研究限制與未來研究方向

本研究係透過 Compustat 資料庫取得台灣與南韓廠商之相關資料，然而 Compustat 資料庫並不完備，遺漏值頗多。而且依據過去資本結構決定因素之文獻得知，亦有其他 因素會影響企業資本結構，如產業競爭性、營運風險等，但因資料收集困難，並無法取 得完整之變數數據。未來研究可強化資料、數據完整性。

本研究將 IT 產業視為一個整體產業，雖可呈現台灣、南韓與美國之間的買賣方之 網絡聯結之關係，但對於資訊科技產業而言，仔細觀查其產業供應鍊，可細分為多個不 同子產業，如 IC 設計、晶圓代工、封裝測試、資訊通路等等，倘若可以將子產業之間 的聯結性定義的更明確，廠商之間網絡聯結性清楚瞭解，將可以更瞭解財務網絡聯結之 效果。但因廠商與廠商之間的聯結關係極難定義，若以子產業分類，個別廠商亦可能跨 足不同產品領域，此缺陷未來將可以思考解決之道，再者，Compustat 資料庫可取得之 廠商數量不多，若再加以細分將無法取得合理的樣本數與觀察值。

因本研究之諸多限制，未來研究可以嘗試尋找更完整的財務數據資料庫，以取得更 完整之產業與廠商資料，並可以考慮將台灣、南韓產業與大陸、日本資訊產業的網絡聯 結納入財務網絡聯結之研究。

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