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論文名稱 Title |
融資順位理論與產業動態—以高科技產業為例 Pecking Order Theory and Industry Dynamics in Taiwan High-Technology Industries |
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系所名稱 Department |
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畢業學年期 Year, semester |
語文別 Language |
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學位類別 Degree |
頁數 Number of pages |
55 |
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研究生 Author |
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指導教授 Advisor |
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召集委員 Convenor |
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口試委員 Advisory Committee |
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口試日期 Date of Exam |
2008-06-11 |
繳交日期 Date of Submission |
2008-07-20 |
關鍵字 Keywords |
融資順位理論 pecking order theory |
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統計 Statistics |
本論文已被瀏覽 5668 次,被下載 0 次 The thesis/dissertation has been browsed 5668 times, has been downloaded 0 times. |
中文摘要 |
本論文主要是在探討融資順位與產業動態的關係。首先討論權益與負債對產出的貢獻,並且分析各項可能影響負債與權益結構的可能因素。之後再驗證融資順位理論,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對產出的貢獻是負的。而權益融資則有正有負。可以看出台灣的高科技產業處於政府補助階段且風險較高,成長的機會大。因高科技產業資產的獨特性,使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。且偏好以無需負擔利息費用的發行新股來進行融資。故高科技產業不符合融資順位理論。 |
Abstract |
This paper studies the relation between the pecking order theory and industry dynamic. First,we discuss the contribution in industry between debt and equity. And we analyze all possible sorts of debt and equity. Then,we verify the pecking order theory is not exist in Taiwan’s high tech. The empirical work is based on firm level data of Taiwan high-technology industries during 2003 ~2007. The empirical results show that (1) debt capital ‘s contribution is negative and equity capital’contribution is uncertainty.(2) we can observe high-tech industries in Taiwan are high risk and great development and still need government subsidy.Cause of high-tech’s uniqueness ,manager will give up the plan of net present value over one,and like finance in equity without interest expense. Consequently,Pecking Order theory is not proven in Taiwan’high tech industries. |
目次 Table of Contents |
目錄 第一章 緒論………………………………………………………………5 第一節 研究動機………………………………………………….. 5 第二節 研究方法…………………………………………………… 7 第三節 全文架構…………………………………………………… 8 第二章 文獻回顧……………………………………………………… 8 第一節 融資順位理論……………………………………………… 8 第二節 股權結構理論……………………………………………… 10 第三節 影響公司績效文獻探討…………………………………… 12 第三章 理論模型與實證模型之推衍………………………………… 14 第一節 研究假說…………………………………………………… 14 第二節 動態要素需求模型………………………………………….16 第三節 融資順位理論之驗證………………………………… 22 第四章 實證結果與分析 ……………………………………… 25 第一節 變數設定…………………………………………………… 25 第二節 估計實證結果…………………………………………… 29 (一)第一階段GMM實證結果與分析……………………………. 29 (二)第二階段之實證結果與分析……………………………… 38 第五章 結論……………………………………………………………. 47 REFERENCE …………………………………………………………… 50 |
參考文獻 References |
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