第五章 結論與建議
第三節 研究建議
針對本研究的結論與不足，提出以下幾點研究建議予後續研究者：
一、 本文僅針對資本結構理論模型其中一個假設進行討論，後續研究者可以延 續本文的研究方向，選擇其他根本假設討論其對公司融資決策行為影響的情況。
二、 本文所建構的資訊不對稱程度指標來自市場微結構理論的觀察，目前在委 託單驅動市場對於公司面臨逆選擇成本的評估上，不像報價驅動市場已有相當完 整的文獻討論與估算模型，是以有賴市場微結構領域，未來在委託單驅動市場關 於市場價量關係觀察文獻更豐富，延續本文研究方法，定義與設計出更加精確的 資訊不對稱程度指標，對市場提出更精確的描述。
67
三、 本文關於資訊不對稱與融資行為的關係，在研究中出現較其他控制變數不 穩定一致的結果，除了上述有賴於微結構學派發展更完善外，本文以為，在研究 中僅觀察台灣上市公司市場，其實並沒有辦法清楚辨別，這些結論究竟市場真實 反應，亦或代理變數無法作為良好的解釋工具，是以如果可以在研究範圍上，擴 大到亞洲地區具代表性委託單驅動市場，例如香港交易所、新加坡交易所、日本 東京交易所等，以相同的研究方法進行研究，相互比較結果將可提升本文研究方 法以及建構指數參考性。
四、 在本文實證結果中，出現不同年度間有所差異並可歸結出趨勢，由於並未 深入分析各年度，了解所有變數的差異原因，僅能指出可能來自交易新制實施後 的影響，在市場微結構的文獻中也缺乏對於交易新制前後期的相關比較討論，因 此建議後續研究者可以深入各年度研究，討論本文所發現的年度差異可能原因。
五、 受限於經濟新報資料庫資料，本文在計算財務限制的分類討論中，由於缺 乏部分產業別產業營收成長率資料，使得樣本數在各年度短少，尤以 2000 年之 後更為嚴重，得到的結果也出現差異，若能在接下來的研究中，獨立出產業別這 項變數，討論資訊不對稱於不同產業中對公司融資行為是否有不同的影響，可以 讓研究更趨完整。
68
參考文獻 國內文獻
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73
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