近年來，隨著台灣金融環境自由化，再加上金融創新的趨勢使然，各種不同的對外公開融資工具紛紛出籠，企業可以依照公司之所需及當時經濟環境狀況來決定其要選擇的融資工具，而在這樣的研究背景之下，本研究針對國內電子資訊業上市櫃公司，以民國88年到民國93年為研究期間，探討公司四種對外公開融資選擇與其財務特性差異之間的相關性研究，主研究內容包括選擇負債與權益融資之公司財務特性差異，以及選擇國內與國外融資之公司財務特性差異，利用Panel Logit Model－多項邏輯迴歸模型，在研究資料為連續時間固定樣本的Panel Model形式，加入時間效果或個別企業效果，探討公司財務特性差異與其選擇融資工具及融資地點之間的相關性研究。研究結果如下： / 一、非Panel模型實證結果： 針對公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈小、成長性愈低、獲利能力愈高、財務風險愈高、及營運風險愈高的公司，會較傾向以國內權益工具進行融資；而當公司選擇在國外進行融資時，規模愈大及獲利能力愈高的公司，會愈傾向以國外權益工具進行融資。 而對於公司融資地點不同之財務特性比較，則不論以負債或權益工具進行融資，只要公司的規模愈大，公司會愈傾向到國外進行融資。 / 二、考慮時間效果的Panel模型實證結果： 有關公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈大、成長性愈高、財務風險愈低、及營運風險愈低的公司，會較傾向以國內負債工具進行融資；而在時間效果部分，相較於民國88年基期，民國90年到民國93年，公司會更傾向使用國內負債融資工具。而當公司選擇在國外進行融資時，規模愈小的公司，會愈傾向以國外負債工具進行融資，且在民國92年到民國93年，這個現象會更加明顯。 有關公司選擇在國內或國外進行融資之財務特性比較，不論以負債或權益工具進行融資，只要公司的規模愈大，公司會愈傾向到國外進行融資。而在時間效果影響部分，相較於民國88年比較基期，在民國92年，台灣電子資訊產業上市櫃公司會更傾向到國外進行融資。 / 三、考慮個別企業效果的Panel模型實證結果： 有關公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈小、成長性愈低、獲利能力愈高、財務風險愈高、及營運風險愈高的公司，相較於以國內負債工具融資，會較傾向以國內權益工具進行融資；而當公司選擇在國外進行融資時，規模愈小、獲利能力愈高、及財務風險愈大的公司，相較於以國外負債融資，會愈傾向以國外權益工具進行融資。 有關公司選擇在國內或國外進行融資之財務特性比較，當公司選擇以負債工具進行融資時，規模愈大或是營運風險愈高的公司，相較於選擇在國內融資，公司會愈傾向到國外進行融資；而當公司選擇以權益工具進行融資時，財務風險愈高的公司，相較於選擇在國內融資，公司會愈傾向到國外進行融資。 / In recently years, with the liberalization and innovation trends in financial institutions, there are more and more different kinds of financing instruments that corporations can choose to finance their capital needs. Under such environment, this paper attempts to find out the relationships between corporations’ financial choices and their financial characteristics. Based on the data of Taiwan public issuing firms’ data from 1999 to 2004 and the Panel Logit Model adding time or individual firm effect, this paper not only investigates the differences of financial characteristics between firms choose debt or equity financing instruments, but also analyzes the differences of financial characteristics between firms choose domestic or international financing. The main empirical results are as follows: / 1.Non-Panel Logit Model For the comparisons of firms using different financing instruments, when firms choose domestic financing, the smaller the size, the lower the growth rate, the higher the profitability, financial risk and operational risk, firms will more tend to choose equity instruments for financing. On the other hand, when firms choose international financing, the larger the size and the higher the profitability, firms will more tend to choose equity instruments. As for the comparisons of firms choosing domestic or international financing, firms will be more willing to finance internationally when their size are larger. / 2.Panel Logit Model with Time Effect For the comparisons of firms using different financing instruments, when firms choose to finance domestically, the larger the size, the higher the growth rate, the lower the financial and operational risk, firms will tend to choose debt instruments for financing. As for the time effect, firms will more tend to use domestic debt instrument for financing from 2001 to 2004. On the other side, when firms choose to finance internationally, they will be more willing to choose debt instruments for financing when their size are smaller. Moreover, this tendency is more apparently from 2003 to 2004. As for the comparisons of firms choosing domestic or international financing, firms will tend to finance internationally when their size get larger. Moreover, this effect is more influential in 2003. / 3.Panel Logit Model with Individual Firm Effect For the comparisons of firms using different financing instruments, when firms choose domestic financing, the smaller the size, the lower the growth rate, the higher the profitability, financial risk and operational risk, firms will more tend to use equity instruments for financing. On the other hand, when firms choose international financing, the smaller the size, the higher the profitability and financial risk, they will more tend to choose equity financing instruments. As for the comparisons of firms choosing domestic or international financing, when firms choose debt financing, the larger the size and operational risk, the more willingness of firms to choose international financing. Meanwhile, when firms choose equity financing, they will more tend to finance internationally as their financial risk are higher.

