¡@The decision of company¡¦s capital structure should depend on each company¡¦s characteristic and environment for determining the proper debt level. Nowadays, in the global environment, corporation has been affected by the global variables. In addition to the involvement of international activity for corporation, the factor of global environment will also strike the corporation¡¦s characteristic and operating.
¡@This study uses the electronics industry as sample, and the sample period is from 2000 to 2006. This study will be divided into three parts. First, separate global activity into two dimensions: operating and finance, and to build respective measurement indicator of the internationalization. Second, discuss how these two dimensions influencing on the financial characteristic and capital structure for company. Finally, explore whether the international factors of exchange rate risk and political risk will affect the corporation capital structure.
¡@As a result, this study discovers three main conclusions. First, the international activity variables such as operating and financial characteristics actually exist in the electronics industry. Corporation can diversify the operating risk and reduce the cost of bankruptcy through the international activity of operating, however, that also restricts the investment opportunity and reduces the debt¡¦s agency cost at the same time. In addition, we find that the international level of operating will affect corporation¡¦s capital structure significantly. But if we control the variables of capital structure theory such as size, bankruptcy cost, debt¡¦s agency cost and the earning ability, it will become insignificant. However, the international level of finance always has significant and positive effect on corporation¡¦s capital structure no matter do we control the variables of capital structure theory or not. Third, as for the international environment factors, exchange rate risk is significant and positive factor for capital structure, conversely, political risk is significant and negative factor. Finally, this study exhibits that the decision of company¡¦s capital structure should consider the international environment for each company.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0619108-162312 |
| Date | 19 June 2008 |
| Creators | Tsai, Shen-wei |
| Contributors | Y. Chris Liao, Ming-Chi Chen, Yueh H. Chen |
| 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-0619108-162312 |
| Rights | restricted, Copyright information available at source archive |
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