資本結構議題已被討論近半個世紀，財務彈性在資本結構決策被視為重要的決定因素之一。在本篇論文中，我們試著回答以下三個問題： (1) 財務彈性假設是否存在於每個國家？ (2) 集團企業是否較不受財務彈性限制？ (3) 金融危機後集團內部資金市場消失了嗎？
在二十二個國家公司樣本中，本論文探討公司對財務彈性需求是資本結構決定因素之一。我們研究發現在許多國家，借債比率和公司規模存在倒-U型的關係。我們發現財務彈性的確是資本結構重要的因素之一。
在二十二個國家公司樣本中，本論文亦已探討集團企業與財務彈性的關係。本研究雖然不能得到一個大致的結果，但集團企業與非集團企業的差異卻實存在。我們對於財務彈性對企業集團的影響需要更多的了解。
本研究最後檢視集團內部資金的流動是否受到金融危機的影響，我們發現內部資金市場在金融危機過後的確消失了，集團研究的結果可能會受到研究期間的影響。

The capital structure has been studied over half a century. Financial flexibility has become one of the most important determines in capital structure. In this paper, we try to answer three questions: (1) Whether the financial flexibility hypothesis is held in other countries? (2) Do business groups concern less about Financial Flexibility? (3) Are internal capital markets disappearing after financial crisis?
This paper examine financial flexibility hypothesis which suggests that the demand for financial flexibility is the main driver of firms’ capital structure decisions in 22 countries. Consistent with the financial flexibility hypothesis, we find inverted-U relationships between leverage ratio and firm size in many economics. Our findings suggest that financial flexibility is an important determinant in capital structure.
This paper also investigates the connection between business groups and financial flexibility in 22 countries. Although our finings cannot summary a general result, the differences between business groups and non-business groups are obvious indeed. It suggests much remains to be done to understand the impact of business groups on financial flexibility.
Finally, this paper examines whether financial crisis affects the operation of internal capital markets within business groups. We find that internal capital markets within business groups disappear after financial crisis. It suggests time period might affect the study of business groups.

Arslan, O., Florackis, C., & Ozkan, A. (2008). How and Why Do Firms Establish Financial Flexibility? SSRN eLibrary.
Bancel, F., & Mittoo, U. R. (2004). Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms. Financial Management, Vol. 33, No. 4, Winter 2004.
Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structures in Developing Countries. The Journal of Finance, 56(1), 87-130.
Brounen, D., de Jong, A., & Koedijk, K. (2006). Capital structure policies in Europe: Survey evidence. Journal of Banking & Finance, 30(5), 1409-1442.
Byoun, S. (2008a). How and When Do Firms Adjust Their Capital Structures toward Targets? The Journal of Finance, 63(6), 3069-3096.
Byoun, S. (2008b). Financial Flexibility and Capital Structure Decision. SSRN eLibrary.
Chang, S. J., & Choi, U. (1988). Strategy, Structure and Performance of Korean Business Groups: A Transactions Cost Approach. The Journal of Industrial Economics, 37(2), 141-158.
DeAngelo, H., & DeAngelo, L. (2007). Capital Structure, Payout Policy, and Financial Flexibility. SSRN eLibrary.
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2010). Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics, 95(3), 275-295.
DeAngelo, H., & Masulis, R. W. (Writer). (1980). Optimal Capital Structure Under Corporate and Personoal Taxation [Article], Journal of Financial Economics.
Frank, M. Z., & Goyal, V. K. (Writer). (2003). Testing the pecking order theory of capital structure [Article], Journal of Financial Economics.
Frank, M. Z., & Goyal, V. K. (2007). Trade-Off and Pecking Order Theories of Debt. SSRN eLibrary.
Gamba, A., & Triantis, A. (2008). The Value of Financial Flexibility. The Journal of Finance, 63(5), 2263-2296.
Graham, J. R. (2000). How Big Are the Tax Benefits of Debt? The Journal of Finance, 55(5), 1901-1941.
Graham, J. R., & Harvey, C. R. (Writer). (2001). The theory and practice of corporate finance: evidence from the field [Article], Journal of Financial Economics.
Jensen, M. C., & Meckling, W. H. (1996). Specific and General Knowledge, and Organizational Structure Knowledge Management and Organisational Design (pp. 17-38). Boston: Butterworth-Heinemann.
Khanna, T., & Palepu, K. (2000). Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups. The Journal of Finance, 55(2), 867-891.
Lee, S., Park, K., & Shin, H.-H. (2009). Disappearing internal capital markets: Evidence from diversified business groups in Korea. Journal of Banking & Finance, 33(2), 326-334.
Lins, K. V., & Servaes, H. (2002). Is Corporate Diversification Beneficial in Emerging Markets? Financial Management, Summer 2002.
Loughran, T., & Ritter, J. R. (1997). The Operating Performance of Firms Conducting Seasoned Equity Offerings. The Journal of Finance, 52(5), 1823-1850.
Manos, R., Murinde, V., & Green, C. J. (2007). Leverage and business groups: Evidence from Indian firms. Journal of Economics and Business, 59(5), 443-465.
Modigliani, F., & Merton, H. M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297.
Modigliani, F., & Merton, H. M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443.
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
Myers, S. C., & Majluf, N. S. (Writer). (1984). Corporate Financing and Investment Decisions when Firns have Informaton that Investors do not have [Article], Journal of Financial Economics.
Porta, R. L., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate Ownership around the World. The Journal of Finance, 54(2), 471-517.
Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421-1460.
Shin, H.-H., & Park, Y. S. (1999). Financing constraints and internal capital markets: Evidence from Korean [`]chaebols'. Journal of Corporate Finance, 5(2), 169-191.
Shyam-Sunder, L., & C. Myers, S. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244.