本研究以台灣地區上市櫃科技產業公司1991年至2008年資料為研究對象，分析高科技產業無負債經營的情形及其決定因素。實證結果發現部份台灣高科技產業公司習慣以長期零負債方式在經營公司，並未追求資金成本最小化，而且無負債經營的公司有隨著時間漸漸增加的趨勢。
本研究也發現高科技產業公司無負債公司比例與公司規模成反比，規模越小無負債比例越高，同時規模越小的無負債公司有較多的舉債限制;無負債公司的獲利能力比負債公司佳，而且有較多的投資機會;小型無負債公司藉由高現金股利提高現金殖利率，大型無負債公司則發放較多的現金股利以減輕代理問題;無負債公司在現金股利未分派給股東前會將公司內部資金當成短期權益資金使用，故無負債公司自由現金流量較獲利較差的負債公司充裕;無負債公司有較高的股票評價，但股票報酬率則與負債公司無顯著不同;無負債公司利用較多的非負債稅盾，故所得稅率並未高於負債公司，最後本研究發現台灣高科技公司是否無舉債經營之機率與競爭同業整體無負債比例呈正相關。 / This study explores the determinants of debt-free high technology firms in Taiwan using data from 1991-2008. We find that some firms in Taiwan’s hig-tech industry operate without any debt for a long time and the number of debt-free firms increases overtime. Our results also show that the percentage of debt-free firms varies inversely with firm size. When the size of the company is small, the percentage for them to be debt free firms is higher. We find that there are more borrowing constraints for small debt-free firms in Taiwan and debt-free firms are more profitable, have more investment opportunities. Small debt-free firms tend to pay high cash dividend to increase the yield of stock. Large debt-free firms pay high dividend to mitigate agency problem between managers and shareholders. We find that debt-free firms use retained earning as short term equity capital to generate more free cash flow than debt firms before cash dividend dispatched to shareholders. We also find that debt-free firms have better stock valuation but their stock return are similar to those firms with debts. There is no evidence that debt-free firms pay higher income tax rate than debt firms because they tend to use more non-debt tax shelter. Our results show that the probability for firms to operate with debt is positively related to the average percentage of competitor’s debt-free ratio in the same industry.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0096932242 |
| Creators | 陳健南 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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