本研究主要目的是探討(1).臺灣上市公司資本結構影響因素；(2).資本結構與公司價值之關聯性。研究期間為民國82年至91年共計10年，研究樣本為18種產業，255家臺灣上市公司為對象。資本結構解釋變數包括：公司規模、資產抵押價值、非負債稅盾、公司獨特性、營業風險、獲利能力、營運現金流量、營業成長率、總資產成長率、現金股利發放率、長期轉投資支出、資本支出、大陸投資支出、經理人持股、董監事持股、法人機構持股、資本市場因素、貨幣市場因素及外匯市場因素共19個變數；資本結構以總負債比率、長期負債比率及短期負債比率為代理變數；公司價值以Tobin’s Q及附加市場價值(MVA)為代理變數，本研究利用簡單迴歸分析、多元迴歸分析、二次多項式迴歸分析及變異數分析為研究方法。根據實證結果顯示：

一、總負債比率與公司規模、資產抵押價值、資本支出、長期轉投資支出、大陸投資、董監事持股、外匯市場因素等呈顯著正相關；與公司獨特性、獲利能力、營運現金流量、法人機構持股、貨幣市場因素等呈顯著負相關。
二、長期負債比率與公司規模、資產抵押價值、資本支出、長期轉投資支出、大陸投資、資本市場因素、外匯市場因素等因素呈顯著正相關；與獲利能力、營業額成長率、總資產成長率、貨幣市場因素等呈顯著負相關
三、短負債比率與資產抵押價值、資本支出、長期轉投資支出、營業額成長率、總資產成長率、董監事持股等因素呈顯著正相關；與公司獨特性、獲利能力、營運現金流量、法人機構持股、外匯市場因素等呈顯著負相關。
四、根據逐步迴歸結果分析，以公司規模及資產抵押價值最具解釋力。
五、上市公司因產業別之不同，其負債比率包括短期、長期及總負債等皆有顯著性之差異。
六、股市多空頭時之總負債比率、長期負債比率有顯著之差異；但短期負債比率並無顯著差異。
七、根據二次多項式迴歸結果，以全部產業為樣本，發現總負債比率與公司價值呈負向關係；並無法支持最適資本結構理論之資本結構與公司價值為非線性關係，但符合代理理論之負相關假說。而各產業為樣本之迴歸結果，其中食品業、紡纖業、電機機械業、電器電纜業等得到向上凹之曲線關係，其結果與最適資本結構理論不符；而造紙業、橡膠業及航運業等得到向下凹之曲線關係，其結果符合最適資本結構理論；其餘大部份產業在統計上並無法證實如最適資本結構理論之說法。
八、上市公司因產業別之不同，其公司價值存在有顯著的差異

　　The main purpose of this study is to explore (1) the influencing factors on the capital structure of Taiwan listed companies. (2) the relatedness between capital structure and firm value. The period of this study covers ten years from 1993 to 2002, and the samples include 255 companies and 18 Industries of Taiwan listed companies. There are 19 factors chosen as the explanatory variables , including corporate size, assets mortgage debt，non-debt tax shields, uniqueness, operating risk, profitability, operating cash flow, sales growth, total assets growth, cash dividend policy, long investment, fixed assets investment, china investment, the manager ownership, the director ownership, the outside ownership, capital market , foreign exchange market, money market and Industry classification . The proxy variables of capital structure are short-term debt ratio, long-term debt ratio, total debt ratio. The proxy variables of firm value are Tobin’s Q and Market Value Added. The empirical results are stated as belows:
1. Corporate size、assets mortgage debt、fixed assets investment、long investment、china investment、the director ownership and foreign exchange market have positive correlation with the total debt ratio.；uniqueness 、profitability、operating cash flow、the outside ownership and money market have negative correlation with total debt ratio.
2. Corporate size、assets mortgage debt、fixed assets investment、long investment、capital market and foreign exchange market have positive correlation with long-term debt ratio.；profitability、sales growth、total assets growth and money market have negative correlation with long-term debt ratio.
3. Assets mortgage debt、fixed assets investment、long investment、sales growth、total assets growth and the director ownership have positive correlation with short-term debt ratio.；uniqueness profitability、operating cash flow、the outside ownership and foreign exchange market have negative correlation with short-term debt ratio.
4. According to the result of stepwise regression, corporate size and Assets mortgage have better explanatory power.
5. According to the result of ANOVA analysis, industries classification and capital market have a significant variance on the corporate capital structure.
6. According to the result of Polynomial Regression, the Capital structure has negative correlation with firm value on all samples. Capital structure is non-linear correlation with firm value can’t be applied on Taiwan publicly listed companies. But some industries, there are Food ,Textiles, Electric machinery and Appliance cable, have a toward up parabola；the others, Paper pulp, Rubber, and Transportation, have a toward down parabola.
7. According to the result of ANOVA analysis, industries classification have a significant variance about the firm value.

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