香港上市公司資本結構因素

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姓名

張凱琪(Hoi-Ki Cheung) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

香港上市公司資本結構因素
(The Determinants of Capital Structure in Hong Kong)

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至系統瀏覽論文 (2028-7-1以後開放)

摘要(中)

本文以 1990 至 2020 期間在兩千零四家在香港交易所上市的公司作樣本，分析影響香港上市公司資本結構的主要因素，並發現融資順位理論及上市的初始槓桿兩個因素對香港公司選擇資本結構有顯著影響：高流動性公司有更少借貸，低獲利公司有高槓桿，皆與融資順位理論相符；而公司上市初始槓桿對其資本結構的影響可長達二十年。當公司年齡漸長，其槓桿亦會降低，唯與市場槓桿(Market Leverage)的關係較弱。另外，換抵理論和市場擇時理論並非香港上市公司的決定其資本結構的主要因素。

摘要(英)

Using a large sample of Hong Kong listed companies from 1990 to 2020, this research shows that the capital structure of Hong Kong companies generally follows the pecking order theory and its initial leverage. Confirming the pecking order theory, high-liquidity companies tend to borrow less, and lower-profit companies tend to have high leverage. Confirming the model of initial leverage, companies with extremely high or low leverage tend to maintain a similar level over 15 years. Aging companies have lower book leverage but also have a weaker relationship with market leverage. Furthermore, the results imply that the trade-off model and market timing model are less important in explaining capital structure in Hong Kong

關鍵字(中)

★ 資本結構
★ 融資順位理論
★ 初始槓桿
★ 換抵理論
★ 市場擇時理論

關鍵字(英)

★ capital structure
★ pecking order theory
★ initial leverage
★ trade-off theory
★ market timing theory

論文目次

Chinese Abstract........................................................................................................................II
Abstract.................................................................................................................................... III
Contents....................................................................................................................................IV
Content of Figure .......................................................................................................................V
Content of Tables..................................................................................................................... VI
1. Introduction .........................................................................................................................1
2. Literature Review................................................................................................................5
2.1. Trade-Off Theory .........................................................................................................5
2.2. Pecking Order Theory ..................................................................................................7
2.3. Market Timing Theory ................................................................................................ 9
2.4. Firm Age ......................................................................................................................9
2.5. Initial Leverage ..........................................................................................................10
3. Data and Methodology ......................................................................................................12
3.1. Data ............................................................................................................................12
3.2. Capital Structure Measures........................................................................................12
3.3. Trade-Off Measure .................................................................................................... 12
3.4. Pecking Order Measure ............................................................................................. 14
3.5. Market Timing Measure ............................................................................................ 15
3.6. Firm Age Measure ..................................................................................................... 16
3.7. Initial Leverage Measure ........................................................................................... 17
3.8. Macro-Economic Variable .........................................................................................17
3.9. Regression Model...................................................................................................... 17
4. Empirical Result................................................................................................................19
5. Robustness Check ............................................................................................................. 28
6. Conclusion........................................................................................................................ 29
Reference ..................................................................................................................................30
Appendix Variables Definition ................................................................................................ 43

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指導教授

何柏欣(Po-Hsin Ho)

審核日期

2022-7-5

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