摘 要 近十年來電子業成長之快速有目共睹，成長力高居所有產業之冠，因此本研究以民國81-90年間之台灣電子業上市公司為對象，依其營業項目及產業特性劃分為五大類，探討產業因素是否為資本結構產生差異的重要原因，及各類產業間之資本結構是否存在顯著的差異。並找出影響各類產業負債比率的十多個重要變數來建構研究假說。 為同時捕捉時間序列縱斷面與橫斷面的變化，以固定效果平面資料迴歸（Fixed effect panel data regression）模型分析為研究方法，運用多元迴歸模式實證分析及t值檢定來觀察其解釋能力是否顯著。並且為了避免各變數間高度相關，產生複共線性，因此透過皮爾森積差相關分析，將其影響因素剔除。 經由實證分析結果顯示上市電子公司之資本結構與其所屬類別有顯著相關，各類產業間其資本結構有顯著差異。實證結果也顯示相同類別之企業有近似的負債比率。且各類別產業間負債比率平均值大小的排列順序也大致保持穩定狀態。本研究結果應可提供一企業的財務決策者決定該企業最佳資本結構之重要參考。 Abstract The main purposes of this thesis are （1）to find out if the industrial classification is a key factor influencing capital structures. （2）to explore if there exist significant differences in capital structures between different kinds of electronic industry. The period of this study covers ten years from 1992 to 2001 for listed electronic corporations in the Taiwan Stock Exchange by dividing them into 5 different sub-industries, based on business lines and industry characteristics. In order to explore the industrial influences and the impact of other variables on the firm’s capital structures, we establish research hypothesis with 15 variables. This study applies the Fixed Effect Panel Data Regression and Multiple Regression Analysis as the empirical research methods. In the meanwhile, we based on the results of the Pearson Product-Moment Correlation Analysis to avoid multicollinearity. The empirical results reveal that there are significant differences in capital structure between different kinds of electronic industries and industries classification is significant in determining the capital structures of corporation. This research can help the corporate financial management in making the decision for a best capital structure.
