本篇論文目的為探討同業效果是否表現於台灣公司。根據2013年至2017年台灣股票市場的629間公司包含17個產業，實證結果顯示同業公司報酬率的外生變異顯著且負向影響公司市場以及帳面價值的負債比率，說明了經理人在決定公司資本結構決策時會納入同業公司的財務決策作為考量，這篇論文的結論為同業效果存在於台灣公司，希望激發未來有更多對於同業效果的研究。

The purpose of this paper is to examine whether the peer effect is present in Taiwan’s firms. The sample of my study is based on 629 companies and 17 industries from 2013 to 2017. My empirical results show that peer firm equity shock is significantly related to the firm’s market and book leverage. The results suggest that equity shocks to peers are likely to influence the firm in a similar fashion as the firm’s equity shocks. Overall, my findings derived from a sample of Taiwan’s firm are consistent with the idea that managers are likely to consider the financing decisions of peer firms to be informative for their capital structure decisions.

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