| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 92 === In order to increase the value of corporate and achieve sustainable management, firms should set up appropriate business strategy accounting to various exterior environment and inner condition at each stage of development process. This paper relies on this rule to research which financing strategy adopted by Taiwan’s TSE and OTC manufacturing companies at each stage of corporate lifecycle.
First, according to the two conditions of good corporate lifecycle classification by Kazanjian & Drazin (1989), reliability and validity, find out the factor-clustering method is the most appropriate method of corporate lifecycle classification. Second, after making many experiments, using the mean of age, total assets, asset growth ratio, debt ratio and ROA across three years can obtain the best corporate lifecycle classification. Third, this paper uses the result of corporate lifecycle classification and discrimination analysis to develop corporate lifecycle estimation model.
Finally, accounting to the practical method of financing strategy by Shyam-Sunder & Myers (1999), this paper finds out firms in the growth stage tend to adopt the financing strategy of targeted capital structure, firms in the maturity stage tend to adopt both financing strategy of optimal capital structure and pecking order theory, firms in the decline stage tend to adopt the financing strategy of pecking order theory.
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