本文主要探討臺灣地區上市公開發行公司資本結構變化、財務槓桿操作對股價報酬率與資產報酬率的關係，並進一步引入人民幣在2005年與2010年匯率機制改革前、後匯率風險干擾因子，同時針對不同波動性程度分析兩者關聯性之變化，實證結果顯著發現資本結構變化及人民幣匯率機制改革對股價報酬率與資產報酬率，兩者具有顯著相關。 另外，在2010年人民幣匯率機制改革之後，財務槓桿操作對資產報酬率與股價報酬率的影響變得不顯著，此原因可推究於；廠商交易意願，公司營運與避險需求，預期報酬心理等因素所引致，故本研究建議投資人可引入匯率波動性指標，政府應適時開放法人交易，公司應進行全面性匯率、利率避險。 This essay aims to discuss the changes of capital structure toward stock returns and return on assets, with a further introduction of interference factors of RMB exchange rate risks. The correlational changes of both the factors would be analyzed in terms of different fluctuation levels. The empirical results show significant discoveries: both the factors have positive correlations. Reasons can be deduced from the willingness of trading firms, the company operational requirements, and the psychology of return expectation. Thus, this study suggests the investors to include exchange rate fluctuation index, while the government shall timely open up to corporate transactions and the corporate should carry out overall exchange rate and interest rate hedging.
