自從Modigliani and Miller(1958)發表之後，與公司資本結構相關的研究大量的出現。然而近期的研究如Flannery and Rogan(2006)和Morellec et al.(2012)發現：企業確實存在最適資本結構，而且不同的企業特質會影響其調整至最適資本結構的速度。本篇研究我們使用的資料為1995至2016年台灣上市櫃公司，並去除金融產業公司的資料做為樣本。在研究方法的部分我們使用Blundell and Bond’s (1988) 中的System GMM Estimation Method來估計不同企業每一期的最適資本結構，可以得到較為一致性的統計量。另外，我們也參考Chen, Gao, and Wang(2016)使用的Partial Adjustment Model為實證模型來刻畫資本結構變化的速度。
而在參數方面我們綜合考慮了企業的成長機會、公司治理等因素來探討這些變數如何影響企業的調整速度以及方向，並研究在舉債不足、過度舉債以及金融危機發生時的影響效果是否一致。這樣的做法相較於之前的文獻更能準確的分析出影響企業調整速度的原因。我們預期結果將使我們更了解企業在調整資本結構的考量因素，以及如何提高其調整速度，使企業價值達到極大化。

Since the Modigliani and Miller (1958) was published, a large number of capital structure studies appears. However, recent studies such as Flannery and Rogan (2006) and Morellec et al. (2012) argued that firms do have an optimal capital structure. Besides, different corporate characteristics may affect their speed of adjustment to target capital structure. We use the company of Taiwan’s listed company at stock exchange and over-the counter market from 1995 to 2016 as our sample. Following the literature, we exclude financial and utility firms, then we use System GMM Estimation Method to estimate the target capital structure for each period of our sample. In addition, we refer to Chen et al. (2016), using the Partial Adjustment Model as the empirical model to describe the rate of change in capital structure.
In terms of independent variables, we consider the growth opportunity and the corporate governance of the firm in order to look into how these factors affect the speed of adjustment. Furthermore, we test whether these variables’ effect remain the same when the firm is in underleverage, overleverage or in financial crisis. We expect the results will enable us to a better understanding of the factors in the adjustment of capital structure.

摘要...........................................................Ⅰ
Abstract.......................................................Ⅱ
致謝...........................................................Ⅲ
目錄...........................................................Ⅳ
表目錄.........................................................Ⅵ
圖目錄.........................................................Ⅶ
第一章、緒論....................................................1
第一節：研究動機與目的..........................................1
第二節：研究架構................................................2
第二章、文獻回顧................................................3
第一節：部份調整模型與動態資本結構..............................3
第二節：設立假說................................................8
第三章、研究方法...............................................10
第一節：部份調整模型...........................................10
第二節：修正後部分調整模型.....................................12
第四章、資料說明...............................................14
第一節：樣本來源...............................................14
第二節：敘述統計量分析.........................................14
第五章、實證結果與分析.........................................19
第一節：公司調整速度與資本結構決定因素.........................19
第二節：企業成長機會變數與公司治理變數之影響...................22
第三節：穩健性檢定.............................................25
第一項：舉債不足與過度舉債.....................................25
第二項：金融危機的影響.........................................29
第六章、結論與建議.............................................33
參考文獻.......................................................35

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