中華電信公司資本結構之研究

Abstract

自1958年Modigliani & Miller提出對資本結構的主張後，對於公司企業是否存在一最適資本結構之問題，一直是眾說紛云，成為財務管理領域中備受爭議之焦點。綜觀資本結構理論所探討的重點在於能使公司的資金成本最低化，而促使公司價值的最大化。 電信業雖然在自由化的洪潮中迅速新興而起，而電信業資本結構之探討與研究，有鑑於民營業者公司成立甚晚，家數尚少，不足以提供豐富的資料。中華電信公司雖成立於民國85年，但改制於電信總局，從前清朝末年起算，已歷百餘年；經營業務涵蓋第一、二類電信業務，為綜合性電信服務公司，研究分析其資本結構之決定因素，可供中華電信規劃及調整民營化後有利於公司最適的資本結構之參考。 本研究先採用資料整理與分析，將影響中華電信資本結構之因素，逐一由整理後之圖形與趨勢，比較國內外學者之理論與實證結果，整理出影響資本結構之決定因素，透過建立簡單的迴歸模型，實證資本結構決定因素之顯著性及影響方向；最後逐步將所有決定因素都納入，建構影響中華電信公司資本結構迴歸模式。 本研究的結論如下：（1）中華電信公司資本結構中，負債比率不高，平均值為16﹪，負債主要以短期負債為主，財務狀況尚屬穩健保守。（2）影響資本結構決定因素有總負債比率與公司規模、資產抵押價值、公司改制變數有正相關，與非負債稅盾負相關；短期負債比率與成長率、非負債稅盾、股利政策及公司改制變數有正相關；長期負債比率與獲利能力、資產抵押價值及公司改制變數有正相關，與非負債稅盾、事業風險有負相關。

Ever since Modigliani & Miller proposed their theory on capital structure, there have been disputes on whether there exists an optimal capital structure for corporate, which has also been one of the major issues in the field of financial management. The essence of capital structure theory lies in minimizing capital cost while maximizing corporate values at the same time. Though the telecommunication industry emerges in the trend of liberalization, researches on their capital structure have been limited as private companies established quite late and not much information available on this regard. CHT (Chunghwa Telecom Co., Ltd.), covering type Ⅰand type Ⅱ telecommunication enterprises, has operated more than 100 years, and is a good subject for studying the determinants of capital structure. Based on literature reviews of both foreign and domestic professionals, and analysis on historical data of CHT, this study first establishes a single regression model to verify significant determinants and their way of influences, then includes other determinants step by step to make the multiple regression model more thoroughly. The conclusions can be listed as follows: (1) Since its liability rate is as low as 16% and most liabilities are short-term in nature the capital structure of CHT can best be described as sound and conservative. (2) The major determinants influencing capital structure are the following: the rate of total liability have positive relationship with firm’s size, collateral value of assets and variable of reorganization, while negative relationship with non-debt tax shield; the rate of short-term liability with growth, non-debt tax shield, dividend policy and variable of reorganization have positive relationship; and the rate of long-term liability with profitability, collateral value of assets and variable of reorganization have positive relationship, while negative relationship with non-debt tax shield and business risks.