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    题名: 產業需求與公司技術水準對公司債評價及資本結構之影響
    其它题名: The Impacts of Industry Demand Shocks and Firm-Level Technology Shocks on the Valuation of Corporate Debts and Capital Structure
    作者: 廖四郎
    关键词: 產業需求;公司技術水準;最適資本結構
    Industry Demand;Firm-Level Technology;Optimal Capital Structure
    日期: 2005
    上传时间: 2007-04-18 16:34:57 (UTC+8)
    出版者: 臺北市：國立政治大學金融系
    摘要: 本研究提出並檢驗一個部分均衡模型來探討總體、產業與個體因素對公司負債比率之影響。本研究將原有的公司資本結構或有求償權模型，擴展為一個既能考慮總體產業需求亦可反應個體公司供給的新模型。本模型之理論預測與台灣130家製造業上市公司從1994 年第4 季到2003 年第4 季之實證結果相符。結果顯示最適負債比率與資金成本和平均產業工資成正向關係，與總體需求和公司生產力平均成長率、需求彈性和勞動與資本產出彈性成反向關係。此外，由SUR 的估計結果，我們發現不同的產業可能存在完全不同的特性。
    This research develops and examines a partial equilibrium model to investigate the effects of the macroeconomic, industry, and microeconomic factors on the firm-level debt ratio. The model extends the contingent-claims models of the firm’s capital structure to take into consideration not only the macroeconomic demand conditions, but also the microeconomic firm-level supply conditions. Our model predictions are generally supported by the pooled feasible generalized least squares estimations of the 130 Taiwanese manufacturing firms in the period from 1994:Q4 to 2003:Q4, where the optimal debt ratio is positively correlated to the cost of capital and the mean industry wage but is negatively correlated to the mean growth rates of the macroeconomic demand and the firm-level productivity, the elasticity of demand, and the output elasticities of labor and capital. In addition, the seemingly unrelated regression estimation for each industry further shows different industries may lead to quite diverse properties.
    描述: 核定金額：720000元
    数据类型: report
    显示于类别:[金融學系] 國科會研究計畫

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    942416H004046.pdf190KbAdobe PDF21639检视/开启


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