台灣資訊電子業上市公司融資決策順位之研究－Ordered-logistic迴歸模式之應用

Abstract

The study collects 57 high-tech firms listed in the Taiwan Stock Exchange for 1997 to 2001. It comprehends two phases of regressions, Tobit regressions model to constitute the estimation model of target debt ratio of corporate capital structure, and Order-logistic regressions model to investigate the debt ratio toward the target and firms' financing decision to pecking order. The findings from Tobit model indicate that four variables of return on stock, market value book value, ratio of R&D expenditure and company scale are of significance to construct an optimal target debt ratio estimation model. Upon examining the financing decision among five variations, Order-logistic model predicts that the high-tech firms will adjust their capital structures to the target debt ratio and followed by the greatest variable of leverage difference are company scale, return on asset, return on stock ratio of R&D expenditure and market value book value. To summarize, with the adjustment of debt ratio to the target, the pecking order of financing decision is common stock, short-term debt, depositary receipts, long-term debt and convertible debt. Whereas the results are inconsistent with the pecking order model, the factors may be characteristics of high asset specificity and product's uniqueness and durability in this industry. In addition, as the high-tech firms striving for expansion and mergence during the study period, their financing decisions mostly issue equity by considering profitability and operating risk in investment.