可以作為財務資料遭遇負值時的適當槓桿估計方法 。 (2)由本研究之中美實證比較結果發現,抵換關係的成立與否並不 會受到國別差異的影 響。 (3)Li and Henderson (1991)認為 高成長性的公司會同時擁有高營運槓桿與高財務槓 桿,而在低成 長性公司則會有較顯著性的抵換關係之假說,無法在本實證研究中 獲得支持; 因此各成長變數與風險變異程度的高低,對於抵換關係的影響 仍舊是 並不一致,未成定論。 (4)有關於DOL與DFL間存有顯著 的負相關,彼此間具有抵換關係的假說,依舊無法在 本研究的整 體實證中獲得支持。 Does the trade -off hypothesis between a firm's operating and financial leverages always hold true? In different studies did not have unanimous results. The paper attempts to reexamine it by selecting Taiwan and American data during the period 1982-1992. First, we validate the two methods - Positive Method and Negative Proxy Method. Then, for testing the trade-off for leverages,we rank a firm's growth and risk variables and test it by using correlation andregression coefficient. Finally, we explore that whether different country willresult in different empirical conclusion. Throughout the research we find: (1)The Negative Proxy Method is a proper approximation for leverages while the financial data are negative. (2)Whether the trade -off behavior holds true or not have no difference in different countries. (3)Li and Henderson (1991) mention that for high- growth firms,both high DOL and high DFL will co-exist; for low- growth firms, there will be a significant trade-off behavior. But this can not be supported in the study. (4) We did not have enough evidence fromthe research to support the trade-off hypothesis between DOL and DFL . | zh_TW |
dc.language.iso | zh_TW | en_US |
dc.subject | 營運槓桿 | zh_TW |
dc.subject | 財務槓桿 | zh_TW |
dc.subject | 抵換假說 | zh_TW |
dc.subject | DOL | en_US |
dc.subject | DFL | en_US |
dc.subject | Trade-off Hypothesis | en_US |
dc.title | 營運槓桿與財務槓桿抵換之研究--臺灣與美國的實證比較 | zh_TW |
dc.title | The Study of the Trade-off Hypothesis between Operating and Financial Leverages : An Empirical Comparison of Taiwan and America | en_US |
dc.type | Thesis | en_US |
dc.contributor.department | 管理科學系所 | zh_TW |
Appears in Collections: | Thesis |