同儕企業與資本結構決策：以臺灣為例

Abstract

公司在進行資本決策時會受到諸多因素影響，依據公司的特性選擇發行債券亦或是發行新股。Leary and Roberts (2014)的實證結果顯示，公司的資本結構受到產業內競爭同儕的行為影響甚大，甚至遠勝過於公司自身的特性，因此本研究以我國扣除金融產業、公用事業以外所有的產業自2010至2016年的資料為基礎，探究公司如何進行資本決策。我們將影響公司資本結構的因子分為產業平均以及公司自身特性兩大類來探討。研究發現，公司資本結構的決定因素最主要受到自身財務特性的影響，而非產業中競爭同業的股價衝擊；此外，不僅是後段公司的資本結構會受到前段公司的顯著影響，期望透過模仿學習表現較佳公司的財務決策以提升公司的營運績效或是名望；前段公司的資本結構也會受到後段公司的影響。

When making capital structure decisions, firms face lots of factors such as marginal tax, deadweight loss, etc. According to Leary and Roberts (2014), capital structure is significantly influenced by peer firm effect rather than its own performance. This study is based on level data of non-financial and non-utility firms in Taiwan from 2010 to 2016. All factors are categorized into two groups: peer firm average and firm-specific factors. The empirical results show that a firm’s capital structure is mainly influenced by its own financial ratios rather than peer firm effect. Also, not only followers’ capital structure is affected by leaders’ behavior, leaders’ capital structure is also influenced by followers.