財務槓桿對公司投資之影響─台灣上市電子業為例

• Main Author: 曾詠稜
• Other Authors: 陳美華
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/3u2bz5

碩士 === 國立彰化師範大學 === 商業教育學系 === 95 === Abstract This study investigates the impact of financial leverage on the firm’s investment decisions using the Taiwanese electronic industry as the sample, and examines the relationship between leverage and firm investment by panel data analysis. This study takes into account the growth opportunities whether the negative relationship between investment and leverage can be changed or not. It shows that leverage is negatively related to investment. It suggests that corporate faces more underinvestment problems, and result in corporate value declining. The negative relationship of leverage and investment will be decreased for those firms with high growth opportunities. It implies that debt costs can be decrease. Thus, firms with high growth opportunities can more easily refinance and recapitalize in the capital market. Our results imply that leverage has stronger negative impact on investment for firms with low growth opportunities than for firms with high growth opportunities. Our results provide support to agency theories of corporate leverage, and especially o the theory that leverage has a disciplining role for firms with weak growth opportunities.