| Summary: | 碩士 === 國立中央大學 === 土木工程研究所 === 87 === Since Financing Hierarchy was provided by Donaldson in 1961, and Pecking Order Theory by Myers in 1984, numerous scholars have researched the theories continually.
The study is divided into two parts: the former is an empirical study on Pecking Order Theory applied to listed construction firms. Twelve variations from analyzing the documents, using Pearson''s correlation, try to prove whether the construction firms follow up this theory. The later part is intended to find out the essential factors that affect the financing decision-making in the construction industry by questionaires and interview to experts. The author uses AHP method to facilitate finding out the optimal evaluating mode of financing decision-making, and the results might be a financing index for construction firms in the future.
The conclusion and recommend of this study are as follows:
1. The debt ratio of the construction industry is higher than other industries, and more than 80 percentage are short debts. The security public issues in Taiwan which asymmetric information is omitted, as well as the issuing cost is even lower than other countries. Consequentially, that would procure the results the unsuitableness of the Pecking Order Theory.
2. In Taiwan, the financial managers of construction industry have their own pecking order preference as (1)internal equity; (2)external common equity; (3)straight debt; and (4)convertible debt.
3. This study build an optimal evaluation mode for financing decision. In that mode, the author found that financial managers consider13 factors with important weight when making decision: (1)financing volume (2)beneficial capability (3)solvency (4)asset management (5)growth(6)ratio in currency market (7)business volume (8)shareholder structure (9)capital structure (10)stock price change (11)assets structure (12)company scale (13)dividend payout ratio.
4. When making financing decision, the financial managers seldom consider about agency problem, especially involved the debt agency. The debt agency is neglected in the study consequentially.
5. This study analyzed 19 cases employed the optimal evaluation mode of financing decision, and the accuracy between real cased and modes reaches almost 80 percentage. The results of the optimal evaluation mode can be converted into an index to the financing decision-making of construction industry.
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