以企業生命週期角度探討動態資本結構調整、公司治理 與財務危機關聯性之實證分析

Abstract

過去文獻在討論資本結構與財務危機的關聯性時，多數聚焦於公司的槓桿程度，較少針對槓桿調整對財務危機之影響作探討。本文以企業生命週期的角度切入，由於企業在不同階段的財務規劃與經營策略會存在差異，其資本結構的的調整行為也隨之改變，故本文先將財務危機公司分為成長期、成熟期與衰退期三階段，並以財務健全公司作為對照組，進行資本結構調整行為的比較。另外，本文將最適資本結構偏離程度及公司治理變數引入財務危機預警模型中，藉以探究最適槓資本結構偏離程度、公司治理與財務危機風險之關聯性。

Most studies about capital structure and its impact on firm failure have focused on the leverage, but seldom do they talk about influences of leverage adjustment. Firms have different financial plans, business strategies and behaviors of capital structure adjustment in different stages of life cycle, so at firstwe grouped the financial distressed firms and healthy firms into three types as growth, mature, and stagnant, and then compared the difference of their behaviors of capital structure adjustment. In addition, we research on the relationships among deviation from the optimal capital structure, corporate governance, and financial distress by introducing deviation and corporate governance into prediction models.