自Modigliani & Miller 提出對資本結構的主張後，對於公司企業是否存在最適資本結構之問題，一直是眾說紛云，成為財務管理領域中備受爭議之焦點。綜觀資本結構理論所探討的重點在於能使公司的資金成本最低化，而促使公司價值的最大化。因此，本研究嚐試以台灣上市公司-台灣積體電路製造股份有限公司(台積電)為個案研究對象，了解其資本結構的組成及特性為何，及建構資本結構模型，以作為台積電公司往後面對市場競爭或本身的條件的改變時，財務決策者評斷其公司資本結構是否合理或調整最適資本結構之考量與依據之參考指標。 本研究先採用資料整理與分析，研究台積電民國84年第四季至94年第三季之每季資本結構，並比較國內外學者之理論與實證結果，整理出影響資本結構之決定因素，透過建立個別因素的迴歸模型，實證資本結構決定因素之顯著性及影響方向；並運用多元迴歸模式實證分析及t 值檢定來觀察其解釋能力是否顯著。並且為了避免各變數間高度相關，產生複共線性，因此透過皮爾森積差相關分析，將其影響因素剔除最後用逐步迴歸將所有決定因素都納入，建構影響台積電公司資本結構迴歸模式。 本研究的結論如下：（1）台積電資本結構中，負債比率不高，平均值為25﹪，負債主要以短期負債為主，財務狀況尚屬穩健保守。（2）影響資本結構決定因素在總負債比率方面有與時間因素、研究發展費用有負相關及公司產品獨特性有正相關；在短期負債比率方面與公司規模呈負相關；在長期負債比率方面與時間因素呈負相關。 Ever since Modigliani & Miller proposed their theory on capital structure, there have been disputes on whether there exists an optimal capital structure for corporate company. The essence of capital structure theory lies in minimizing capital cost while maximizing corporate values at the same time. Therefore, this research takes Taiwan Semiconductor manufacturing Company Limited (TSMC), a Taiwan listed company, as example to demonstrate the capital structure. Second, to identify the characteristic of capital structure of TSMC and then to develop the regression formulation as reference for TSMC decision maker. The statistics duration of this research is from Q4/1995 to Q3/2005. First, collect the data from TEJ for analysis. And then based on literature reviews of both foreign and domestic professionals, we establish research hypothesis with 9 variables and analysis on historical data of TSMC, this study first establishes a single regression model to verify significant determinants and their way of influences. We based on the results of the Pearson Product-Moment Correlation Analysis to avoid multicollinearity. Then includes other determinants step by step to make the multiple regression models more thoroughly. The conclusions can be listed as follows: (1) Since its liability rate is as low as 25% and most liabilities are short-term in nature the capital structure of TSMC can best be described as sound and conservative. (2) The major determinants influencing capital structure are the following: the rate of total liability has negative relationship with variable of time, and research and development, while positive relationship with products bells and whistles; the rate of short-term liability with firm’s size has negative relationship; and the rate of long-term liability with variable of time have negative relationship
