[[alternative]]Investigating the Relationship between Initial Leverage and Capital Structure: Evidence from Taiwan Listed Companies

碩士商業教育學系[[abstract]]本研究主要使用縱橫資料迴歸模型探討台灣上市公司初上市負債比率對資本結構的影響，以及加入獲利能力、成長性、公司規模、資產抵押價值與自由現金流量等影響資本結構的因素後，資本結構所產生的影響及變動。公司在不同情況的考量下使用不同方式籌措資金，因此本研究將負債比率分為總負債比率、長期負債比率及短期負債比率分別探討之。 實證結果顯示，初上市負債比率與往後之負債比率間存在正向關係，這樣的情況至少會維持十年。而負債比率會受到獲利能力、成長性、公司規模、與資產抵押價值的影響，而長期負債比率被獲利能力、公司規模、與資產抵押價值所影響，至於短期負債比率則只受到公司規模與資產抵押價值的影響。[[abstract]]The purpose of this study is to examine the relationship between initial leverage and capital structures by using panel data analysis. Since companies use the different financing decision in different situation, the proxy variables of capital structure include total debt ratio, long-term debt ratio and short-term debt ratio, and the explanatory variables include initial leverage, profitability, growth, corporate size, asset composition and free cash flow. The empirical findings are as follows：High(low) company initial leverage tend to remain high(low) leverage for ten years, and the main determinants of the debt ratio are profitability, growth, corporate size an asset composition. Profitability, corporate size and asset composition have significant correlation with the long debt ratio. Corporate size and asset composition have significant correlations with short debt ratio