決定資本結構的因素選擇：文獻與方法演進

Abstract

在回顧過去二十年關於資本結構的理論與實證文獻後，我們釐清來自行為財務和其他傳統理論裡，和資本結構有關的潛在因素。並藉由因素分析的測量模型和經過公司效果與時間相關性叢集後的線性模型來尋找資本結構的決定因素。我們接著使用選擇的資本結構決定因素來討論過去50 年來潛在因素的行為。和過去的文獻相比，獲利能力、公司大小、市價與帳面價值比、有形資產和產業槓桿比率的中位數對公司的資本結構有顯著影響，不過其他像是管銷費用比率、投資稅收抵免比率、改良的Altman z-score、成熟公司和利率期限結構等也會 顯著地影響公司槓桿。我們也發現長期和短期的槓桿適用不同的決定因素以及擁有不同的預測。最後我們提供一些未來研究可行的方向。

By surveyed the theoretical and empirical works in recent two decades, we first figured out the potential factors related to capital structure from past articles, including the behavioral corporate finance part and other sources from classic theories, then investigated the parsimonious determinants of capital structure via the measurement model of factor analysis and the linear model with clustered standard error in firm effect and time dependence. We second used the selected determinants of capital structure to discuss the behavior of the key determinants in the past 50 years by observing the regression result across decades. Compare with past contributions, profitability, firm size, market-to-book ratio, tangibility, and the median of industry leverage do affect firm’s capital structure significantly. But other factor like selling, general, and administration expense-to-sales ratio, investment tax credit over assets, modified Altman z-score, mature firm and term spread could also affect firm’s capital structure significant. We also found out that long-term and short-term leverage may have not only the different determinants of capital structures, but the different prediction between the factors. Finally, we provided a list of possible directions for further research