本文以「金融危機、財務脆弱性與企業調整：美國與歐洲上市公司
之比較研究」為題，檢驗危機前財務結構較脆弱的上市公司，在重大
金融危機後是否呈現不同的企業調整。本文使用Compustat美國上市
公司資料與Orbis歐洲上市公司資料，樣本期間為2002年至2012年。
美國部分以2008年全球金融危機後作為主要危機設定；歐洲部分則以
2010 年至2012 年歐洲主權債務危機作為主要危機設定並比較高槓桿
公司與其他公司在危機後的投資、勞動、研發、無形資產與併購活動。
主要結果顯示，美國高槓桿公司在全球金融危機後較明顯縮減併購
與外部擴張，一般資本支出的下降則較不穩定。相較之下，歐洲高槓
桿公司在歐洲主權債務危機後呈現較弱的投資與研發強度。這些結果
顯示，財務脆弱性與危機後企業調整之間的關聯會因危機環境、金融
體系與資料結構而異。本文的研究限制在於，樣本限於上市公司，且
本文不直接識別銀行–主權風險傳導管道，因此結果應解讀為上市公司
層級財務結構與危機後企業調整之間的實證關聯。

This thesis studies financial crises, financial fragility, and corporate adjustment using listed firms in the United States and Europe. The empirical analysis combines Compustat data for U.S. listed firms with Orbis data for European listed firms over 2002–2012. The U.S. setting focuses on firm outcomes after the 2008 global financial crisis, while the European setting focuses on the 2010–2012 European sovereign debt crisis. The analysis compares high-leverage firms with other firms in post-crisis investment, labor adjustment, R&D, intangible assets, and acquisitions. The main findings point to different adjustment margins across regions. In the United States, high-leverage firms reduced acquisitions and external expansion more visibly after the global financial crisis, while the evidence for a broad decline in ordinary capital expenditure is weaker. In Europe, high-leverage firms exhibited weaker investment and lower R&D intensity after the European sovereign debt crisis. These results suggest that the relationship between financial fragility and post-crisis corporate adjustment depends on the crisis environment, financial system, and data structure. A key limitation is that the sample is restricted to listed firms and the analysis does not directly identify the bank–sovereign transmission channel. The findings should therefore be interpreted as listed-firm evidence on the association between pre-crisis financial structure and post-crisis corporate
adjustment.

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