伊斯蘭教義對資本結構與績效的影響 -以印尼公司為例

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王翊瑄(Yi-Hsuan Wang) 查詢紙本館藏

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企業管理學系

論文名稱

伊斯蘭教義對資本結構與績效的影響 -以印尼公司為例
(The effect of Islamic doctrine on capital structure and corporate performance: An empirical study of Indonesian listed firms)

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摘要(中)

本研究從伊斯蘭教的觀點出發，探討伊斯蘭教義對印尼上市公司的資本結構與績效的影響。研究結果顯示，遵循伊斯蘭教義的公司，符合Trade-off theory的觀點，存在有最適的資本結構，可以最大化公司績效，且遵循伊斯蘭教義的公司(Shariah)比未遵循伊斯蘭教義的公司(non-Shariah)有更高的公司績效。此外，根據印尼金融監察機構(OJK)的規範，將遵循伊斯蘭教義的公司區分為兩類，分別為負債比率小於等於45%，以及負債比率大於45%兩部分。結果發現有嚴格遵守規範，負債比率小於等於45%的遵循伊斯蘭教義的公司，比未遵守負債比率規範的公司，有更高的公司績效。證實伊斯蘭教義對印尼上市公司的資本結構與績效皆有重大的影響。

摘要(英)

This study examines the effect of Islamic doctrine on the relation between capital structure and corporate performance from the perspective of Islam. The empirical results show that the companies following Islamic law (Shariah) have the optimum capital structure to maximize the corporate performance, and Shariah firms have better corporate performance than non-Shariah firms. Moreover, Shariah firms’ are further divided into two groups – those with debt ratio higher than 45% and those equal or lower than 45%. The finding show that Shariah firms which strictly follow the regulation of OJK, that is, the firms with debt ratio equal or lower than 45%, have better corporate performance than those do not abide by the debt limitation, suggesting that Islamic doctrine has a significant effect on firm’s capital structure and performance.

關鍵字(中)

★ 資本結構
★ 負債比率
★ 公司績效
★ 伊斯蘭教法

關鍵字(英)

★ capital structure
★ debt ratio
★ corporate performance
★ Shariah

論文目次

摘要 i
Abstract ii
致謝辭 iii
目錄 iv
表目錄 v
圖目錄 vi
第一章緒論 1
1-1 研究動機與目的 1
1-2 研究流程 3
第二章文獻探討與假說推論 5
2-1 關於伊斯蘭教義 5
2-2 伊斯蘭教義與資本結構的關係 7
2-3 伊斯蘭教義、資本結構與績效之間的關係 9
第三章研究方法 13
3-1 資料來源與樣本 13
3-2 研究方法與研究模型 13
3-2-1 研究方法 13
3-2-2 迴歸模型建立 14
3-3 變數定義 17
3-3-1 應變數(Dependent variable) 17
3-3-2 自變數(Independent variable) 17
3-3-3 控制變數(Control variable) 18
第四章實證結果與分析 20
4-1 敘述性統計分析 20
4-2 單變量統計分析 23
4-3 迴歸分析 27
4-4 穩健性分析 39
第五章結論與建議 45
5-1 研究結論與管理意涵 45
5-2 研究限制與建議 46
參考文獻 47

參考文獻

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指導教授

洪榮華林翠蓉(Jung-Hua Hung Tsui-Jung Lin)

審核日期

2020-6-5

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