| Summary: | 碩士 === 淡江大學 === 會計學系碩士在職專班 === 99 === This study investigates whether the determinants of capital structure between high and low debt ratio corporation to be the same in the financial crisis (or no crisis) period, and examines the association between the determinants of capital structure and the cost of equity. This study focuses to find what financial variables to be important for the high debt ratio corporations as they will want to adjust the capital structure. The sample investigated includes 745 listed firms, using seasoning data form January 1, 2001 to December 31, 2009. The regression analysis and the comparative approach were used to find that the financial variables affect changes in capital structure and cost of equity. The empirical results show that the impact of the profitability and cash dividend paid on the capital structure is significantly higher for the high debt ratio corporation than the lower debt ratio corporation. The impact of some financial variables of high debt ratio corporation on the cost of equity is significantly higher for the crisis period than for the no crisis period. The significant financial variables includes the secured debt, accounting receivable turnover ratio, profitability, quick ratio and return of equity must be concerned as making the financing policy.
|
|---|
