本文旨在研究公司現金流量波動、經理人薪酬及持股率對企業資本結構往目標槓桿(target leverage)調整速度與幅度的影響。由於目前尚未有以台灣上市公司為樣本，進行現金流量波動與企業使用長短債偏好相關研究，且有研究指出經理人持股與資本結構之間關係不顯著的實證結果，本文同時採用公司主要獲利來源的現金流量波動及決定資本結構主要決策者經理人的薪酬與持股率，最大限度同時考量影響發行公司債的關鍵因素進行相關實證分析。故根據Dufour, Luu, and Teller (2017)調整速度模型延伸，首先瞭解三個因子是否會對公司在調整長短期負債的速度上造成影響；再根據Keefe and Yaghoubi (2016)研究概念區分不同現金流量波動和資料期間，分析三個因子的變動導致公司負債比率的調整幅度。
本研究探討現金流量波動、經理人薪酬及持股率對企業資本結構調整速度、調整偏好與調整幅度的結論如下：
1. 加入現金流量波動、經理人薪酬及持股率後，三個因子標準化後為正的樣本，公司調整長債與短債的速度皆高於標準化後為負的樣本，表示三個因子較高的公司，會加快資本結構調整速度，其中短債調整速度更甚於長債。使用IV-probit方法估計後，發現三個因子增加皆導致公司傾向發行短期負債。
2. 營業淨收入增加1標準差，會使負債比率顯著增加17.7%至19.2%，長債比率顯著降低2.8%至4%；稅前息前淨利與稅後淨利增加1標準差，則使負債比率顯著降低41.4%至46.8%，長債比率顯著降低8.8%至37.3%。
3. 經理人薪酬以一千元為單位，增加一單位，使負債比率顯著增加約0.01%；長債比率顯著增加0.0023%至0.0027%。經理人持股率增加1%，負債比率顯著降低約2%；長債比率顯著降低約0.1%。

The aim of this paper is to examine the effect of cash flow volatility, manager’s compensation and management ownership on Taiwan listed companies speed and range of adjustment to their capital structure targets. We explore this relationship using the model according to Dufour, Luu, and Teller (2017) and examine effect of the three factors on speed of adjustment. Furthermore, we also follow Keefe and Yaghoubi’s (2016) research to help us calculate the change of long-term debt ratio and debt ratio.
This research indicates that the influence of cash flow volatility, manager’s compensation and ownership on the speed and range of adjustment about their capital structure. The results of this study are as follows:
1. The higher cash flow volatility, manager’s compensation and ownership lead the faster adjustment speed on capital structure, especially short-term debt.
2. One standard deviation increase from the net operating income volatility implies 17.7% to 19.2% increase in the debt ratio and 2.8% to 4% decrease in the long-term debt ratio. On the other hand, one standard deviation increase from the earnings before interest and tax and net income volatility implies 41.4% to 46.8% decrease in the debt ratio and 8.8% to 37.3% decrease in the long-term debt ratio.
3. A thousand Taiwan dollar increase from manager’s annual salary implies an approx-imately 0.01% increase in the debt ratio and 0.0023% to 0.0027% decrease in the long-term debt ratio. And 1% increase from manager’s shareholding rate implies an approximately 2% and 0.1% decrease in the debt ratio and the long-term debt ratio.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖次 vi
表次 vii
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究限制 4
第三節 研究架構與內容 5
第二章 文獻探討 7
第一節 現金流量波動度與資本結構調整之相關文獻 7
第二節 經理人薪酬與資本結構調整之相關文獻 10
第三節 經理人持股率與資本結構調整之相關文獻 14
第三章 研究方法 21
第一節 研究假說 21
第二節 研究流程 27
第三節 研究對象與資料來源 28
第四節 研究變數之操作性定義 29
第五節 計量方法與實證模型建立 32
第四章 實證結果與分析 38
第一節 敘述統計分析 38
第二節 資本結構調整速度迴歸結果分析 40
第三節 資本結構調整偏好與變動量迴歸結果分析 46
第四節 穩健性分析 51
第五章 結論與貢獻 53
第一節 結論 53
第二節 研究貢獻 55
第三節 未來研究方向 56
參考文獻 57
附錄一 63

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