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博碩士論文 etd-0823107-032830 詳細資訊
Title page for etd-0823107-032830
論文名稱
Title
企業債務之探討
The Study of Corporate Debt
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
85
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
2007-07-24
繳交日期
Date of Submission
2007-08-23
關鍵字
Keywords
舉債工具、信用品質、資訊不對稱、發行成本
information asymmetry, debt instruments, flotation cost, credit quality
統計
Statistics
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The thesis/dissertation has been browsed 5705 times, has been downloaded 4 times.
中文摘要
本研究以民國91年至民國94年間有借舉新債的台灣上市公司為研究對象,分析選擇使用私下借款、公司債、銀行借款的公司是否具有不同的特質,進而以Logistic Model探討當公司具有融資需求時,影響台灣上市公司邊際舉債來源(包括私下借款、公司債、銀行借款)的考量因素。最後以2SLS測試對公司權益風險影響。

本研究結果發現:
1.發行成本愈大的公司,愈會以發行公司債方式融通。發行成本愈小的公司,愈會選擇以私下借款方式融通。
2.資訊不對稱程度較高的公司,選擇以銀行借款融通。資訊不對稱程度較低的公司,會使用公司債融通。
3.信用品質較高的公司,選擇發行公司債方式融通。信用品質中等的公司,選擇銀行借款方式。信用品質較低的公司,選擇私下借款。
4.管理者持股較低的公司,會使用私下借款方式融通。
5.從舉債來源來看,權益風險會隨著公司使用公司債規模及私下借款規模增加而增加,權益風險會隨著公司使用銀行借款規模增加而降低。
Abstract
This study examines the different characteristics of adopting private debt, corporate bonds, and bank debt in the Taiwanese listed companies that obtained new debt financing from 2002 to 2004. The Logistic Regression Model is performed to find out the main determinants to affect the choice of debt instruments, and Two-Stage Least Squares is used to examine the effects of different debt instrument on equity risk.
The results are as followed:
1. The higher the flotation cost the higher the possibility of the firm to choose issuing public bonds. On the other hand, the lower the flotation cost the higher the possibility of the firm to choose issuing private debt.
2. Firms with the highest information asymmetry tend to borrow from banks, and those with the lowest information asymmetry are likely to issue public bonds.
3. Firms with the highest credit quality exhibit a strong preference for public bonds, firms with middle credit quality prefer to borrow from banks, and the lowest credit quality prefer to borrow from private debt sources.
4. Firms with the lowest managerial ownership tend to borrow from private debt.
5. As to the equity risk from the debt sources, it increases with the size of the corporate bonds or private debt, and decreases with the size of the bank debt.
目次 Table of Contents
致謝辭 II
摘要 III
英文摘要 IV
目錄 V
表目錄 VII
圖目錄 VII
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 研究範圍與限制 7
第四節 研究架構 8
第五節 預期貢獻 10
第貳章 文獻探討 11
第一節 資本結構相關理論 11
第二節 融資決策因素 15
第三節 舉債融資來源之內部考量 21
第參章 研究設計 29
第一節 研究假說 29
第二節 變數定義 33
第三節 研究方法 38
第四節 樣本說明 43
第肆章 實證結果 45
第一節 基本敘述統計 45
第二節 多元共線性檢定 48
第三節 個別因素影響 50
第四節 綜合分析 54
第五節 衡量權益風險 64
第伍章 結論與建議 66
第一節 研究結論 66
第二節 研究建議 69
參考文獻 71
一、中文部分 71
二、英文部分 73
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