| Summary: | 碩士 === 國立暨南國際大學 === 財務金融學系 === 92 === Abstract
The thesis is mainly discussing two issues. There are two issues being discussed in this thesis. One is the differences in the capital structure among MNCs, DCs, and companies investing in Mainland China. The other one is the effect of capital structure on Taiwan’s companies investing in Mainland China. I choose 114 sample companies from 1998 to 2002 and divide them into information technology (IT) industry and non-information technology (NIT) industry to analysis two issues mentioned above. The thesis uses panel data analysis.
The findings are as follows:
First, there are significant differences among MNCs, DCs and companies investing in Mainland China. Second, we find that for the companies in the NIT industry, the higher the degree of investment in Mainland China the lower long-term and total debt ratio they will be, however, the influence of short-term debt ratio is insignificant. For the IT companies, the influences of debt ratio are insignificant. Third, we separate the sample period into two periods, and we find that after the Presidential Election, the companies in the NIT industry have higher long-term debt ratio and total debt ratio. However, the influence of debt ratio is insignificant for the IT companies. As a result, we can conclude that the presidential election has more influence on companies in the NIT industry than those in the IT industry.
In the last phases, I put the above variables together, presidential election and the degree of investment in Mainland China, to understand their influence on the capital structure. As a result, there is positive effect for the companies in the NIT industry.
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