| Summary: | 碩士 === 國立交通大學 === 管理科學系所 === 97 === The three main purposes of this study are: First, to understand the determinants of corporate capital structure of Taiwan’s semiconductor and display industry. Second, to empirically examine the variation of determinants of corporate capital structure choice over time by tracing Taiwan’s empirical data form 1996-2007. Third, to explore the possible association between financial market and corporate capital structure. Our study has adopted a two-stage design. In the first stage, we conducted repetitive procedures to analyze the ten-year cross-section data. We utilized the factor analysis approach to mitigate the multicollinearity problem among proxies and the stepwise regression to extract the significant factors. In the second stage, we first added financial variables such as stock index into our data used in the first stage, then made a pooling of cross-section and time series data, and finally divided the data into two subsets reflecting different financial infrastructure. We extracted the significant factors respectively in the two subset study.Our study has reached the following conclusions: 1.”Size”,”Profitability”,”Collateral Asset Value”, ”Dividend policy” and “Industry” are the most stable determinant factors of capital structure. The explanation power of these five factors do not vary with time nor financial variables. However, “Growth” factor is not a stable factor. 2.The ”financial factor” has proven to be a significant determinant prior to the change of Taiwan financial infrastructure. But it is not stable. 3.The high risk companies in Taiwan’s semiconductor and display industries have borrowed even more money. De-leverage to lower risks is recommended. Key Words: Capital Structure, Debt ratio, Semiconductor industry, Display industry.
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