Pecking Order Theory and Industry Dynamics in Taiwan High-Technology Industries
碩士 === 國立中山大學 === 經濟學研究所 === 95 === This paper studies the relation between the pecking order theory and industry dynamic. First,we discuss the contribution in industry between debt and equity. And we analyze all possible sorts of debt and equity. Then,we verify the pecking order theory is not exist...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2008
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| Online Access: | http://ndltd.ncl.edu.tw/handle/07383222731054917402 |
| Summary: | 碩士 === 國立中山大學 === 經濟學研究所 === 95 === This paper studies the relation between the pecking order theory and industry dynamic. First,we discuss the contribution in industry between debt and equity. And we analyze all possible sorts of debt and equity. Then,we verify the pecking order theory is not exist in Taiwan’s high tech. The empirical work is based on firm level data of Taiwan high-technology industries during 2003 ~2007. The empirical results show that (1) debt capital ‘s contribution is negative and equity capital’contribution is uncertainty.(2) we can observe high-tech industries in Taiwan are high risk and great development and still need government subsidy.Cause of high-tech’s uniqueness ,manager will give up the plan of net present value over one,and like finance in equity without interest expense. Consequently,Pecking Order theory is not proven in Taiwan’high tech industries.
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