An Empirical Study on the Relationships between Capital ructure,Corporate Value and Operating Performance- The evidence from Taiwan Stock Market

• Main Authors: Cheng Shin Chang, 鄭世昌
• Other Authors: George Y. Wang
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/85545145628965189917

碩士 === 國立高雄應用科技大學 === 商務經營研究所 === 97 === After financial crisis and financial Tsunami, many company's capital structures have been affected. Many companies start to adjust their company's capital structure, therefore this study analyzes the corporate capital structure after the change for corporate value, operating performance and stock return by regression model. And we study optimal capital structures ratio can maximize firm value or maximize stockholders’ interests. According to our empirical study on the relationships between capital structure, corporate value and operating performance, discovered that no matter by time series data analysis or time series data of Taiwan listed and OCT-listed companies, and it result all don’t conform with the tradition capital structure theory, but presents U or V relatedness. On the other hand, in cross-sectional data, only a few years have statistical significant and negative in first-order model, but it has not statistical significance in second-order model. Between capital structure and stock return relationships, discovered that no matter by time series data、time series data of Taiwan listed and OCT-listed companies or cross-sectional data, and its result all don’t have statistical significance. So, our study discover the relations of capital structure and corporate value have put on a veil of mystery, we hope we can provides the following research more reference value.