作者
高子荃^* (崑山科技大學財務金融系)
詹淑慧 (高雄第一科技大學管理研究所)

Authors
Tzu-Chuan Kao^* (Department of Finance and Banking, Kun Shan University)
Shu-Hui Chan (Department of Finance and Banking, Cheng Shiu University College of Management; National Kaohsiung First University of Science and Technology)

中文摘要
本文以 Gibrat (1931) 的成長模型為基礎，加入外人直接投資與財務結構二個構面延展成新的廠商成長模型，應用 Koenker and Bassett (1978) 的分量迴歸法實證探討 680 家台灣資訊電子廠商於 2000 年至 2004 年間，在不同廠商規模分量下影響廠商成長的因 素。實證結果顯示規模愈小、愈年輕及與國外技術差距愈小的廠商成長愈快。在外人直接投資之外溢效果方面，外人直接投資對 中、大型規模的被投資廠商有顯著為正的影響，但外資的進駐並未提升本國廠商成長，反而對中、小型規模的廠商產生負的外溢效果。在財務結構方面則顯示無論廠商規模大小，流動比率愈高的廠商成長愈快，但小型規模的廠商若過度舉債將會阻礙成長。

Abstract
This study combines Gibrat’s model of the process of growth, foreign direct investment (FDI) and financial structure to extend a new firm growth model. This study uses a sample of 680 firms operating in Taiwan Electronic and Information industry during the 2000-2004 periods, and applies quantile regression techniques proposed by Koenker and Bassett (1978) to analyze the marginal effects of the proposed firm growth model given different quantiles of firm size. The empirical results indicate that smaller, younger and smaller technological gap between domestic and foreign firms tend to grow faster. For the spillover effects from FDI, this study finds that FDI positively affects the growth of the invested middle and large firms, but negatively affects the growth of middle and small domestic firms. For the effects of financial structure, this study shows that maintaining higher liquidity tend to grow faster for any firms, but larger debt overhang would prevent the growth of small firms.

中文關鍵字
外人直接投資；技術差距；廠商成長；財務結構；分量迴歸

Keywords
Foreign Direct Investment; Technological Gaps; Firm Growth; Financial Structure; Quantile Regression