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博碩士論文 etd-0312107-194923 詳細資訊
Title page for etd-0312107-194923
論文名稱
Title
資訊不對稱程度對公司融資決策之影響
The Effect of Information Asymmetry on Firms' Financing Decisions
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
83
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2007-03-03
繳交日期
Date of Submission
2007-03-12
關鍵字
Keywords
資本結構理論、資訊不對稱、市場微結構理論
Capital Structure Theory, Information Asymmetry, Market Microstructure Theory
統計
Statistics
本論文已被瀏覽 5674 次,被下載 2984
The thesis/dissertation has been browsed 5674 times, has been downloaded 2984 times.
中文摘要
有別於以公司外部特徵為代理變數,本文根據市場微結構理論對市場逆選擇成本的觀察,建構出衡量公司面臨資訊不對稱程度的指標。試圖從在融資順位理論中扮演唯一且重要影響力的資訊不對稱程度,這個根本的假設來討論其對公司資本結構決策的影響。結果發現,在1995年到2005年台灣上市公司,資訊不對稱對於大規模公司負債變動有較小規模公司顯著的正向影響,在財務需求高公司對融資決策行為影響較大,並且在加入其他控制變數與分類後,有其他因素對於負債變動有顯著的解釋能力,這可以解釋為什麼過去討論資本結構的實證文獻,多半得到只能部分解釋能力的結果,以及同時也指出,若研究在主張理論的前提假設成立下,討論符合理論預期程度,多半也能找到一些支持證據的原因。
Abstract
We use an information asymmetry index , which is based on measures of adverse selection developed by market microstructure literature rather than on ex-ante firm characteristics, to measure the level of information asymmetry . Then we want to test how the information asymmetry, the sole and principal determinant of the pecking order theory, basically affects capital structure decision. During the period 1995-2005, We find that information asymmetry does affect firm’s debt issuance positively and significantly, especially when firms’ size are large and when firm’s financing needs are high. Furthermore, we find there are some other determinants have important influence on firms’ financing decision. This result can explain why the literatures are always only partially successful in interpreting firms’ financing decisions. It also suggests that if we test models under basic assumptions, we can find some support in any theory.
目次 Table of Contents
目錄
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究流程 4
第四節 論文架構與內容簡介 5
第二章 文獻回顧 6
第一節 資本結構理論 6
第二節 融資決策行為實證論戰 9
第三節 資訊不對稱文獻 12
第四節 小結 21
第三章 研究設計 23
第一節 研究假設 23
第二節 研究方法 25
第三節 樣本選取與資料來源 32
第四節 基本資料分析 33
第四章 實證分析 35
第一節 融資決策與財務赤字 35
第二節 資訊不對稱與融資決策 44
第五章 結論與建議 63
第一節 研究結論 63
第二節 研究限制 66
第三節 研究建議 66
參考文獻 68
國內文獻 68
國外文獻 69
附錄一 73
參考文獻 References
參考文獻
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