時至今日，非營利組織發展越來越成熟，對於社會的影響也越來越深遠。但是，各類非營利組織通常本身並無足夠自主財源藉以支持整個事業的運作和發展，故仍必須向政府、私人企業及一般社會大眾進行融資的工作，才能維持其長期性和計畫性的社會改善行動。 在過去十幾年間，非營利組織逐漸向私部門汲取經驗，以試圖改善其組織運作之效果及效率；特別是在策略規劃、行銷、融資、資訊系統以及組織發展等領域上。但就目前國內的文獻而言，其多著重於非營利組織之策略規劃以及績效評估之研究，對於非營利組織之資本結構和融資決策之研究則鮮少著墨。 因此，本研究乃根據兩大組織資本結構理論：融資順位理論（The Pecking Order Theory）以及最適資本結構靜態抵換理論（The Static Trade-Off Theory）之假設，試著以國內非營利組織之相關資料，進一步探討國內非營利組織之管理階層融資決策過程，以及組織所取得的補助款多寡，是否會影響非營利組織之管理階層之融資決策。 因國立大專院校並無融資行為，本研究所研究之非營利組織標的，以國內之私立大專院校為限；本研究之實證結果發現，當私立大專院校之盈餘波動越大時，比較不願意向外融資；代表私立大專院校在盈餘不穩定時，不會利用融資的方式取得資金，以免盈餘較大的波動性增加了拖欠成本的可能性，而進一步影響到學校整體穩健的營運。 另外，私立大專院校之實證結果未支持任何財務理論，可能原因在於私立大專院校在從事融資活動時，未有任何之借款偏好。至於就補助款比率而言，實證結果符合假說預期，代表當私立大專院校所取得之補助款越多時；亦即有較穩定之資金管道時，越不會對外融資；另外，針對利息補助款比率來說，實證結果發現，當私立大專院校取得之利息補助款越多時，並不會提高其對外取得融資的意願。就敘述性統計量來看，平均而言，私立大專院校對外借款仍須負擔約七成的利息費用，因此，教育部之利息補助並沒有大幅降低學校的負擔，所以，縱使有利息補助的措施，亦未顯著影響學校向外取得更多資金之意願。 綜上所述，當私立大專院校之盈餘波動性越高時、補助款越多時，其對外融資的傾向會降低；至於，利息補助則因教育部所提供之補助金額有限，所以，私立大專院校並不會因取得較高的利息補助款金額，而增加對外籌資的機會。 / Nonprofit Organization (NPO) has well developed and has great impact on the society. NPO may not have enough funds to support its long-term social improvement plans, so it has to borrow money from government, financial intermediary, or others. NPO have learnt many from the other sectors to get the organization more effectively and efficiently in the past years, especially about strategy planning, marketing, financing, information system and organization development. Unlike most of domestic studies that focus on the strategy planning and performance evaluation, the study focuses on the issue of capital structure and finance decision. According to organization capital structure theory, this study uses domestic NPO’s data to analyze finance decision and examines how subventions influence university’s finance decision. Because national universities have no bank liability, so the study focuses on the financial behavior of private universities. The empirical result shows that the greater the earnings fluctuated, the fewer the private university lent. In addition, the financing behavior of the private university doesn’t support any capital structure theory. It may mean that the private university management has no financing preference. When the private university obtains more subventions, the management doesn't borrow more because it has steady fund resource. When the private university obtains more subventions on interest expense, the management doesn’t borrow more. This result doesn’t support the assumption. Perhaps the subventions on interest expense don’t alleviate the burden of interest expense substantially.

研究以台灣上市櫃證券商為研究對象，並以1996年至2005年之財務報表資料來做資本結構之研究，發現台灣上市櫃證券商之負債比差異很大，可知台灣上市櫃證券商其舉債之策略有很大差異，且台灣上市櫃證券商之事業風險也有顯著差異，代表台灣上市櫃證券商之經營獲利不甚穩定，深受股市狀況之影響。另外，台灣上市櫃證券商之負債比與資產抵押價值、非負債稅盾、及償債能力成顯著負相關，與公司規模成顯著之正相關。

近幾年針對資本結構的研究發現,在比較先進國家的企業確實有逐步調整回自己的最適資本結構的動作。本論文進一步將研究擴大到開發中國家，發現研究中的32個國家，不論是已開發或是發開中國家的企業，確實都有維持最適資本結構的動作。當資本結構偏離時，企業會逐步地調整回其最適值，然而每個國家調整回最適資本結構的調整速度則存在著差異性。本論文進一步利用國家間法律、會計、制度以及規範面的差異下去分析，發現國家發展程度以及會計制度是影響調整回最適資本結構的速度快慢的重要因子。此外，本論文亦探討融資順位理論及擇時理論的影響，發現加入融資順位理論因子後，調整速度會有相當程度的減緩，而減緩的幅度，則與國家發展程度、法律保護、公司稅率以及會計制度有顯著的關連性。 / Recent empirical literature provides evidences that firms in most developed countries do partially adjust toward their target capital structure. In this paper, we show that no only firms in developed countries, but also those in emerging countries gradually move back to their long-run equilibrium when they are away from it. But the adjustment speeds vary from country to country. We study the determinants of adjustment speeds around the world by focusing on differences in laws and regulations across countries. Our evidences show that firms in countries with common-law tradition, stronger shareholder right, or more completed accounting standards tend to move back to their optimal leverage quicker. Furthermore, we add two variables related to other two main capital structures (pecking order and market timing) in our analysis to capture their effects. Both theories add some information in explaining capital structure, but the impacts differ when applying different leverage measures. When we define leverage ratio as long-term debts dividend by net assets, we observe that pecking order factor lowers the adjustment speed a lot. And the magnitude of decrease on adjustment speed is significantly correlated with market condition, law enforcement, corporate tax rate and accounting standard. More developed countries and countries with stronger law enforcement, higher corporate tax rate, or more completed accounting standards tend to have less reduction on adjustment speed when including pecking order factor, because they have less information asymmetries.

公司籌措資金時會選擇發行股票或是發行債劵來籌資，本文去比較發行股票與發行債劵來籌資的公司在發行後的長期營運表現會有何異同。此外去探討因子如何影響發行後營運表現，也建立邏輯斯迴歸去探討因子如何影響公司發行決策。關於資本結構有兩個理論，一為融資序位理論，另一為代理成本理論，本文透過上述結果去驗證此兩理論。 / Industrial corporations typically raise external capital by selling common stock or issuing bonds. In this paper, we investigate the long run operating performance of issuers of straight debt and issuers of seasoned equity. Besides, we measure the effects of some factors that have been shown to be associated with changes in performance following the issues. We also examine why firms issue securities even though managers know that stock prices will react negatively to the issue announcement. We construct a logistic model for firms issuing equity and debt to investigate the determinants of firms’ issuing decisions. In existing literature, two eminent theories of capital structure are the pecking order theory and agency cost theory. We try to find evidence to these two theories from the above results.