本研究以民國75年到88年首度上市、櫃公司為研究樣本，探討它們上市後的首次融資行為。利用羅吉斯迴歸模型驗證抵換理論、資訊不對稱理論、代理理論如何影響樣本公司的對外融資選擇，因為研究樣本的管理者和投資人間的資訊不對稱情形比較嚴重，所以本研究預期樣本公司的首度融資選擇行為應該符合資訊不對稱理論。本研究分別控制產業別、市場景氣、融資年度別及債市活絡程度等因素，驗證5個假說中變數間的關係。但實證結果卻發現，資訊不對稱理論並非樣本公司融資選擇的主要影響因素，而抵換理論是樣本公司融資選擇的主要影響因素。本研究實證的第二部分係依據累積超常報酬率大於零的樣本，建構融資選擇預測模型，預測樣本外的融資選擇行為。 / This paper examined the financing behaviors of IPOs firms in Taiwan from 1986 to 2002 and predicted the financing choices of the sample companies. We want to test Pecking Order theory, trade-off theory, agency theory, other variables – age, firm size and intangible asset ratio, industry variable, and control variables- market variable, financing year variable and bond market. But the result don’t consist the theory. The trade-off theory mainly influenced the financing behavior of the sample. The second empirical model is to construct the prediction model of financing behavior.

本篇論文探討亞太地區債券市場中是否存在著擇時行為，以此區域中三個經濟區為代表—澳洲、新加坡及香港，透過分析此區域2000~2009期間的絕對利率、相對利率與絕對債券發行量、相對債券發行量間之關係，以及進一步控制影響企業債券發行之因素，包括市場的成長機會、再融資及企業特性等，最後，實證結果指出亞太地區之債券市場並無擇時行為之存在，且其融資行為較傾向支持靜態抵換理論，亦即亞太企業進行舉債融資時較可能同時考慮舉債所帶來的正面及負面效果，因此有一最適資本結構存在的可能。 / The purpose of this thesis is to test whether there is market timing behavior existing in Asia-pacific bond market. Using the data during 2000~2009 in three representative places, including Australia, Hong Kong and Singapore, we compare both the absolute and relative interest rate to both the absolute and relative amount of debt issue. In addition, we further control the factors that affect the debt issue of firms, including the market growth opportunities, refinancing and the characteristics of firms. Finally, we find there is no market timing behavior in Asia-pacific bond market. Besides, firms’ financing behavior in Asia-pacific are better explained by the trade-off theory, which means it is possible that there is a optimal capital structure for each firm.