高度控制模式之國際企業資本結構決定變因之研究 陳柏均、李泊諺
E-mail: [email protected]
摘 要
創新對現在企業來講是必要的變革，許多國際化的大公司都在探討如何變革才能永續發展，本研究在探討創新產業在高度 控制模式下的國際企業資本結構決定變因。本樣本期間從 2004 年至 2009 年共計六年的 IT 產業公司年資料，刪除資料缺 失與不足後之有效樣本公司共計 117 家，其中樣本選取標準以台灣上市電子公司投資中國大陸子公司獲利比重超過 20%為 基準，以靜態理論模型與融資順位理論模型來檢定公司的負債比率。 實證結果獲得之結論為：靜態理論模型迴歸結果顯示 其變數調整後 R 平方值對於負債比率的配適度為 46.2%，解釋度較低，而相對於融資順位理論模型迴歸結果顯示其調整後 R 平方值為 98.4%對模型解 釋能力良好，由此可得知融資順位理論較適合於靜態抵換理論來找到公司最適資本結構。
關鍵詞 : 創新、公司內部合、融資順位、靜態抵換
目錄
Chinese Abstract English Abstract Acknowledgments Contents List of Tables List of Figures Chapter1 Introduction 1.1 Research Motivatio 1.2 Research Objective 1.3 Research Process Chapter2 Literature Review 2.1 Innovation and Collaboration within the Meaning of International Business 2.2 Capital Structure Theory and Literature Review 2.3 Determinants of Capital Structure of International Business Collaboration Chapter3 Research Methodologies 3.1 Pecking Order 3.2 Static Trade-Off 3.3 Variable Operational Definition 3.4 Methodology 3.5 Sample Selection and Data Source Chapter4 Empirical Results 4.1 Pecking Order Result 4.2 Static Trade-Off Result Chapter5 Conclusions and Recommendations 5.1 Conclusion 5.2 Recommendations 參考文獻
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