The Influential Factors of Financing Policy-A Comparison between prior and post listed Companies

• Main Authors: Chen Mei Hsu, 陳美旭
• Other Authors: Weng Nei
• Format: Others
• Language: zh-TW
• Published: 2000
• Online Access: http://ndltd.ncl.edu.tw/handle/16716508216092118348

碩士 === 東吳大學 === 會計學系 === 88 === This study compares the influential factors of financing policy of business between prior and post listed Companies. The sample consists of 268 IPOs between 1984 and 1996. The data of each sample covers 3 years of business prior to and subsequent to IPO year. This study applies two-paired t test, simple regression and stepwise regression. The empirical results are:(1) The company’s debt ratio subsequent to IPO year is smaller than the debt ratio prior to IPO year. (2) The company’s growth rate, size, and collateral value of assets have positive relationship with the debt ratio. The company’s dividend payout ratio and profitability have negative relationship with the financing policy. (3) The factors which influence the financing policy of business prior to and subsequent to IPO year are different. (4) Financial distress company’s debt ratio subsequent to IPO year is smaller than the debt ratio prior to IPO year. Financial distress company’s debt ratio subsequent to IPO year is larger than the normal company’s debt ratio subsequent to IPO year.