資本結構決策一向是公司管理者的重要課題，不論是國際企業或本國企業皆然，但是國際企業面臨更複雜的國際環境因素，尤其是匯率風險與政治風險。本研究以275 家上市公司為樣本進行分析，主要目的在於分析國際因素與MNC資本結構決定之相關性，並探討本國企業與國際企業決定因素是否其有差異。研究結果發現：國際資本結構決定之主要因素為獲利能力、成長性、企業風險、資產抵押價值、產品獨特性、債務監督成本、匯率風險與政治風險等八項因素。 Capital structure decision is one of important topics of corporate financial managers whether in multinational corporations or in domestic corporations . Multinationaol coporation face more complicated international environment factors, especially uniquely international factors such as exchange rate risk and political risk. This study using
275 sample data co l lected from listed companies in Taiwan stock market to analysis . The purpose of this study are to find whether specific international factors are relevant to the capital structure of multinational corporations, and to find whether there are systematic differences in the traditional capital structuredeterninants between MNC and DC . The main f inding of this study is that the optimal capital sturcture determinants of MNC include some factors such as profi tabi1ity, growth rate, business risk, asset collateral, product uniqueness, debt monito ri ng cost , exchange rate risk and political risk.