公司資本結構與其上游廠商特性之關係 (Capital Structure and the Characteristics of Suppliers)

ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic) Pub Date : 2016-07-29 DOI:10.2139/ssrn.2815785

Yu-ting Luo, Xiu-hui Zeng, T. Lin, Ru-shan Yeh, Shuming Liang

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Abstract

Chinese Abstract: 本研究探討公司的資本結構與其上游公司特性的關係，以臺灣上市製造業公司為研究樣本，研究期間為2009年至2010年。實證結果發現，上游廠商的研發費用越多以及給員工的薪酬越多，代表專屬投資程度越大，公司負債水準就越低；上游廠商集中度越高，公司就必須提高負債比率以增加議價能力。因此，資本結構不只取決於公司本身特性、與同業競爭狀況，甚至和上游廠商的特性有關係。 English Abstract: This paper investigates the interactions between the characteristics of suppliers and firms’ capital structure. Using Taiwanese industrial firms as a sample, we provide evidence that there is negative relationship between firms’ debt ratio and the relation-specific investment of their suppliers. We also find that the debt ratio increases with the concentration of the supplier industry. These findings suggest that capital structure depends not only on the characteristics of the firm itself, but on the characteristics of its stakeholders like suppliers.

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公司资本结构与其上游厂商特性之关系 (Capital Structure and the Characteristics of Suppliers)

Chinese Abstract: 本研究探讨公司的资本结构与其上游公司特性的关系，以台湾上市制造业公司为研究样本，研究期间为2009年至2010年。实证结果发现，上游厂商的研发费用越多以及给员工的薪酬越多，代表专属投资程度越大，公司负债水准就越低；上游厂商集中度越高，公司就必须提高负债比率以增加议价能力。因此，资本结构不只取决于公司本身特性、与同业竞争状况，甚至和上游厂商的特性有关系。 English Abstract: This paper investigates the interactions between the characteristics of suppliers and firms’ capital structure. Using Taiwanese industrial firms as a sample, we provide evidence that there is negative relationship between firms’ debt ratio and the relation-specific investment of their suppliers. We also find that the debt ratio increases with the concentration of the supplier industry. These findings suggest that capital structure depends not only on the characteristics of the firm itself, but on the characteristics of its stakeholders like suppliers.

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ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)

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