Financial Crisis, Capital Structure and Corporate Operation-A Case Study of Network Communications Industry in Taiwan

• Main Authors: Hsueh-Jen Chiang, 姜學仁
• Other Authors: 賈昭南
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/src5uy

碩士 === 淡江大學 === 國際企業學系碩士在職專班 === 102 === This thesis empirically examines the effectiveness of various capital structures in coping with the adverse effects of the U.S. subprime financial crises on the Network Communications industries in Taiwan. The quarterly sales of the 10 selected sample firms are examined. The event study method which uses the autoregressive model as the foundation for creating a forecasting model, are adopted to calculate the abnormal sales level to represent performances of the sample firms. Comparisons of the performances of the sample firms during the 8 seasons before and after the 2nd season of 2008 are conducted. The panel data analysis of the effects of 4 capital structures, namely the ratios of equity, long term liabilities, bank finance and accounts/ notes payables to total assets on the abnormal sales are then conducted using data covering the 10 seasons beginning from 2008Q1 to 2010Q2 and regression coefficients estimated. The empirical studies have shown that the performances of the sample firms varies and firms that on average there is not significant difference among the samples firm is so far as the abnormal sales is concerned. However, the size as well as the level of leverage played important role in adversely affecting the performances of firms in the semiconductor industry.