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論文名稱: 2007-2009金融危機之資本結構調整. 論文名稱(外文):, Capital Structure Adjustments around the Financial Crisis of 2007-2009. 指導教授: 顏汝芳;李孟峰. 資料載入處理中... 跳到主要內容 臺灣博碩士論文加值系統 ::: 網站導覽| 首頁| 關於本站| 聯絡我們| 國圖首頁| 常見問題| 操作說明 English |FB專頁 |Mobile 免費會員 登入| 註冊 功能切換導覽列 (165.22.106.144)您好！臺灣時間：2021/11/2002:17 字體大小：       ::: 詳目顯示 recordfocus 第1筆/ 共1筆  /1頁 論文基本資料 摘要 外文摘要 目次 參考文獻 電子全文 紙本論文 QRCode 本論文永久網址: 複製永久網址Twitter研究生:項鈺茹研究生(外文):HSIANG,YU-JU論文名稱:2007-2009金融危機之資本結構調整論文名稱(外文):CapitalStructureAdjustmentsaroundtheFinancialCrisisof2007-2009指導教授:顏汝芳、李孟峰指導教授(外文):YEN,JU-FANG、LEE,MONG-HONG口試委員:黃嘉威、林智勇、何柏欣、李孟峰、顏汝芳口試委員(外文):HUANG,CHIA-WEI、LIN,CHIH-YUNG、HO,PO-HSIN、LEE,MONG-HONG、YEN,JU-FANG口試日期:2016-06-21學位類別:碩士校院名稱:國立臺北大學系所名稱:統計學系學門:數學及統計學門學類:統計學類論文種類:學術論文論文出版年:2016畢業學年度:104語文別:英文論文頁數:34中文關鍵詞:金融危機、目標槓桿、資本結構調整外文關鍵詞:Financialcrisis、Targetleverage、Capitalstructureadjustment相關次數: 被引用:1點閱:382評分:下載:77書目收藏:0 近年,許多文獻指出宏觀經濟條件為分析企業的融資決策,以及資本結構調整行為的重要因素。

本研究分析了最近一次2007-2009年的金融危機,是否影響權衡理論對資本結構實行。

本研究發現企業在金融危機時,調整他們之資本結構走向目標槓桿比率速度較慢,特別對於過度舉債之公司。

此外,我們發現在金融危機時,過度舉債之企業偏好還債,使其槓桿降低。

因此,在金融危機時,當過度舉債之企業面臨較少的現金持有量與較差的營運表現時,金融危機對調整速度的影響更不利。

本篇研究顯示,資本結構調整機制在金融危機時,企業的財務靈活性之重要性。

Recentresearchhasfoundthatmacroeconomicconditionsareimportantfactorsinanalyzingfirms’financingchoicesaswellastheadjustmentbehaviorsofthecapitalstructure.Thisstudyanalyzewhetherthemostrecentfinancialcrisisof2007-2009hasimpactsontheimplementationoftrade-offtheoryforcapitalstructure.Wefindevidencethatfirmsadjusttheircapitalstructuretowardtargetleverageratioslowerduringthecrisisyears,inparticularfortheover-leveredfirms.Furthermore,wefindthatover-leveredfirmspreferreduceleveragebydebtretirement.Hence,thedetrimentaleffectoffinancialcrisisonadjustmentspeedismoresignificantforover-leveredfirmswithlowercashholdingsandworseoperatingperformanceduringcrisisyears.Thisstudythusshedslightontheimportanceoffinancialflexibilityduringthecrisisyearsthroughcapitalstructureadjustmentmechanism. ContentsChapter1Introduction1Chapter2LiteratureReviewandHypothesisDevelopment52.1TargetCapitalStructure52.2Impactofadjustmentspeedonleverageincrisisyears52.3Impactofadjustmentspeedonleveragewithfirm’sfinancialflexibilityincrisisyears7Chapter3Data9Chapter4Methodology104.1Definitionsofleverage104.2Dynamicpartialadjustmentmodel104.2.1Integrateddynamicpartialadjustmentcapitalstructuremodel11Chapter5SummaryStatisticsandUnivariateAnalyses145.1SummaryStatistics145.2UnivariateAnalyses15Chapter6EmpiricalResults166.1Adjustmentspeedestimates166.2Effectsofadjustmentspeedonleverageincrisisyears176.3Effectsoffinancialflexibilityoncrisis-adjustmentssensitivity18Chapter7ConclusionsandFuturedirection227.1Conclusions227.2Futuredirection23Appendix1:Variabledefinitions24Reference25ListoftableTable1.SummaryStatistics.28Table2.Firmcharateristicsandcapitalstructureforover-leveredandunder-leveredfirmsincrisisyears29Table3.Adjustmentspeedestimate.30Table4.Over-leveredandunder-leveredfirmsandwholesampleimpactonadjustmentspeedincrisisyears31Table5.Capitalstructureadjustmentsonover-leveredfirmsandunder-leveredfirms32Table6.Theeffectsoffinancialflexibilityoncrisis-adjustmentssensitivityforover-leveredfirms.33Table7.Theeffectsoffinancialflexibilityoncrisis-adjustmentssensitivityforunder-leveredfirms.34  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 電子全文  國圖紙本論文 推文 網路書籤 推薦 評分 引用網址 轉寄                                                                                                                                                                                                                    top 相關論文 相關期刊 熱門點閱論文 1. 影響現金比率調整速度之因素-以台灣上市公司為例 2. 谷歌搜索和金融危機：銀行實證 3. 谷歌搜索和金融危機：銀行實證 4. 過度自信經理人與資本結構調整   無相關期刊   1. 過度自信經理人與資本結構調整 2. 企業社會責任與資本結構調整行為之探討 3. 谷歌搜索和金融危機：銀行實證 4. 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