| Summary: | 碩士 === 國立雲林科技大學 === 財務金融系 === 105 === In this study, we explore the impact of different corporate lifecycle on financing strategy by utilizing non-financial firms from 1995 to 2015 in Taiwan as sample and further making use of different corporate lifecycle identifying methods, including Ratio of Retained Earnings, Descriptor Composition and Cash Flow Patterns. Specifically, we examine the effect of different corporate lifecycle on firm’s financial strategy and the effect of different corporate lifecycle on firm’s debt and equity financing. The empirical evidence shows that the different corporate lifecycle would influence financing strategy. Compared to firms in maturity stage and decline stage, firms in start-up stage and growth stage tend to need financing. Based on the above results of different methods for identifying corporate lifecycle, we find that firms in start-up stage and growth stage tend to adopt equity financing, while firms in maturity stage tend to adopt debt financing.
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