臺灣博碩士論文加值系統

Jensen & Meckling (1976) 指出，當公司存在代理問題時，證券分析師扮演了重要的外部監督角色。因此，本研究利用結構方程模型法為實證分析方法，探討在分析師監督機制之下，代理成本與資本結構之間的因果關係，包括資本結構單向影響代理成本及代理成本單向影響資本結構，以及資本結構與代理成本間所產生的相互影響；並且驗證資本結構與代理成本的決定因素。經過實證分析得到下列結果：
1. 資本結構對代理成本的單向影響為負向，但未達顯著水準。然而，負向的符號仍符合Jensen & Meckling (1976)對於增加負債的使用可以降低權益之代理成本的主張。
2. 代理成本對資本結構的單向影響為負向且顯著，符合Kim(1982)的主張，當公司發生的代理成本高時，則公司將運用較少的負債。
3. 實證結果顯示資本結構與代理成本之間相互影響的情形為：資本結構對於代理成本的影響為正向且顯著，代理成本對於資本結構的影響為反向且顯著。代理關係所產生之代理成本因股東與管理當局間、股東與債權人間之代理問題，區分為權益代理成本及負債代理成本。當公司使用較多的負債時，伴隨負債而來的代理成本會增加；而由於公司所發生的負債代理成本為高，所以公司在資本結構中將運用較少的財務槓桿。

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究流程與架構 3
一、研究流程 3
二、研究架構 4
第二章 文獻探討 5
第一節 資本結構理論 5
第二節 代理理論 7
一、股東與管理者間的代理問題 7
二、股東與債權人間的代理問題 ..9
第三節 代理成本之衡量指標與其決定因素 11
一、代理成本之衡量指標 11
二、代理成本之決定因素 11
第四節 資本結構之衡量指標與其決定因素 16
一、資本結構之衡量指標 16
二、資本結構之決定因素 18
第五節 資本結構對代理成本的影響 23
第六節 代理成本對資本結構的影響 25
第七節 理論模型與研究假說 26
第三章 研究方法 34
第一節 結構方程模型 34
第二節 模型評估 41
第三節 變數操作型定義 44
第四章 研究結果分析 47
第一節 樣本資料分析 47
第二節 實證結果分析 52
一、模型一：代理成本(MIMIC) 52
二、模型二：資本結構(MIMIC) 55
三、模型三：資本結構影響代理成本(單向) 58
四、模型四：代理成本影響資本結構(單向) 61
五、模型五：代理成本及資本結構之相互影響(雙向) 64
六、綜合分析 68
第五章 結論與建議 69
第一節 結論 69
第二節 研究限制及建議 71
參考文獻
一 中文部份 72
二 英文部份 73
附錄
附錄圖一：代理成本(MIMIC) 78
附錄圖二：資本結構(MIMIC) 79
附錄圖三：資本結構至代理成本(單向) 80
附錄圖四：代理成本至資本結構(單向) 81
附錄圖五：資本結構及代理成本(雙向) 82

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