[[alternative]]An Empirical Study of Growth Opportunity and Enterprise’s Policy— Evidence from U.S. S&P 500 Firms

碩士商業教育學系[[abstract]]本研究在於探討企業成長機會與企業政策之關聯，以美國標準普爾五百股價指數(S&P 500)成份股企業為研究樣本，研究期間從1999年至2004年，研究方法則是採用Baber,Janakiraman and Kang等人在1996年所使用之流程，先利用逐步迴歸分析選出重要的企業成長代理變數，再使用因素分析萃取出一成長機會，最後再利用多元迴歸分析探討此成長機會與融資政策、股利政策之間的關係。研究結果發現: 1.在融資政策方面，不論以市價計算或是以帳面計算的長、短期負債比率，均與企業成長機會呈現顯著的負向關係。 2.在股利政策方面，不論以市價計算的股利收益率或是以帳面計算的股利支付率，均與企業成長機會呈現負向關係，但在股利支付率方面未獲得顯著結果。 此外，在進行逐步迴歸分析時，本研究以不同的論點加入了自由現金流量成長率(FCFGR)以及市場附加價值成長率(MVAGR)兩個變數，經由因素分析結果顯示，這兩個變數對於企業成長機會具有重要的相關性。[[abstract]]Abstract This research focused on the relationships between growth opportunities and enterprises’ policies. The samples were taken from the U.S. S&P 500 Index Companies during the period 1999 to 2004. The research methods were followed the procedure which developed by Baber , Janakiraman and Kang (1996). First, stepwise regression was used in order to select important agent’s parameters of enterprises’ growth opportunities. Second , factor analysis was used to extract a variable of growth opportunities. Finally , multiple regression was used to discuss the relationships of growth opportunities among the financing policy and dividend policies . The results can be described as follows: 1.Long-term and short-term debts based on market value and book value all had significant negative relationships with growth opportunities. 2.The dividend yield based on market value had significant negative relationships with growth opportunities. Through stepwise regression and factor analysis, the results showed Free Cash Flow Growth Rate (FCFGR) and Market Value Added Growth Rate (MVAGR) were highly correlative with growth opportunities