楊朝成博士Chung-Hua Shen, Ph.D.;Chau-Chen Yang, Ph.D.臺灣大學:財務金融學研究所莫瑞瑛Mok, IndirawatiIndirawatiMok2010-05-112018-07-092010-05-112018-07-092009U0001-1008200914350700http://ntur.lib.ntu.edu.tw//handle/246246/182775本論文採用固定效果平面資料迴歸（Fixed effect panel data regression) 模型分析及檢視亞洲十個國家的金融發展與成本結構選擇的關係. 論文結果發現金融發展對舉債經營比 (leverage ratio) 的影響在已發展和發展中的金融市場是不同的. 在已發展的金融市場中, 進一步的銀行市場發展偏好於成本結構中舉債. 進一步的股票市場發展則偏好權益融資 (equity financing). 而在較低度開發的金融市場中, 銀行和股票市場都偏向於使用降低其成本結構中的舉債. 論文也同時檢視是否以上結論與其各別國家情形有關. 本論文使用下列條件變數 (conditional variables): 國家治理指標, 股東保護指標, 債權人保護指標, 司法執行指標, 國家法律傳統(含英國普通法與法國民法系統), 通貨膨漲率和國家收入所得群. 結果顯示法國民法系統法律傳統和中等國家收入所得群對股票市場發展/債務與資本比率有負面影響. 而國家治理指標, 普通法及法國國家法律傳統, 股東保護指標及債權人保護指標則對對銀行業發展/債務與資本比率有正面影響. 條件變數中司法執行指標與通貨膨漲率則對描述金融發展和成本結構選擇的關係無顯著影響.後本論文提出的結論總結出: 在已發展的金融市場的金融發展成本結構選擇並不適用於較低度發展的金融市場. 各別國家特別情應為此結論之原因.This study examines the relationship between financial development and capital structure choice in 10 countries in Asia by using fixed effect panel data regression method. The finding shows that the effect of financial development on leverage ratio is different between developed and developing financial market. In already developed financial market, further development in banking sector will favor the use of leverage in capital structure by firms while further development in stock market development will favor equity financing. In less-developed financial market, both of banking sector and stock market development will reduce the amount of the debt used in firms’ capital tructure. amp;#65279;This study also examines whether these impacts are the product of various country-specific condition. Thus, this study employs conditional variables that consist of governance index, shareholder and creditor protection index, law enforcement index, legal traditions where the particular country commercial law derived from, inflation rate and country income groups. The result shows that conditional variables of French legal tradition and middle income group can enhance the negative effect of stock market development to the debt-equity ratio. Conditional variables of governance, common and French civil law legal tradition, shareholders and creditors right protection can mitigate the positive impact of banking sector development to debt-equity ratio. Except French civil law legal tradition, the aforementioned conditional variables also mitigate the negative effect of stock market development to debt-equity ratio. Conditional variables of law enforcement and inflations rate do not have significant impact in describing the relationship between financial development and capital structure choice. amp;#65279;Finally, this study concludes that the financial development effect on the capital structure choice in the already developed financial market does not hold in less-developed financial market. The cross-country specific condition might cause such variation to occur.CHAPTER 1: INTRODUCTION………………………………… 1 .1 Background…………………………………………… 1 .2 What’s Difference from Prior Studies………… 4 .3 Purpose of the Study………………………………… 4 HAPTER 2: LITERATURE REVIEWS………………………… 6 .1 Financial Development and Capital Structure… 6 .2 Financial Development, Country Specific Factors and Capital Structure.....................................8.3 Firm-Specific Determinants of Capital Structure…12 2.3.1 Tangibility of the Firm………………………………13 2.3.2 Size of the Firm……………………………………… 14 2.3.3 Profitability of the Firm……………………………15.3.4 Growth Opportunity of the Firm…………………… 16 HAPTER 3: ECONOMETRICS MODEL & HYPOTHESIS…………… 18 .1 Econometrics Model……………………………………… 18.2 Testable Hypothesis………………………………………25 HAPTER 4: DATA, SOURCES & DESCRIPTIVE STATISTICS……27 HAPTER 5: EMPIRICAL FINDINGS………………………………47.1 Benchmark Model……………………………………………47.2 Extended Model…………………………………………… 60 HAPTER 6: CONCLUSION…………………………………………………… 65 eferences……………………………………………………… 68 Appendix………………………………………………………… 75application/pdf915998 bytesapplication/pdfen-US銀行業發展股票市場發展各別國家特別情況成本結構banking sector developmentstock market developmentcountry-specific factorcapital structurethesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/182775/1/ntu-98-R95723083-1.pdf