The Relationship among Capital Structure, Financing Capacity and Competitiveness-Evidence from Taiwan Construction Industry

• Main Authors: Chin-Chih Chang, 張景智
• Other Authors: Lee,Chia-Hao
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/3fmzt7

碩士 === 國立臺中科技大學 === 財務金融研究所碩士班 === 105 === This study explores the capital structure formation of the construction industry in Taiwan from 1997 to 2006.This study considers the competitiveness and observes the factors that affect capital structure, and then explores whether the financing of Taiwan''s construction industry is in line with the Pecking Order Theory by Myers and Majluf (1984). The sample is taken from the TEJ Database"Listing cabinet and listed cabinet company database". The results show that adding market competencies can improve the ability to explain the model. In the construction industry to use the financing order, the order is to borrow debt first.when the debt reaches the limit, the company issues new shares to raise funds, and finally uses the company''s retained earnings .This phenomenon doesn’t conform to the order of Myers and Majluf (1984) in the Pecking Order Theory.