This paper studies the relation between the optimal capital structure and industry dynamic. First,we formulate a dynamic adjustment model. We specify and estimate the unobservable optimal capital structure using observable determinants Secondly,we apply dynamic factor demand model that assumes each firm derives an optimal plan such that the expected present value of current and future cost streams is minimized. In variables setting,
capital inputs are divided into debt capital and equity capital. The empirical work is based on firm level data of Taiwan high-technology industries during 2003 ~2007. The empirical results show that (1) The capital structure of high- technology is adjusted dynamaic.(2) The contribution of debt on high-technology industries is negative.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0624108-172436 |
| Date | 24 June 2008 |
| Creators | Wu, Pei-hen |
| Contributors | Hsiou-jen Kuo, Hwei-an Tsai, Cheng-feng Li |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0624108-172436 |
| Rights | not_available, Copyright information available at source archive |
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