研究限制與後續研究建議 - 公司生命週期基礎下之資本結構動態調整及波動變幅實證模式

本研究受限於資料來源及模型假設，可能形成研究結果上的偏誤，因此本研究以下歸納各項研究限制，並提供後續研究建議以做為參考：

1. 由於本研究以台灣產業為樣本資料來源，可能在資料解釋忽略不同環境與外部經濟條件等影響，因此後續研究可嘗試加入不同國家或地區資料進行比較。

2. 受限於資料取得之完整性，本研究剔除非上市公司之財務資料，並將生命週期簡化為三階段方式進行區分。建議後續研究可增加上櫃及公開發行之資料，或利用其他具完整公司年度資料之資料庫，以分析比較完整生命週期階段之間的差異。

3. 在生命週期階段的判斷上，本研究未考慮公司組織變革創新與階段轉換之間的關係，僅以一致性的生命週期階段群組進行分析。建議後續研究可加入創新階段轉換的虛擬變數，以觀察公司各項財務特性與績效是否具有不同的表現。

4. 在產業比較的分析上，本研究以二分法的方式，將整體樣本歸納為 ICT 產業及非 ICT 產業。此外，本研究亦假設處於同一產業的公司，具有目標資本結構調整策略上的同質性，因此在產業差異因素的分析上可能過於簡化，並忽略子產業間的公司特性所造成的影響。在後續研究中，建議可將子產業類別進行劃分，並利用子產業負債比率的平均表現，以分析個別子產業公司在資本結構變化上的差異。

5. 在迴歸模型的分析上，利用部分調整模型與工具變數兩階段迴歸的方式進行估計，

雖然可減少前期自我相關因素的影響，但其他解釋變數的落後期數則缺乏進一步討論，後續研究在此部分的模型建立上，應可考慮加入不同落後項進行分析。

6. 以 CARRX 迴歸應用模型所進行的波動變幅分析中，由於本研究受限於年度資料，

因此在變幅的計算上乃以前後年度差異絕對值的方式進行，可能使年度中較大的波動無法被加以觀察而導致估計上的偏誤，建議後續研究可採以季資料的型態，

即可藉由年度中最大與最小值差異的方式計算實際波動變幅，以提高模型的預測能力。

7. 本研究在時間序列樣本外部影響因素上，並未考量政府政策或法令規定等非經濟環境因素所帶來的結構性轉變影響，同時亦未衡量公司生命週期階段逆成長所代表的創新意涵。後續研究在設計上，則可考慮加入結構轉變與創新表現之虛擬變數進行分析。

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在文檔中公司生命週期基礎下之資本結構動態調整及波動變幅實證模式 (頁 108-118)