本論文主要是在探討資本結構與產業動態的關係。首先討論公司在每期資本結構調整的動態過程，並且分析各項可能影響負債結構的可能因素。之後再以將負債和權益當作財務資本放入動態要素需求模型，以台灣新報資料庫中2003~ 2007高科技產業的季資料，共分成九個產業261家廠商為樣本。
經實證結果首先發現負債的確存在動態調整的現象，並且對產出的貢獻是負的。可以看出台灣的高科技產業處於風險較高且充滿不確定性的環境下，且成長的機會也非常大，當一公司具有負債時，則管理者可能會放棄淨值大於零卻不足以支付債券本金及利息的投資計劃。因此擁有較多的負債反而會對產出造成負面的貢獻。

This paper studies the relation between the optimal capital structure and industry dynamic. First,we formulate a dynamic adjustment model. We specify and estimate the unobservable optimal capital structure using observable determinants Secondly,we apply dynamic factor demand model that assumes each firm derives an optimal plan such that the expected present value of current and future cost streams is minimized. In variables setting,
capital inputs are divided into debt capital and equity capital. The empirical work is based on firm level data of Taiwan high-technology industries during 2003 ~2007. The empirical results show that (1) The capital structure of high- technology is adjusted dynamaic.(2) The contribution of debt on high-technology industries is negative.

第一章 緒論.........................................................5
第一節 研究動機.................................................6
第二節 研究方法與目的...........................................6
第三節 全文架構.................................................7
第二章 台灣高科技產業融資景.........................................8
第一節 高科技籌資問題...........................................8
第二節 對高科技融資獎勵.........................................9
第三章 文獻回顧....................................................15
第一節 資本結構理論............................................15
第二節 最適負債比例影響因素................................ ...19
第三節 負債與公司價值..........................................23
第四章 理論模型與實證模型推衍......................................27
第一節 最適資本理論............................................27
第二節 動態要素需求模型........................................29
第三節 研究假說................................................34
第五章 實證結果與分析..............................................37
第一節 研究樣本與資料選取......................................37
第二節 變數設定................................................38
第三節 實證結果................................................40
第六章 結論與建議..................................................50
第一節 結論....................................................50
第二節 建議....................................................52
參考文獻...........................................................53
圖表...........................

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