Dynamic Capital Structure Adjustment and Payout Policy

• Main Authors: Chen, Yu-Syue, 陳玉雪
• Other Authors: LIN,Kuen-Li
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/63ty45

碩士 === 逢甲大學 === 財務金融學系 === 106 === The study investigates dynamic capital structure’s speed and whether liability adjustments in industry affect industry’s payout, using Taiwan’s industry during the 2008-2015 period. The sample contains 10,192 observations and a total of 1,274 industry. The paper shows different dividend payout and industry structure adjustments from electronics industry and non-electronic industry. The paper shows that Taiwan’s industry exist target capital structure is support to the theory of dynamic trade-off. Second, when Taiwan’s industry diverges from target capital structure, electronic industry adjustment speed is slower than non-electronic industry under BDR. But electronic industry adjustment speed is fast than non-electronic industry under MDR. Third, liability ratio is associated with dividend payout. Also, electronic liability diverges is associated with electronic payout. Further dividing the liability diverges into liability surplus and liability shortfall will have different effects. In the case of the underlying liability ratio, the liability surplus of electronic industry is preferred to pay more funds, and the liability surplus of non-electronic industry is less likely to pay less funds. When the market value of liability ratio, the liability shortfall electronic industry will choose to retain funds.