The Study of Two-Stage Financing Decision Model

• Main Authors: Chiu Ming-Chun, 邱茗囷
• Other Authors: Y. J. James Goo
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/43916244396771204942

碩士 === 國立臺北大學 === 企業管理學系 === 90 === The earlier capital structure empirical studies failed to probe deeply in financing decision and failed to research the firms’ financing behavior of moving toward their target ratio. Besides, previous studies discussed less financing tools. Therefore, this study sets up two models to investigate the financing decisions and explore more financing choices. In the first model, this research uses Tobit method to establish the model in order to estimate the target ratio of the corporations. In the second model, this study uses Logit and Multinomial Logit model to exam the financing decisions among five financing instruments, including common stocks, global depositary receipts, short-term liabilities, long-term liabilities and convertible bonds issues. An analysis of the financing model finds that the corporations will adjust their capital structure to the target ratio. The Multinomial Logit model reveals that the financing order of the electrical industry is as below: convertible bonds, short-term liabilities, long-term liabilities, common stocks, and global depositary receipt issues.