Dynamic capital structure: the evidence of IT industry in Taiwan

• Main Authors: Wan-Lun Tsou, 鄒宛倫
• Other Authors: Yu-Chen Tu
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/4k548u

碩士 === 銘傳大學 === 財務金融學系碩士班 === 94 === The IT industry has already played an important role in Taiwan. The purpose of this research lies in probing into the following problems. First, to prove whether the companies of the IT industry have existence of target capital structure and this research try to find out their influence factors. The second issue is to probe into various kinds of financing channels, used by companies, thus to arrange their financing decisions. In order to the purposes of the above, this research adopts two stage analyses. The first stage uses panel data regression model to prove whether there is existence of target capital structure; the second stage uses the order logistic regression model to arrange out the choice of the IT industry companies about their financing order. This research considers domestic and international papers, and chooses the financial statements of IT companies from first season of 1998 to second season of 2005, then regard listing 176 IT corporations as the sample of studying, and select the growth opportunities (GROW), company''s scale (SIZE), profitability(PROF), tangibility (TANG), non-debt tax shield (NDTS), operation risk (RISK), uniqueness (RDS ) , liquidity (LIQU ) and producing the inside fund ability (NOCFS ) as the influence factors of their capital structures. According to studying result, GROW and NOCFS are positive to the target capital structures. RDS and LIQU are negative to capital structure. SIZE, PROF, TANG, NDTS and RISK are uncertain. At the same time this research also tests the pecking order theory. According to the result of my research, the financing behavior of IT companies follows the pecking order theory, i.e., the inside fund is superior to the outside fund; the debt flotation is superior to equity issues in the outside fund.