探討資本結構調整速度之影響因素-以台灣上市公司為例

Abstract

本文以基本動態追蹤模型(Basic Dynamic Panel Model)研究資本結構調整速度之影響因素，由實證模型分析與結果，影響資本結構調整速度之因素中，期間利差、實質GDP成長率、市場股息殖利率、產業淨值市價比、公司總資產、公司股利、公司營運現金流量、董監事持股比例以及外資投資比例對於台灣上市公司而言為顯著影響變數。進一步分析資本結構調整速度之影響因素，當總體經濟表現良好時，資本結構調整速度較快；當資本市場情況良好時，資本結構調整速度較快；而公司規模較大，則資本結構調整速度較快，但外資投資比例較高，資本結構調整速度較慢。

Using basic dynamic panel model to estimate the impact of macroeconomic, market and firm financial factors on the speed of leverage adjustments, we find the evidence that term spread, real gdp growth rate, market dividend yield, industry average market to book ratio, book asset, dividends, operating cash flow, proportion of shareholding in directors and supervisors and proportion of shareholding in foreign investments are significant factors for Taiwan traded companies. Furthermore, we find that firms adjust their leverage toward targets faster in good macroeconomic situation and market timing. In addition, firm’s book asset is positively related to the adjustment speed of firms. However, proportion of shareholding in foreign investment is negatively related to the adjustment speed of firms.