本研究主要目的是探討：1.台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2004~2008年共計5年，研究樣本為19種產業，155家台灣上市公司為對象。資本結構解釋變數包括：公司規模、公司風險程度、非負債稅盾、資產抵押價值、股利政策、長期投資、大陸投資、ROA、ROE及創新績效共10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’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、多元迴歸分析及逐步迴歸分析為研究方法。根據實證結果顯示：

1. 總負債比率與公司規模、資產抵押價值、長期投資等呈顯著正相關；與ROA、ROE呈顯著負相關。
2. 長期負債比率與公司規模、資產抵押價值、大陸投資等呈顯著正相關；與股利政策、ROA等呈顯著負相關。
3. 短期負債比率與資產抵押價值、長期投資等呈顯著正相關；與股利政策、ROA呈顯著負相關。
4. 根據逐步迴歸分析結果，以資產抵押價值及公司規模最具解釋能力。
5. 上市公司因產業別不同，其負債比率包括短期、長期及總負債等皆有顯著性之差異。
6. 上市公司因產業別不同，其公司價值存在顯著差異。

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 5 years from 2004 to 2008, and the samples include 155 companies and 19 Industries of Taiwan listed companies. There are 10 factors chosen as the explanatory variable, including corporate size, assets mortgage debt, non-debt shields, operating risk, financial performance (ROA & ROE), cash dividend policy, capital investment(Long-term & China) and innovation performance. The proxy variables of capital structure are short-term debt ratio, long-term debt ratio and total debt ratio. The proxy variables of firm value are Tobin’s Q and Market Value Added. The empirical results are as below:
1. Corporate size, assets mortgage debt and long-term investment have positive correlation with the total debt ratio; ROA and ROE have negative correlation with total debt ratio.
2. Corporate size, assets mortgage debt and China investment have positive correlation with long-term debt ratio; cash dividend policy and ROA have negative correlation with long-term debt ratio.
3. Assets mortgage debt and long-term investment have positive correlation with short-term debt ratio; cash dividend policy and ROA have negative correlation with short-term debt ratio.
4. According to the result of stepwise regression, corporate size and assets mortgage debt have better explanatory power.
5. Industries classification has a significant variance about the firm value and the corporate capital structure.

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