以獲利能力探討我國建設公司最適資本結構之研究; Optimal capital structure for construction coompanies-a profitability viewpoint

NCUIR > Engineering College > Graduate Institute of construction engineering > Electronic Thesis & Dissertation > Item 987654321/43535

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/43535

Title:	以獲利能力探討我國建設公司最適資本結構之研究;Optimal capital structure for construction coompanies-a profitability viewpoint
Authors:	許竣強;chun-chiang Hsu
Contributors:	營建管理研究所
Keywords:	TOPSIS;資本結構;獲利能力;profitability;debt ratio;optimal capital structure;construction company
Date:	2010-07-29
Issue Date:	2010-12-08 13:43:53 (UTC+8)
Publisher:	國立中央大學
Abstract:	資本結構理論所探討的重點在於，公司管理者是否可以以最小的成本獲得資金，以順利執行企業的投資計劃，進而達到企業價值極大化或股東財富最大化的目標。對於建設公司來說其負債比率相較於我國其他產業來說較高，因此，對建設產業來說，審慎決定其資本結構更為重要。且在過往許多與資本結構相關之研究指出，獲利能力與資本結構呈顯著相關，獲利能力為影響資本結構之重要因素。本研究將我國1998至2008年間上市建設公司之資料利用TOPSIS排序，依照獲利能力區別出表現較佳之建設公司，可得到獲利表現較佳建設公司之負債比率實際值，接著參考Miao（2005）之研究建構資本結構評估函數，並利用TOPSIS 排序之資料代入函數中進行分析比較並推估得一最適資本結構。結果可以得知（1）本研究之資本結構評估函數以獲利能力推估之負債比率，其推估值與實際值相近。（2）以獲利能力表現好的公司代表整體建設產業，由資本結構評估函數推估結果可知，建設產業最適資本結構52.24%。（3）公司管理者可能會受到一些外在環境因素或者公司之經營策略等不同之因素所影響，未必會將資本結構控制在最適區間內，使得其公司資本結構一時偏高或者偏低。然而，其公司資本結構仍會朝向最適值做出調整。 The optimal capital structure for a corporation has been discussed for years; yet, numerous studies proposed certain values of debt ratio, which barely fit empirical evidence for construction and construction related companies. This research adopts the profitability viewpoint and modifies the trade off model to establish a theoretical corporate capital structure more suitable for construction and construction related companies. Having technology impact set to a constant and adjusting the equations by characteristics of the construction industry, the modified capital structure model is established. The model is evaluated using 260 ranked empirical datasets by the Technique for Order Performance by Similarity to Ideal Solution (TOPSIS), and demonstrates that the debt ratio at 52.29% is optimal. The findings address that a gap of 5.67% in average between the theoretical value and empirical value is limited; thus, the optimal capital structure exists. With the consideration of corporate profitability, this research suggests that the range of practical capital structure from 43.28% to 61.31% is more suitable for construction and construction related companies.
Appears in Collections:	[Graduate Institute of construction engineering] Electronic Thesis & Dissertation

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