Business Characteristics and Capital Formation

• Main Authors: Hsinyi Lin, 林心怡
• Other Authors: Chen-en Ko
• Format: Others
• Language: zh-TW
• Published: 1994
• Online Access: http://ndltd.ncl.edu.tw/handle/16685801724563592121

碩士 === 國立臺灣大學 === 會計學研究所 === 82 === The main purpose of this study is to investigate relationship betweeen business characteristics and capital formation in Taiwan. The study uses mutiple indices including of directors, financial characteristics, and operating characteristics to classify the listed firms. Capital formation includes seasoned equity offering, stock issuing based on retained earnings, and stock issuing for surplus capital. Debt ratio, growth rate, yield ratio, affiliated , firm size and industry type are eight variables used to the business characteristics. The analytical methods include t-test, Chi-square test, and multivariate mutiple regression. The results can be summerized as followed: 1. The seasoned equity offering is favored by almost all listed firms during 1973 to 1986. 2. The debt ratio is positively related with the seasoned equity offering. 3. The growth rate is positively related with the seasoned dir equity offering. 4. The higher the yield ratio is, the more likely the stock based on retained earnings is adopted. 5. Affiliated enterprise adopted the stock issuing based ongs more often than the non- affiliated did. On the other hand, the of firm size, family- related director, and inside director re- lated with the method on capital formation are not clear.