Syftet med denna studie är att öka förståelsen för ekonomistudenter tillhörande den yngre generationens beslutskriterier när det kommer till finansiella val. Detta kommer att göras genom att undersöka preferenser och beteendemönster när det kommer till vägval för denna population. Studien antar en kvalitativ forskningsmetod med ett icke-sannolikhetsurval. Studien är baserad på en undersökning där civilekonomstudenter på Karlstads universitet har deltagit i ett antal intervjuer. De har fått frågor kopplade till den finansiella branschen samt vad som numera värdesätts och därmed lägger grunden för de beslutskriterierna som formar valet av finansiell aktör.Valda teoriområden som presenteras i teorikapitlet grundar sig på tidigare studiers undersökta områden när det kommer till finansiella beslutstaganden. Samtliga delar i teorikapitlet är områden som kan tänkas påverka den yngre generationens finansiella val, och framförallt utmärka sig gentemot den generella konsumenten. Denna tanke grundar sig i det faktum att ekonomistudenter som år 2021 studerar har växt upp i en tid med stort informationsflöde, stor teknologisk utveckling och ändlöst mycket valmöjligheter. Frågan som ställs är huruvida de befintliga teorier som presenteras är applicerbara på dagens ekonomistudenter och dess beslutsfattanden, och i så fall i vilken utsträckning. Studien visade att det fanns områden som utmärkte sig när det kom till ekonomistudenters finansiella val. Användarvänligheten ansågs vara ett centralt område, där även smidighet och översikt är inkluderat. Kostnader var även det ett område som visade sig ha stor betydelse för den yngre generationens val. Här gick det även att skönja ett mönster mellan intresse och betydelsen av kostnader. Ju större det ekonomiska intresset var desto viktigare ansåg individen att kostnaderna var. Den studerade gruppen har en hektisk vardag som lämnar begränsat med utrymme för långa svarstider och okomplett återkoppling. Även ryktet är ett område som betraktas vara adekvat när den yngre individen ställs inför finansiella val. Omgivningen har en direkt påverkan på de undersökta respondenterna, såväl positivt som negativt. Avslutningsvis ser vi en trend bland den yngre generationen, lojaliteten är begränsad tills att någon aktör kan erbjuda bättre villkor inom något eller några av de ovan nämnda områdena. / The purpose of this study is to increase the understanding of economic student´s decision criteria when it comes to financial choices. This will be done by examining preferences and behavioral patterns when it comes to choosing a path for this population. The study adopts a qualitative research method with a non-probability sample. The study is based on a survey in which postgraduate economics students at Karlstad University have participated in a number of interviews. They have been asked questions related to the financial industry and what is now valued and thus lay the foundation for the decision criteria that shape the choice of financial player.Selected areas of theory presented in the theory chapter are based on previously studied areas of study when it comes to financial decisions. All parts of the theory chapter are areas that may influence the younger generation's financial choices, and above all stand out from the general consumer. This idea is based on the fact that economics students who study in 2021 have grown up in a time with a large flow of information, great technological development and endless possibilities. The question that is asked is whether the existing theories presented are applicable to today's economics students and its decision-making, and if so, to what extent. The study showed that there were areas that stood out when it came to economics students' financial choices. Ease of use was considered to be a central area, where flexibility and overview are also included. Costs were also an area that proved to be of great importance for the younger generation's choices. Here it was also possible to discern a pattern between interest and the importance of costs. The greater the financial interest, the more important the individual considered the costs to be. The studied group has a hectic everyday life that leaves limited space for long response times and incomplete feedback. Reputation is also an area that is considered adequate when the younger individual is faced with financial choices. The environment has a direct impact on the respondents surveyed, both positively and negatively. Finally, we see a trend among the younger generation, loyalty is limited until some player can offer better terms in one or more of the above mentioned areas.