The Theory of Capital Structure: Signal Factor Hypothesis

[[abstract]]本文最主要之目的為結合權衡理論與融資順位理論，探討資訊不對稱因素對台灣上市公司資本結構的影響。過去數十年來，融資順位理論以權衡理論研究中迴歸分析的結果解釋力不高，質疑靜態權衡理論之正確性與最適資本結構之存在性，但企業融資決策似乎也與融資順位理論所述不合。因此，本文衍伸 Chang Lee & Lee（2009）之研究，以線性結構方程式為研究分析工具，基於現有的資本結構理論提出資本結構之訊號因素假說簡約模型。根據以往資本結構之文獻，本文首度將資本結構決定因素分為實質因素及訊號因素，其中實質因素代表公司實際經營、獲利與成長狀況，包含獲利能力、償債能力及成長性；訊號因素代表公司放射給外部投資人所要透露之訊息，包括有形資產、公司規模、股利政策及產業別。理論與實証之結果證明實質因素為台灣上市資訊較對稱公司資本結構最重要之決定因素。 本研究所提之資本結構之訊號因素假說為涵蓋及融合權衡理論與融資順位理論模型，此模型解釋了公司融資決策在資訊不對稱程度不同條件下之運作情形，並提供這兩個彼此競爭的理論，互相合作及一起運行的機會。此假說同時合理化融資順位行為、最適資本結構以及目標資本結構之追求。最後，並以線性結構方程式對台灣上市非金融產業公司進行實証，驗證了訊號因素假說。[[abstract]]The primary purpose of this paper is to use a combination of trade off and pecking order theories to gain a better understanding of how information asymmetry affect capital structure of Taiwan-listed companies Pecking order theory has previously documented the failure of trade off theory to capture the optimal capital structure within the context of regression methodology over the last few decades However financing decisions seem to still violate the central prediction of the pecking order model regarding a firm’s financing behavior As a result this article extended the study by Chang Lee & Lee (2009) By applying structural equation modeling (SEM) this research proposed a parsimony model called the named signal factor hypothesis based on current capital structure theories In the first stage in accordance with the literature reviews of the capital structure we initially identified seven determinants and then divided these into two categories: "real factors " which are representatives of the company's actual management profitability and growth conditions including profitability debt-paying ability and growth; "signal factors " which have the information a company discloses to external investors including tangible assets firm size dividend policy and industry With the capital structure measured by the book ratio of total debt to the market total asset our results show that the real factors are the most important determinants of capital structure choice in Taiwan-listed companies Another objective of the research is to propose a comprehensive theoretical model called the signal factor hypothesis model which combines both the trade off and pecking order theories In the signal factor hypothesis model firms identify target leverage by weighing the benefits between additional dollar of debt and equity The signal factor hypothesis has provided the two competing models with an opportunity to cooperate This paper provides evidence of how asymmetric information conditions affect capital structure choice It also rationalizes other aspects of corporate borrowing behavior for example the pecking order optimal capital structure and adjustment of capital structure toward target An empirical study is tested by using the structural equation modeling technique in the nonfinancial industries of Taiwan-listed companie