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    Please use this identifier to cite or link to this item: https://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:[Department of Finance] Periodical Articles

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