投資、融資與股利政策是企業三大財務政策，財務學與會計學均認為其中任一政策之決定均會影響企業價值。而融資決策相關理論，從Modigliani and Miller探討無稅(1958)與有稅(1963)的資本結構理論以來，融資決策與企業價值關係的研究相當多，但考慮破產成本後仍然無法得到一致性的結論。近年來企業面對地區和全球性金融風暴後，從實務上已發現經濟周期對企業價值的影響可能較以往瞭解的更大，尤其處在經濟衰退期，融資決策與企業價值的關係是否與繁榮期不同？其間的關係是否也受產業因素的影響？在實證研究上，融資政策常以負債比高低代理，企業價值則以權益報酬為衡量。本文研究期間為1997年到2008年，以台灣上市、上櫃公司為研究對象，以高科技產業與非高科技業產業為樣本，探討不同景氣周期狀況(區分為繁榮期與衰退期)，瞭解企業融資政策對權益報酬之影響以及不同景氣周期下與不同產業對融資政策策與權益報酬間關係之影響。本研究實證結果如下: 1. 在景氣繁榮期下，負債比率對股東權益報酬率並沒有顯著影響；在景氣衰退期，負債比率愈高，股東權益報酬率愈低。2.不論在景氣繁榮期或是景氣衰退期下，高科技產業的負債比率對於股東權益報酬率並沒有顯著影響；非高科技產業，在景氣繁榮期下，負債比率對於股東權益報酬率沒有顯著影響，在景氣衰退期下，負債比率愈高，股東權益報酬率愈低。 Investment, financing and dividend policy are the financial policy of the company, form finance and accounting view, any policy decisions which will affect the firm value. Modigliani and Miller in 1958 assert capital structure is irrelevant, but in 1963 their state is relevant. They suggested firm’s average expected return increases with higher leverage. In recent years, enterprises face the regional and global financial crisis. It has been found that the enterprise value is influenced by the business cycle. In particular, the relationship between financing policy and firm value is there a difference in the prosperity and recession period? And are the relationship affected by the industry characteristics? The data of this study from 1997 and 2008 based on listed companies and OTC companies. The results show that debt ratio does not significantly affect return on equity in the prosperity period; Debt ratio is higher, return on equity is lower in the recession period. Whether in prosperity or recession, the high-tech industry’s debt ratio for return on equity has no significant impact. Non-high-tech industry in the prosperity, debt ratio has no significant impact as well. During the recession period, debt ratio is higher, return on equity is lower.
