台灣企業低度財務槓桿決定因素研究

The Determinants of Low Financial Leverage Research of Taiwanese Companies

10.6495/CIMBM.2015.010

林祝英(Chu-Yin Lin)；陳寶盛(Pao-Sheng Chen)

分析層級程序法 ； 低度財務槓桿 ； 資本結構 ； Analytic Hierarchy Process ； AHP ； Low Degree of Financial Leverage ； Capital Structure

科際整合管理研討會

2015第18屆（2015 / 06 / 07）

141 - 157

繁體中文

財務管理的目的是創造股東報酬極大化，透過財務槓桿的妥善運用，可以提升股東報酬率，但部分企業卻是積極降低財務槓桿的使用，甚至不使用財務槓桿。而過去的研究大多探討影響資本結構與融資決策的因素，而較少著墨於低度財務槓桿企業的關鍵影響因素。本文即針對低度財務槓桿企業進行研究，探討在眾多影響融資決策的因素中，有哪些是低度財務槓桿企業融資決策的關鍵性因素。筆者整理過去研究者提出的影響融資決策的因素，並建立出相關的構面及行為準則，透過專家問卷的方式，利用分析層級程序法（AnalyticHierarchy Process, AHP）找出影響低度財務槓桿企業融資決策的關鍵因素。研究結果發現，低度財務槓桿企業在融資決策的行為模式上，仍遵循融資順位理論，優先使用低成本的內部資金，並且受到各產業特性的影響。同時低度財務槓桿企業由於具較佳之獲利能力、成長性以及較高之現金流量，致使低度財務槓桿企業具有較多之內部資金，在融資順位的原則之下，整體舉債程度較高度財務槓桿企業低。

The purpose of financial management is to maximize the return earning of shareholder. Through the proper use financial leverage, it can be enhance shareholder return rate. Heretofore, most studies investigate the impact of capital structure and financing decisions, and less attention at the factors of low degree of financial leverage. This studies explore what is the key factor of finance decisions of the corporate of low degree of financial leverage. We sorted affecting factors of financing decisions which are past researchers had proposed, to establish the facets and conduct. We used the Analytic Hierarchy Process, AHP, to identify the key factors affecting of low degree of financial leverage corporate's finance decisions. The results found that the corporate of low degree financial leverage make financing decisions, they still follows the Pecking Order Theory that priority use low-cost internal funding, and influenced by the characteristics of each industry. The corporate of low degree of financial leverage are usually with good profitability, high growth and high cash flow. It's means that enterprise of low degree of financial leverage with holding more internal funds. Under the Pecking Order Theory, they overall debt level are lower than the enterprise of high degree of the financial leverage.