台灣高科技公司市場擇時之實證研究

本研究參考Huang and Ritter（2009），以權益風險溢酬當作市場擇時的代理變數，探討台灣高科技公司的融資行為是否遵循市場擇時理論，以及市場擇時是否長期影響公司的資本結構。Harris and Raviv（1991）說明公司資本結構受到產業別的影響，本研究深度討論在台灣極具特色的高科技產業的市場擇時融資行為。結果發現，（一）融資順位理論驗證結果顯示，高科技業面臨資金缺口時，不遵循融資順位，且負債使用情形是隨著時間改變的；（二）高科技業的融資行為遵循市場擇時理論；以及（三）高科技業的市場擇時持續性只有一年。本研究的結果發現，驗證市場擇時理論時必須考慮產業的差異性。We follow Huang and Ritter (2009) to estimate an equity risk premium as a market timing proxy and test the market timing theory using data of Taiwan's listed high-tech firms from 1990 to 2008. Harris and Raviv (1991) noted that the industries impact on firms' capital structure. We test whether market timing is an important determinant of observed capital structures in high-tech firms. We find that high-tech firms all do not follow Pecking Order Theory to decide their capital structure, empirical evidence shows that high-tech firms follow marketing timing theory to decide their capital structure, and the effect of marketing timing lasted one year for high-tech firms. We show that we must take into account the industrial difference in testing the marketing timing theory.