| Summary: | 碩士 === 銘傳大學 === 管理學院高階經理碩士學程 === 93 === The purpose of this study is to discuss the determinants of capital structure for the steel listed firms in Taiwan. This study selects 6 factors to be independent variables, including corporate size, secured debt, growth, profitability, dividend policy and non-debt tax shield. The dependent variables are short-term debt ratio and total debt ratio, respectively. This study applies multiple regressions for each of the years from 1989 to 2003. The sample investigated includes 23 listed firms. The empirical results show that the significances of t tests occur mostly in 2003 for the model either with short-term debt ratio or with total debt ratio. For the short-term-debt-ratio model, the short-term debt ratio positively correlated with growth but negatively correlated with secured debt and profitability. For the total-debt-ratio model, the total debt ratio positively related with corporate size and growth, but negatively correlated with profitability and dividend policy.
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