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    ASIA unversity > 管理學院 > 財務金融學系 > 會議論文 >  Item 310904400/63652

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/63652

    Title: How and When Do Firms Adjust Their Capital Structures toward Targets?- Manager Debt Tendency
    Authors: 王瑪如, 林哲瑋
    Contributors: 國立高雄第一科技大學財務管理系
    Keywords: Target Capital Structure, Debt Tendency, Similar Parallel, Quasi-Constant,Quantile Regression
    Date: 2010
    Issue Date: 2013-08-07 09:22:40 (UTC+8)
    Publisher: 國立高雄第一科技大學財務管理系
    Abstract: Previous study did not explore the manager’s debt tendency to influence the
    target capital structure. This study wants to defines “Debt Tendency Coefficient” to
    explore differences of Taiwan managers’ debt tendency and to verify the existence of
    target capital structures. After knowing existence of debt tendency coefficient, this
    study will use quantile regression alternative to general regression to estimate the
    target debt ratio. In order to understand the Taiwanese managers towards target capital
    structure adjustment process and characteristics.
    If firms adjust their capital structures toward targets, and if there are adverse
    selection costs associated with asymmetric information, Byoun(2008) suggested a
    financing needs-induced adjustment framework to examine the dynamic process by
    which firms adjust their capital structures. And he found that most adjustments occur
    when firms have above-target (below-target) debt with a financial surplus (deficit).
    Byoun (2008) used the U.S. data and adopted ordinary least squares estimators as
    all the company's target debt ratio estimators. He received the same results with the
    prior forecast. The samples were classified as moderate tendency to borrow enough
    samples sufficient to ignore the use of ordinary least squares estimator bias resulting
    from impact of the financing needs-induced adjustment framework.
    However, we initially found that there are many managers of low debt tendency
    in our sample of Taiwanese listed companies, unlike the U.S. data that is most of the
    sample of moderate debt tendency. At this point, if the use of ordinary least squares
    estimators as all the company's target debt ratio estimator may occur very serious
    estimated bias of target debt ratio ,it lead validation of" financing needs-induced
    adjustment framework " to be unable do the right observation. As such, we plan to
    switch to quantile regression estimator, as all of the company's target debt ratio
    estimator to improve the target debt ratio is estimated bias, with a view to the
    satisfaction of the successful predictions in advance, and found that the capital
    structure adjustment framework under Taiwan's managers of unique low-debt
    Relation: 2010中部學術財金研討會 論文發表
    Appears in Collections:[財務金融學系] 會議論文

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