This study intends to examine the choices of capital structure from Taiwanese electronic firms. Empirical results here provide the evidence that Taiwanese electronic firms follow the different financing behaviour depending on the level of profitability. This study adopts two separated processes: First, we adopt Panel Unit Root Tests and find that under the different profitability the firms have different financing behaviors. Second, we adopt the model of Watson and Wilson (2002) to determine the order of the capital. We find out that the firms with a high level of profitability support the pecking order theory but the firms with a low profitability turn to support the static trade-off theory. However, the firms with the medium profitability cannot have any significant results.
展开▼
机译：本研究旨在考察台湾电子公司对资本结构的选择。这里的经验结果提供了证据，表明台湾电子公司根据获利水平而遵循不同的融资行为。这项研究采用两个独立的过程：首先，我们采用面板单位根检验，发现在不同的获利能力下，企业具有不同的融资行为。其次，我们采用Watson and Wilson（2002）的模型来确定资本的顺序。我们发现，获利能力高的公司支持啄食顺序理论，而获利能力低的公司则转向支持静态权衡理论。但是，具有中等盈利能力的公司不会有任何重大成果。
展开▼
