The Influence of Industrial Characteristics on Capital Structure--The Study of Listed Taiwan Integrated Circuit Industry

• Main Authors: Tzu Chun, 陳姿君
• Other Authors: Lin Ying Shing
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/83whwv

碩士 === 國立高雄第一科技大學 === 財務管理所 === 96 === The main purpose of this paper are to (1) discuss the determinants of capital structure for IC Industry listed firms in Taiwan , and (2) provide some advises to the corporate executes and government. The period of this study is from 2001 to 2006,and the samples include 45 companies. Independent variables of this study includes profitability, growth, research and development rate, corporate size, operating risk, and exchange fluctuation. The dependent variable is total debt ratio. This study applies person product-moment correlation, multiple regression, panel data, and ANOVA methods. The empirical results show that the significance of t tests occur mostly in 2003 for the model tested by multiple regression. Profitability and research and development rate have negative correlation with capital structure; corporate size and growth have positive correlation with capital structure. In addition, the panel data analysis is that profitability and research and development rate have negative correlation with capital structure; growth and exchange fluctuation have positive correlation with capital structure; operating risk have no significant correlation with capital structure.