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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/66139
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/66139


    Title: Empirical Test of Market Timing on Taiwan’s Listed High-Tech Firm
    Other Titles: 台灣高科技公司市場擇時之實證研究
    Authors: 張邦茹;詹英汝;姜堯民
    Chang, Pang-Ru;Chan, Ying-Ju;Chiang, Yao-Min
    Contributors: 財管系
    Keywords: 資本結構;市場擇時;權益風險溢酬;高科技產業;capital structure;market timing;equity risk premium;high technology industry
    Date: 2012.06
    Issue Date: 2014-05-22 11:14:25 (UTC+8)
    Abstract: 本研究參考Huang and Ritter(2009),以權益風險溢酬當作市場擇時的代理變數,探討台灣高科技公司的融資行為是否遵循市場擇時理論,以及市場擇時是否長期影響公司的資本結構。Harris and Raviv(1991)說明公司資本結構受到產業別的影響,本研究深度討論在台灣極具特色的高科技產業的市場擇時融資行為。結果發現,(一)融資順位理論驗證結果顯示,高科技業面臨資金缺口時,不遵循融資順位,且負債使用情形是隨著時間改變的;(二)高科技業的融資行為遵循市場擇時理論;以及(三)高科技業的市場擇時持續性只有一年。本研究的結果發現,驗證市場擇時理論時必須考慮產業的差異性。
    We follow Huang and Ritter (2009) to estimate an equity risk premium as a market timing proxy and test the market timing theory using data of Taiwan's listed high-tech firms from 1990 to 2008. Harris and Raviv (1991) noted that the industries impact on firms' capital structure. We test whether market timing is an important determinant of observed capital structures in high-tech firms. We find that high-tech firms all do not follow Pecking Order Theory to decide their capital structure, empirical evidence shows that high-tech firms follow marketing timing theory to decide their capital structure, and the effect of marketing timing lasted one year for high-tech firms. We show that we must take into account the industrial difference in testing the marketing timing theory.
    Relation: Journal of Innovation and Management, 9(2), 93-120
    Data Type: article
    Appears in Collections:[財務管理學系] 期刊論文

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