| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 99 === This study explores determinants of capital structure and also investigates whether the financial tsunami has an impact on the capital structure in 38 Taiwan’s chemical companies. The quarterly data covering the period 2000-2010 are sourced from Taiwan Economic Journal (TEJ) Database whose data are classified to three categories, the whole companies in the industry, the listed companies and the OTC companies.
By using the panel data regression, we find that the financial tsunami has a significantly negative impact on the long-term debt ratio of Taiwan’s chemical industry in both whole industry level and listed company level. The company size is significantly positively related to the financial leverage in all the three levels. The profitability is significantly negatively related to the leverage in both whole industry level and listed company level. Also, the sales growth is significantly positively related to the leverage in both whole industry level and listed company level.
Second, the empirical result also finds that the asset collateral value is significantly negatively related to the leverage in both whole industry level and listed company level, but significantly positively in OTC company level. Besides, the management shareholding ratio is significantly negatively related to the leverage in all the three levels.
However, in this study, the tax shields and non-debt tax shield do not have significant influences on the long-term debt ratio of Taiwan’s chemical industry in all the three levels.
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