| Summary: | 碩士 === 國立中山大學 === 企業管理研究所 === 82 === The purpose of this research is to investigate the relationship
between corporate''s growth opportunity set and financing and
dividend policies. It imply to test the debt-contracting
hypotheses of Positive Accounting Theory. The most difficulty
of this paper is corporate''s opportunities cannot exacting
measure, so I use a composite measure of growth opportunities
,which is designed to reduce classification error in this
variable. This index is based on four variables:(1)The ratio of
the market value of the firm to the book value of assets,(2)
the ratio of the market value of equity to the book value of
equity,(3) the earnings/price ratio, (4) the variance of the
total return of the firm. The results find that growth firms
have significantly lower debt/equity ratios and exhibit
significantly lower dividend yields than nongrowth firms.
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