本研究旨在探討 2010 年至 2024 年間，台灣資本市場中資訊不對稱與企業資本結構決策之間的動態互動關係。 過去國內研究多偏重於資訊不對稱如何單向影響融資決策，且多採用靜態的代理變數 。為克服此侷限，本研究結合市場微結構理論，利用多個市場流動性指標 ，透過主成分分析建構出一套能動態反映市場交易情況的綜合資訊不對稱指標。

實證結果顯示，資訊不對稱對企業槓桿比率具有顯著的正向影響。 當企業面臨較高的資訊不對稱時，管理階層為降低股權發行的逆向選擇成本，會傾向增加負債融資，此結果有力支持了融資順位理論。 此外，本研究進一步驗證了市場回饋效應的存在。 實證數據顯示，目標槓桿變動與資訊不對稱程度呈顯著負相關 。這意味著當市場預期企業將增加目標槓桿時，投資人會將此視為管理階層對未來現金流具備信心的正面訊號，進而提升股票流動性並有效降低資訊不對稱 。

在學術與實務貢獻方面，本研究突破了以往單向研究的限制，提供了一個整合資訊環境、財務決策與市場預期的雙向框架 。研究結果提醒企業管理者，財務決策具有強烈的訊號效果，維持透明的資訊環境有助於降低融資過程中的摩擦成本 。對於投資者而言，股票流動性的異常波動可作為解讀企業未來資本結構調整的重要領先指標，在資訊環境瞬息萬變的台灣市場中具有實質的預測價值 。

This study investigates the dynamic interaction between information asymmetry and corporate capital structure decisions in the Taiwan capital market from 2010 to 2024. Addressing the limitations of previous domestic research that relied on static proxies and unidirectional analysis, this study integrates market microstructure theory. A comprehensive information asymmetry index is constructed using principal component analysis based on several liquidity indicators.

Empirical results demonstrate that information asymmetry has a significantly positive impact on firm leverage. When facing higher information asymmetry, management favors debt financing to mitigate adverse selection costs associated with equity financing, supporting the pecking order theory. Furthermore, this study validates the market feedback effect. The data reveals a significant negative correlation between changes in target leverage and the degree of information asymmetry. This implies that when the market anticipates an increase in target leverage, investors interpret it as a positive signal of management's confidence in future cash flows, which enhances stock liquidity and reduces information asymmetry.

The research provides a bi-directional framework integrating the information environment, financial decisions, and market expectations. For managers, the findings highlight that financial decisions carry powerful signaling effects, making transparency essential for reducing financing costs. For investors, fluctuations in stock liquidity serve as a vital leading indicator for future capital structure adjustments in the volatile Taiwan market.

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