| Summary: | 碩士 === 雲林科技大學 === 會計系研究所 === 97 === There are different methods after enterprises become listed companies to collect more money, because companies aspects for debt differ from they used to be. Based on each company itself capital or running structure variations, through same way to gather money for a company, is going to pay tremendous different cost on it. Runners who run companies shall consider various ways of money flows which would cause much impact on companies. Also, it’s important to choose a better way to maximize the benefits under the consideration of operating strategy or cost.
A company’s information would be irregularly unbalanced around IPO. Thus, this study is trying to through IPO companies’ samples to find out two questions below; how big is debt ratio changes for enterprises between prior and post listed companies? And if it is true as the Pecking order Theory advocates that this theory takes the leading power?
According to sample data shows companies at the initial period became listed companies, because honeymoon effect, cash and debt ratio are loosened in a short term, and companies’ accumulation for debt won’t be increasing at the very beginning, means honeymoon effect will affect above factors that stabilized companies debt ratio. This study sample proved this assumption. Before IPO and the first year of IPO, debt ratio declines. Second year, debt ratio starts to escalate and higher. It’s tending to match object assumption of the Pecking order Theory.
This study follows regression formula, using debt ratio variable as a co-variable and loan shortage、benefit of capital collecting、operation risk、market、debt ratio in IPO and years after IPO as independent variables to probe debt ratio variable. The simulation shows except Unmet needs
is unable to correspond to our hypothesis, others can support our hypothesis.
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