| Summary: | 碩士 === 大同大學 === 事業經營學系(所) === 100 === This study was to investigate the impact of bank concentration on firm’s capital structure by using dynamic model of capital structure and panel data regression analysis. We analyze the impact of relevant factors of the domestic listed company and over-the- counter firms. Herewith, the HHI was used as a measuring indicator of the bank concentration ratio. The coverage of sample data retrieved in this study was from 1990 to 2011 comprising total number of 17,089. The empirical finding shows that bank concentration has an impact on the firm's capital structure. Before the commencement of opening market, the banking industry in Taiwan was of oligopoly and indistinct competitiveness which resulted in the high bank concentration and low financial indebtedness for the companies which inclined towards deployment of their own capital and this was coincided with the pecking order theory.
The positive correlation was significantly prevailed between the firm’s leverage ratio and other hypothetical variables including the firm’s growth opportunity, firm size, and collateralized asset value. Nevertheless, the negative correlation was apparently existed between the leverage ratio and other variables which in corporated the profitability, tangibility of assets, non-debt tax shield, ownership structure, and bank concentration.
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