Performance Implications of Internal Factors and Capital Structure

碩士 === 國立成功大學 === 企業管理學系碩博士班 === 97 === The main purpose of this study is to explore:1. The influencing factors on the capital structure of Taiwan listed companies. 2. The relatedness between capital structure and firm value. The period of this study covers 5 years from 2004 to 2008, and the samples...

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Main Authors: Chia-Ming Kao, 高佳銘
Other Authors: Su-Chao Chang
Format: Others
Language:zh-TW
Published: 2009
Online Access:http://ndltd.ncl.edu.tw/handle/38675526375560434389
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spelling ndltd-TW-097NCKU51210662016-05-04T04:26:09Z http://ndltd.ncl.edu.tw/handle/38675526375560434389 Performance Implications of Internal Factors and Capital Structure 公司內部因素、資本結構與績效之關聯性研究 Chia-Ming Kao 高佳銘 碩士 國立成功大學 企業管理學系碩博士班 97 The main purpose of this study is to explore:1. The influencing factors on the capital structure of Taiwan listed companies. 2. The relatedness between capital structure and firm value. The period of this study covers 5 years from 2004 to 2008, and the samples include 155 companies and 19 Industries of Taiwan listed companies. There are 10 factors chosen as the explanatory variable, including corporate size, assets mortgage debt, non-debt shields, operating risk, financial performance (ROA & ROE), cash dividend policy, capital investment(Long-term & China) and innovation performance. The proxy variables of capital structure are short-term debt ratio, long-term debt ratio and total debt ratio. The proxy variables of firm value are Tobin’s Q and Market Value Added. The empirical results are as below: 1. Corporate size, assets mortgage debt and long-term investment have positive correlation with the total debt ratio; ROA and ROE have negative correlation with total debt ratio. 2. Corporate size, assets mortgage debt and China investment have positive correlation with long-term debt ratio; cash dividend policy and ROA have negative correlation with long-term debt ratio. 3. Assets mortgage debt and long-term investment have positive correlation with short-term debt ratio; cash dividend policy and ROA have negative correlation with short-term debt ratio. 4. According to the result of stepwise regression, corporate size and assets mortgage debt have better explanatory power. 5. Industries classification has a significant variance about the firm value and the corporate capital structure. Su-Chao Chang 張淑昭 2009 學位論文 ; thesis 88 zh-TW
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language zh-TW
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sources NDLTD
description 碩士 === 國立成功大學 === 企業管理學系碩博士班 === 97 === The main purpose of this study is to explore:1. The influencing factors on the capital structure of Taiwan listed companies. 2. The relatedness between capital structure and firm value. The period of this study covers 5 years from 2004 to 2008, and the samples include 155 companies and 19 Industries of Taiwan listed companies. There are 10 factors chosen as the explanatory variable, including corporate size, assets mortgage debt, non-debt shields, operating risk, financial performance (ROA & ROE), cash dividend policy, capital investment(Long-term & China) and innovation performance. The proxy variables of capital structure are short-term debt ratio, long-term debt ratio and total debt ratio. The proxy variables of firm value are Tobin’s Q and Market Value Added. The empirical results are as below: 1. Corporate size, assets mortgage debt and long-term investment have positive correlation with the total debt ratio; ROA and ROE have negative correlation with total debt ratio. 2. Corporate size, assets mortgage debt and China investment have positive correlation with long-term debt ratio; cash dividend policy and ROA have negative correlation with long-term debt ratio. 3. Assets mortgage debt and long-term investment have positive correlation with short-term debt ratio; cash dividend policy and ROA have negative correlation with short-term debt ratio. 4. According to the result of stepwise regression, corporate size and assets mortgage debt have better explanatory power. 5. Industries classification has a significant variance about the firm value and the corporate capital structure.
author2 Su-Chao Chang
author_facet Su-Chao Chang
Chia-Ming Kao
高佳銘
author Chia-Ming Kao
高佳銘
spellingShingle Chia-Ming Kao
高佳銘
Performance Implications of Internal Factors and Capital Structure
author_sort Chia-Ming Kao
title Performance Implications of Internal Factors and Capital Structure
title_short Performance Implications of Internal Factors and Capital Structure
title_full Performance Implications of Internal Factors and Capital Structure
title_fullStr Performance Implications of Internal Factors and Capital Structure
title_full_unstemmed Performance Implications of Internal Factors and Capital Structure
title_sort performance implications of internal factors and capital structure
publishDate 2009
url http://ndltd.ncl.edu.tw/handle/38675526375560434389
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