台灣四面環海，為貿易導向的國家，進出口之原、物料均須依賴運輸運送到各 行業加工生產，製成完好品後亦要靠運輸拓展行銷通路，以便達到附加價值極 大化。運輸業具有資本密集、市場不確定及高風險的財務特性，在面對變化快 速、競爭激烈的產業環境，如何由多元融資工具中，選擇出最符合企業自身資 金需求且資金成本低財務風險小之最佳融資決策，為經營者重要課題。我國自 民國87 年開始實施兩稅合一制度，其目的在於消除股利重複課稅、導正企業籌 資管道及促進租稅公平等。過去之研究在兩稅合一前大多著重於公司特性對企 業融資決策影響之探討，且研究方法多以負債比率作為公司融資決策或資本結 構之變數，與Mackie Mason(1990)提出之增額融資觀念與離散選擇分析方法有所 不同。所以本研究擬使用Logit model 以兩稅合一觀點來探討運輸業之融資決策。

Taiwan is a trade orientation country. Import and Export must depend upon transportation to delivery to any variety industries to create value-added. We can create promotion through transportation finally. There are many financing characteristics on Transportation industry, like capital concentrated market uncertainly, and high risk. Firms face drastic and quick environment. They must choose a suitable finance instrument to meet the benefits of low capital cost and financial risk. The study aims to examine the determinants of corporate financing decisions before and after Tax Integration System implemented in Taiwan in 1998. It also investigates whether the adoption of tax integration had a significant impact on corporate financing decisions. Most previous researchers focused on debt/equity ratios, which are the cumulative result of separate annual decision. Mackie-Mason(1990) was based on incremental financing decisions and discrete choice analysis, it should have greater power than previous researchers. This study uses a Logit model to analyze financing decision before and after Tax Integration for transportation industry in Taiwan.