A Study on Capital Structure of Chunghwa Telecommunication Corporation
|關鍵字:||資本結構;中華電信公司;capital structure;Chunghwa Telecommunication Corporation|
|摘要:||自1958年Modigliani & Miller提出對資本結構的主張後，對於公司企業是否存在一最適資本結構之問題，一直是眾說紛云，成為財務管理領域中備受爭議之焦點。綜觀資本結構理論所探討的重點在於能使公司的資金成本最低化，而促使公司價值的最大化。
Ever since Modigliani & Miller proposed their theory on capital structure, there have been disputes on whether there exists an optimal capital structure for corporate, which has also been one of the major issues in the field of financial management. The essence of capital structure theory lies in minimizing capital cost while maximizing corporate values at the same time. Though the telecommunication industry emerges in the trend of liberalization, researches on their capital structure have been limited as private companies established quite late and not much information available on this regard. CHT (Chunghwa Telecom Co., Ltd.), covering type Ⅰand type Ⅱ telecommunication enterprises, has operated more than 100 years, and is a good subject for studying the determinants of capital structure. Based on literature reviews of both foreign and domestic professionals, and analysis on historical data of CHT, this study first establishes a single regression model to verify significant determinants and their way of influences, then includes other determinants step by step to make the multiple regression model more thoroughly. The conclusions can be listed as follows: (1) Since its liability rate is as low as 16% and most liabilities are short-term in nature the capital structure of CHT can best be described as sound and conservative. (2) The major determinants influencing capital structure are the following: the rate of total liability have positive relationship with firm’s size, collateral value of assets and variable of reorganization, while negative relationship with non-debt tax shield; the rate of short-term liability with growth, non-debt tax shield, dividend policy and variable of reorganization have positive relationship; and the rate of long-term liability with profitability, collateral value of assets and variable of reorganization have positive relationship, while negative relationship with non-debt tax shield and business risks.
|Appears in Collections:||Thesis|