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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 楊朝成(Chau-Chen Yang) | |
dc.contributor.author | Yen-Wen Lee | en |
dc.contributor.author | 李雁雯 | zh_TW |
dc.date.accessioned | 2021-06-13T01:26:51Z | - |
dc.date.available | 2007-07-27 | |
dc.date.copyright | 2007-07-27 | |
dc.date.issued | 2007 | |
dc.date.submitted | 2007-07-15 | |
dc.identifier.citation | Baker, Malcolm, and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32 .
Bevan, Alan A., and Jo Danbolt, 2002, Capital structure and its determinants in the UK - a decompositional analysis, Applied Financial Economics 12, 159-170. Bhandari, Chand Laxmi, 1988, Debt/equity ratio and Expected common stock returns: Empirical evidence, Journal of Finance 43, 507-528. Chen, Jean J., 2004, Determinants of capital structure of Chinese-listed companies, Journal of Business Research 57, 1341– 1351. De Bondt, Werner F. M. and Thaler, Richard, 1985, Does the stock market overreact? Journal of Finance 40, 793-805. Fama, Eugene F., Kenneth R. French, 1992, The Cross-section of expected stock returns, Journal of Finance 47,427–465. Haugen, Robert A. and Nardin L. Baker, 1996, Commonality in the determinants of expected stock returns, Journal of Financial Economics, 41, 401-439. Hovakimian, Armen, Tim Opler, and Sheridan Titman, 2001, The debt-equity choice, Journal of Quantitative and Financial Analysis 36, 1-24. Ilya, Strebulaev A. 2007, Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance 62, Forthcoming articles for August 2007. Jegadeesh, Narasimhan and Sheridan, Titman, 1993, Returns to buying winners and selling losers: implications for stock market efficiency, Journal of Finance 48, 65-91. Jegadeesh, Narasimhan 2000, Long-Term performance of seasoned equity offerings: benchmark errors and biases in expectations, Financial Management 29, 5-30. Lakonishok, Josef, Andrei Shleifer and Robert W. Vishny, 1994, Contrarian investment, extrapolation, and risk, Journal of Finance, 1541-1578. Lucas, Deborah J. and Robert L. McDonald, 1990, Equity issue and stock price dynamics, Journal of Finance 45, 1019-1043. Rajan, Raghuram G., and Luigi Zingales, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance 50, 1421-1460. Rosenberg, Barr, Reid Kenneth and Lanstein Ronald, 1985, Persuasive evidence of market inefficiency, Journal of portfolio management 11, 9-17. Rouwenhorst, K. Geert, 1999, Local return factors and turnover in emerging stock markets, Journal of Finance 54, 1439-1464. Titman, Sheridan, and Roberto Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43, 1-19. Wald, John K., 1999, How firm characteristics affect capital structure, Journal of Financial Research 22, 161-187. Welch, Ivo, 2004, Capital structure and stock returns, Journal of Political Economy 112, 106-131. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/29950 | - |
dc.description.abstract | Titman (1988) 曾利用求解結構方程模式的統計軟體–LISREL找尋影響公司資本結構(負債比率)的隱藏因子,本文乃以此篇論文為基礎並加以延伸,除了納入原先的內生變數資本結構外,再加入另一個內生變數–股票報酬率來建立一個雙向影響的結構聯立方程式,以期研究資本結構與股票報酬率兩者是如何交互影響,並是如何由許多因子所共同決定。這些影響因子包括了預期成長率、獨特性、資產結構、規模、獲利能力、盈餘波動度、價值、流動性等外生變數,並利用LISREL來對台灣近三年的上市櫃公司進行實證研究。研究結果顯示影響資本結構的主要因素有股票報酬率、預期成長率、獨特性、資產結構、獲利能力;而影響股票報酬率的主要因素則有資本結構、預期成長率、獲利能力、價值與流動性。實證結果顯示台灣公司的負債比率與股價報酬率受上述因子所共同影響,且兩者之間亦存在相反的影響關係。 | zh_TW |
dc.description.abstract | Prior research on capital structure by Titman (1988) utilizes structural equation models (LISREL) to find out the determinants of capital structure. In this paper, we use the same methodology and add another endogenous variable – stock return to construct two equations. One regards capital structure and the other one regards stock returns. By solving the two equations simultaneously, we want to investigate the relationship between capital structure and stock returns and seek their common determinants as well. Our results show that stock returns, expected growth, uniqueness, asset structure, profitability, and industry classification are main factors of capital structure, while the primary determinants of stock returns are leverage, expected growth, profitability, value and liquidity. The level of debt ratios and stock returns are mutually determined by the aforementioned factors and the results that the two endogenous variables have opposite influences on each other may predict that they will both remain in a stable range. | en |
dc.description.provenance | Made available in DSpace on 2021-06-13T01:26:51Z (GMT). No. of bitstreams: 1 ntu-96-R94723037-1.pdf: 451664 bytes, checksum: 44b6a48d38fd489a1c3148ec81716473 (MD5) Previous issue date: 2007 | en |
dc.description.tableofcontents | 誌謝………………………………………………………………………1
論文摘要…………………………………………………………………2 Abstract……………………………………………………………...3 Contents……………………………………………………………..4 List of Tables and Figures……………………………………...5 Ⅰ. Introduction……………………………………………………...6 Ⅱ. Determinants of Capital Structure and Stock Returns 1. Determinants of capital structure………………...9 2. Determinants of stock returns……………………..14 Ⅲ. Data and Methodology………………………………………...19 Ⅳ. Results and Analysis………………………………………22 Ⅴ. Conclusion………………………………………………………38 Ⅵ. Future Researches………………………………………………41 Reference……………………………………………………………43 | |
dc.language.iso | en | |
dc.title | 資本結構與股票報酬率之共同決定因素 | zh_TW |
dc.title | The Common Determinants of Capital Structure
and Stock Returns - A LISREL Approach | en |
dc.type | Thesis | |
dc.date.schoolyear | 95-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 劉任昌,黃恆獎 | |
dc.subject.keyword | 資本結構,股票報酬率,結構方程模式, | zh_TW |
dc.subject.keyword | capital structure,stock return,LISREL, | en |
dc.relation.page | 43 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2007-07-17 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
顯示於系所單位: | 財務金融學系 |
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