STUDY ON THE OPTIMAL CAPITAL STRUCTURE AND THE ESSENTIAL FACTORS AFFECTING ON THE MAJOR CONSTRUCTION COMPANIES IN TAIWAN
| Autor: | Kuo, Su-Chen, 郭素貞 |
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| Rok vydání: | 1998 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 86 The capital structure reflects the capital activities for enterprise managers as well as the important indicator for judging the long-term debt-paying ability of investors. Since Modigiliani and Miller proposed the "capital structure irrelevance theories" in 1958, the capital structure has become one of the major emphasis of finance theories.The study mainly examines on the capital structure of construction companies in Taiwan. Two major stages could be identified in the study; one is to examine on the essential factors affecting capital structure of construction companies in Taiwan, and the other is to explore the optimal capital structure for the companies.At the first stage, two different models on capital structure are generated. The capital structure for the two models is defined by gross debt ratio and short-run debt ratio respectively. Mortgage value of assets, the natural logic value of company total asset, the natural logic value of adjusted corporate tax rate are negative relation of gross debt ratio. It is clearly that the adjusted corporate tax rate is positive relation with the gross debt ratio. The result is very different from other experimental studies of other industries.The second stage of the study is to investigate the optimal capital structure for construction companies. First, the mathematical programming is employed to find out the crisp solution. Second, the fuzzy theory is employed to find out the fuzzy solution. As the closure, a comparison is made among the past ratio, the estimated capital structure by regression, and the optimal capital structure. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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