Optimal Dynamic Capital Structures of Taiwan Industries : An Application of Dynamic Capital Structure Model

[[abstract]]本文以息前稅前淨利(EBIT)為基礎之動態資本結構模型，探討台灣傳統產業及高科技產業之最適資本結構。同時分析其產業特性、公司規模及股權結構對資本結構之影響。本文亦對設有範圍之動態資本結構調整進行比較。實際模擬結果為高科技產業之最適負債比率低於傳統產業，公司規模與負債比率呈 U 型分配而非正相關，股權結構與資本結構關係並不顯著，其可能與國內上市公司之權益代理問題並不嚴重有關。[[abstract]]This paper uses an EBIT-based optimal dynamic capital structure model to investigate the optimality of capital structures of traditional and high-tech industries of Taiwan. Meanwhile,the impacts of industry characteristic、firm size and ownership structure on the optimal capital structure are also analyzed. Using the actual data before and after Asian financial crisis, these results are also compared intertemperally. The simulation results indicate that the leverage ratio of traditional industry is higher than that of high-tech industry, while the relation between firm size and leverage ratios appears to be U-shaped, rather than a positive linear relationship. The impact of ownership structure on the leverage ratio is not significant, perhaps due to agency costis not a sever program in the Taiwan’s capital market