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NTU Management Review Vol. 35 No. 1 Apr. 2025

(17) 1.0000

(16) 1.0000 0.1290 <.0001

(15) 1.0000 -0.0342 0.0050 0.0092 0.4505

(14) 1.0000 -0.0339 0.0053 0.0877 <.0001 0.0606 <.0001

(13) 1.0000 -0.0212 0.0818 -0.0738 <.0001 -0.0026 0.8281 -0.0295 0.0154

(12) 1.0000 0.0616 <.0001 -0.0986 <.0001 0.0401 0.0010 -0.0067 0.5816 0.4470 <.0001

樣本變數相關係數 (11) (10) 1.0000 1.0000 -0.0815 <.0001 -0.0705 -0.0041 <.0001 0.7380 -0.2240 0.0559 <.0001 <.0001 -0.0237 0.0622 0.0519 <.0001 0.0277 0.0430 0.0231 0.0004 -0.0463 -0.0092 0.0001 0.4480 0.1034 -0.0754 <.0001 <.0001 顯著水準（雙尾）。

H1-3 (9) (8) 1.0000 1.0000 -0.1361 <.0001 0.0065 0.0749 0.5924 <.0001 -0.2586 -0.0429 <.0001 0.0004 0.0077 0.0159 0.5254 0.1908 0.0960 0.0503 <.0001 <.0001 -0.0929 0.1741 <.0001 <.0001 -0.0421 0.0117 0.0005 0.3365 0.0767 0.0291 <.0001 0.0169 -0.0599 0.0651 <.0001 <.0001 1%

至 表示
H1-1 (7) 1.0000 0.1673 <.0001 -0.1760 <.0001 -0.0059 0.6280 0.2494 <.0001 -0.0828 <.0001 -0.0934 <.0001 0.4534 <.0001 0.0058 0.6333 0.1158 <.0001 0.3665 <.0001

4 假說 (6) 1.0000 0.2263 <.0001 -0.1454 <.0001 -0.2632 <.0001 -0.0104 0.3939 0.1209 <.0001 -0.0694 <.0001 -0.0079 0.5177 0.0266 0.0291 0.0268 0.0275 -0.0560 <.0001 -0.0070 0.5637 顯著水準（雙尾）；***

表 (5) 1.0000 0.0875 <.0001 0.4495 <.0001 0.0378 0.0019 -0.0761 <.0001 -0.0872 <.0001 0.0836 <.0001 0.2334 <.0001 0.0186 0.1263 0.0793 <.0001 -0.0025 0.8394 0.1576 <.0001 0.5709 <.0001

(4) 1.0000 -0.0025 0.8346 0.0361 0.0030 0.0073 0.5475 0.0033 0.7836 0.0397 0.0011 -0.0038 0.7524 0.0459 0.0002 -0.0353 0.0038 0.2191 <.0001 0.0323 0.0079 -0.0916 <.0001 0.0168 0.1689 0.0413 0.0007 5% 表示

(3) 1.0000 0.1144 <.0001 0.1341 <.0001 0.0353 0.0038 0.1065 <.0001 0.0108 0.3744 -0.0150 0.2196 -0.0225 0.0648 0.0359 0.0032 0.0095 0.4336 0.0198 0.1038 0.0209 0.0858 -0.0237 0.0514 0.0428 0.0004 0.0757 <.0001

(2) 1.0000 0.0955 <.0001 0.0298 0.0145 0.1826 <.0001 0.0089 0.4637 0.1399 <.0001 0.0160 0.1895 0.0144 0.2365 -0.0226 0.0640 0.0434 0.0004 0.0688 <.0001 -0.0166 0.1733 0.0439 0.0003 -0.0101 0.4055 0.0678 <.0001 0.1033 <.0001 1。 顯著水準（雙尾）；**

1.0000 0.0754 <.0001 0.0472 0.0001 -0.0178 0.1438 0.1025 <.0001 0.0168 0.1670 0.0759 <.0001 0.0302 0.0131 -0.0103 0.3966 -0.0165 0.1751 0.0019 0.8770 0.0246 0.0434 0.0090 0.4620 0.0269 0.0272 0.0063 0.6041 0.0438 0.0003 0.0583 <.0001 1：變數定義詳見表 10%
(1)

HSET (1) HPUTOUT (2) HMIGRA (3) ES (4) LAYER (5) DEBT (6) SIZE (7) ROA (8) RD (9) CAPEXP (10) ESTY (11) TAXR (12) INDEP (13) INST (14) PETR (15) TP (16) TCOST (17) 註 表示 2：* 註

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