博碩士論文 92421008 詳細資訊




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姓名 張清惠(Ching-Hui Chang)  查詢紙本館藏   畢業系所 企業管理學系
論文名稱 資本結構與競爭策略之關係
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摘要(中) 公司的策略是環環相扣的,因此,本研究探討融資決策對於產品市場策略的影響,並加入景氣循環的考量。Bolton和Scharfstein(1990)認為負債較少的公司,會增加產出以降低市場價格,迫使負債較多的公司退出市場。Showalter(1995)認為負債沒有策略性的優勢。Phillips(1995)認為負債融資的成本高,投資活動會較少。Faure-Grimaud(2000)認為債權人不希望公司投資太多,所以負債較多的公司會有較少的投資。Chevalier和Scharfstein(1996) ,以及Campello和 Fluck(2003)認為當景氣變差時,負債較多的公司比較容易有流動性限制,所以會縮減市場的投資。本研究使用panel data的衡量方法,以2000年至2003年的台灣上市公司為樣本,發現擁有較多負債的公司,會縮減推廣或R&D的投資,其非價格競爭策略較為消極。當景氣不好的時候,負債較多的公司也會有比較消極的非價格競爭策略。
關鍵字(中) ★ 資本結構
★ 競爭策略
關鍵字(英)
論文目次 第一章 緒論…………………………………………………1-2
第二章 文獻探討……………………………...………...…3-11
第一節 競爭策略………...……………………………………...….3-4
第二節 資本結構和產品市場策略之關係...………………………4-9
第三節 景氣循環之影響………………………………………….9-11
第三章 研究方法…………………………………...…….12-25
第一節 研究假說…..……………………………………….…....12-14
第二節 樣本篩選……...…………………………………………14-15
第三節 基本實證………………………………………………...15-22
第四節 景氣循環之考量……………………….………………..22-25
第四章 研究結果…………………………………………26-52
第一節 敘述統計…………………………….……………….….26-30
第二節 基本實證之結果…………………….…………………..30-40
第三節 景氣循環考量之結果……………….…………………..40-49
第四節 整合分析……………………………...………………..50-52
第五章 結論………………………………………………53-54
文獻………………………………………………………..55-58
附錄………………………………………………………..59-60
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指導教授 洪榮華(Jung-Hua Hung) 審核日期 2005-6-22
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