本文以電子商務代表新產業，傳統產業為貿易百貨，在現今消費習慣日益改變的情況下，兩產業仍能分庭抗禮。本研究將以縱橫平滑移轉模型(PSTR)進行分析，利用不同的負債比率作為門檻值進行研究，以每股盈餘(EPS)代表公司之獲利能力，進一步探討公司資本結構與獲利能力之關係。
    據本文研究發現，公司資本結構確實對獲利能力呈顯著影響，且不同產業之影響又有所不同。研究結果表示，新產業在負債比率小於53.87%時，負債比率與EPS呈顯著的負相關影響；而傳統產業在排除不顯著區間後，其餘區間之負債比率皆與EPS呈顯著的正相關影響。藉此證明不同的產業在資本結構的差異下，對於公司的獲利能力將會有不同的影響。

In this paper, the e-commerce representative a new industry, and traditional industry is the trade department store. Under the circumstance of changing consumer habits, the two industries can still compete with each other. In this study, the Panel Smooth Transition Regression Model (PSTR) is used to analyze the impact of capital structure on profitability, and different debt ratios are used as thresholds.
    According to the results, it is found that the capital structure of the company does have a significant impact on profitability. The results show that when the debt ratio of the new industry is less than 53.87%, the debt ratio has a significant negative correlation with EPS. On the contrary, traditional industry excluding the non-significant interval, the debt ratio of the other interval was positively correlated with EPS. This proves that different industries will have different influences on the profitability of the company under the difference of capital structure.

目錄
第一章 緒論	1
第一節 研究背景	1
第二節 研究目的	5
第三節 研究架構	5
第二章 文獻探討	7
第一節 資本結構與獲利能力	7
第二節 最適資本結構之相關文獻	8
第三節 決定資本結構之因素探討	11
第四節 影響獲利能力之因素探討	13
第三章 研究方法	15
第一節 變數定義	15
第二節 單根檢定	17
第三節 PSTR模型	21
第四節 PSTR設定	26
第四章 實證結果	31
第一節 研究資料	31
第二節 敘述統計	32
第三節 單根檢定	33
第四節 PSTR模型	34
第五章 結論	47
參考文獻	48

表目錄
表4-2-1台灣上市櫃電子商務業各變數之敘述統計………………………...……32
表4-2-2台灣上市櫃貿易百貨業各變數之敘述統計……………………...………32
表4-3-1電子商務業各變數之單根檢定…………………………………...………33
表4-3-2貿易百貨業各變數之單根檢定…………………………………...………34
表4-4-1電子商務業之同質性檢定………………………………………...………35
表4-4-2貿易百貨業之同質性檢定………………………………………...………36
表4-4-3電子商務業轉換模型檢定結果…………………………………...………37
表4-4-4貿易百貨業轉換模型檢定結果…………………………………...………37
表4-4-5電子商務業移轉區間項數檢定…………………………...………………38
表4-4-6-A貿易百貨業移轉區間項數r=1檢定……………………...……………..39
表4-4-6-B貿易百貨業移轉區間項數r=2檢定……………………...……………..39
表4-4-6-C貿易百貨業移轉區間項數r=3檢定……………………...……………..39
表4-4-7電子商務業之估計結果…………………………………...………………42
表4-4-8貿易百貨業之估計結果…………………………………...………………43
表4-4-9電子商務業變數相關性影響……………………………...………………44
表4-4-10貿易百貨業變數相關性影響………………………….....………………45


圖目錄
圖1-1-1 無店面零售業歷年營業額與年增率………………………………………3
圖1-3-1 研究架構圖…………………………………………………………………6
圖3-3-1 轉換型態m=1…………………………………………………………......24
圖3-3-2 轉換型態m=2…………………………………………………………......25

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