第五章 結論與建議
第三節 研究貢獻與建議
一、研究貢獻
由於風險是會隨時間變動的，在不同的風險程度下，投資人心中所要求的報 酬率（相對而言是企業融資時所須面臨的成本）當然也就不同，本研究係以Fama and French 三因子模型且透過五年滾動式迴歸來估計權益成本，藉此可獲取隨時 間變動的相關風險因子來估計出不同時間下的權益成本，而藉由估計出隨時間變 動的權益成本直接測試企業過往的融資行為，並連結企業過往的融資行為與目前 資本結構之關係。
二、研究建議
由於本研究僅以 Fama and French 三因子模型來估計權益成本，而後續研究 可將估計權益成本不同的方式做一比較，或歸類出對於權益成本估計更精準的模 型來測試市場擇時理論。
另外，上述提到違約利差與期間利差等變數所須估算之資料於 TEJ 資料庫 期間過短，若加入此變數會造成本研究期間低於10 年且樣本過少之情形，因此，
待往後期間足夠長便可以加入模型中探討。
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