在縱橫資料分析法下，除了應付帳款比對公司的經營表現為正向影響外，其他資本結構皆為負向影響，以短期負債比及長期負債比具統計上之顯著性，說明在金融動盪時期，能自上游供應商處取得融通者似乎有助於在逆境中提升經營效率，其他資金融通方式則對企業之經營為負面影響。在橫斷面分析法下，以四種資本結構測試之結果為負向影響，僅長期負債比不具統計上之顯著性。接著再加入區分產業類別之虛擬變數測試之，則淨值比與長期負債比不具統計上之顯著性，而應付帳款比及短期負債比仍具統計上之顯著性，產業間的差異不明顯，引擎/傳動及轉向系統零組件業(IND1)略佳，車身系統零組件業(IND2)略差。最後，再加入多種公司治理變數測試之，員工人數較多的公司表現較差，或許表示規模大的或產品屬於勞力密集的公司表現較差；董事兼經理人持股比較高的公司同樣表現較差，一般而言，汽車零組件業多屬規模較小而家族控制較高的行業，其持股比例較高代表股權較集中，決策時程較短，而此結果顯示，為整體汽車產業所面臨的外在環境惡劣所致。在這二種控制變數下，四種資本結構變數皆呈現顯著的負面影響，因此可以確定資本結構的影響屬於負面。 This thesis takes the operating revenues of 19 auto-parts makers in Taiwan as sample to examine the effects of four capital structures, the ratios of net worth, long term debt, short term debts and account payables to the total assets, in coping with the financial crisis during the 2008 subprime financial storm. The event studies methodological approach is used for extracting the adverse effects of the aforementioned financial turmoil on the performance of the sample companies while an autoregressive model plays the role of predicting the normal revenues. The abnormal revenues are thereafter computed and analysized. In analyzing the abnormal revenues the performance of the sample companies during the event dates are compared and tested, and the regression analysis which regresses the individual abnormal revenures as well as the cumulated abornal revenues on the four capital sturctur indicators are conducted. Our empirical findings show that relying on both long and short term debts for accomodations during the 24 months period event dates has brought about significant adverse effects to the performance of the companies studied. The relying on account payables brings about negative effects to the companies’performance during the event dates.
