本研究探討高、低負債比企業在金融危機與非危機期間其資本結構之決定因素是否不同？以及探討資本結構決定因素與權益資金成本之關聯性，希能發現採不同融資政策企業處在金融危機與非危機期間，應注意何種財務變數對資本結構和權益資金成本有較大的影響，做為企業調整資本結構的著力點。本論文以2001年1月1日至2009年12月31日台灣上市公司季資料為樣本，以比較法進行研究，包括高、低負債比企業在不同金融情境間的比較。實證結果顯示：一、高負債比企業在危機時期需更注意獲利能力及現金股利率對於資本結構之影響。二、高負債比企業在危機時期比在非危機時期，資產抵押價值、應收帳款週轉率、獲利能力、速動比率及股東權益報酬率對於權益資金成本的影響更為顯著，故高負債比企業處在危機期間更需注意上述因素之操作。 This study investigates whether the determinants of capital structure between high and low debt ratio corporation to be the same in the financial crisis (or no crisis) period, and examines the association between the determinants of capital structure and the cost of equity. This study focuses to find what financial variables to be important for the high debt ratio corporations as they will want to adjust the capital structure. The sample investigated includes 745 listed firms, using seasoning data form January 1, 2001 to December 31, 2009. The regression analysis and the comparative approach were used to find that the financial variables affect changes in capital structure and cost of equity. The empirical results show that the impact of the profitability and cash dividend paid on the capital structure is significantly higher for the high debt ratio corporation than the lower debt ratio corporation. The impact of some financial variables of high debt ratio corporation on the cost of equity is significantly higher for the crisis period than for the no crisis period. The significant financial variables includes the secured debt, accounting receivable turnover ratio, profitability, quick ratio and return of equity must be concerned as making the financing policy.
