CAJ | 학술논문

本文对1233家台湾高科技企业的短期融资战略进行实证研究，结果表明：高科技企业的流动性、信用评级、获利能力对采用激进型短期融资策略有正向影响，而发行成本、公司规模和负债水平对采用激进型策略有负向影响。发行成本对高科技企业采用稳健型策略有正向影响，而流动性、信用评级、获利能力负向影响高科技公司采用稳健型策略。流动性低的上市高科技企业更倾向于采用保守型策略。在此基础上，就短期资金市场的前置因素与企业短期资金市场的融资战略选择及其匹配进行了研究，阐述了在不同条件下企业的短期融资组合战略及其规律，以期对中国大陆高科技企业提供借鉴。
본문대1233가태만고과기기업적단기융자전략진행실증연구，결과표명：고과기기업적류동성、신용평급、획리능력대채용격진형단기융자책략유정향영향，이발행성본、공사규모화부채수평대채용격진형책략유부향영향。발행성본대고과기기업채용은건형책략유정향영향，이류동성、신용평급、획리능력부향영향고과기공사채용은건형책략。류동성저적상시고과기기업경경향우채용보수형책략。재차기출상，취단기자금시장적전치인소여기업단기자금시장적융자전략선택급기필배진행료연구，천술료재불동조건하기업적단기융자조합전략급기규률，이기대중국대륙고과기기업제공차감。
This paper conducts an empirical study on the short-term financing strategy of 1233 high-technology companies in Taiwan. The results indicate that high-technology enterprises with higher liquidity, credit rating and profitability and lower issuance cost, liabilities level and smaller company size tend to adopt radical short-term financing strategy, whereas high-tech- nology enterprises with higher issuance cost and lower liquidity, credit rating and profitability tend to adopt moderate short- term financing strategy. Listed high-technology companies with lower liquidity are more apt to adopt conservative short-term fi- nancing strategy. It further studies the antecedents of short-term capital market and enterprises＇choice of financing strategy in short-term capital market as well as their match. This paper can provide some enlightenment for the high-technology companies in China mainland as to the development of short-term capital market.