:::

詳目顯示

回上一頁
題名:機構投資者持股與公司特性對負債融資決策之選擇
作者:吳朝烱
作者(外文):Chao-Chiung Wu
校院名稱:國立高雄第一科技大學
系所名稱:財務金融學院博士班
指導教授:周建新
學位類別:博士
出版日期:2017
主題關鍵詞:公司特性負債融資機構投資者持股Firm CharacteristicsDebt FinancingInstitutional Ownership
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:1
當公司的經營活動內部資金不足,需要外部資金挹注時,主要負債融資方式,以銀行借款及發行公司債為主。在融資決策的選擇上,有不同考量因素。本研究針對機構投資者持股比例以及公司特性,包括公司規模、產業別、成長機會、信用評等、經營績效及股利發放率之差異,探討其對負債融資決策是否產生影響。
本文實證結果發現,機構投資者持股比例是影響公司選擇舉債模式主要的因素之一,機構投資者持股比例愈多的公司,傾向選擇發行公司債來融資。公司的規模愈大,傾向以發行公司債方式籌措資金;製造業可能選擇銀行借款方式;成長性愈高的公司,可能選擇銀行借款;公司信用評等愈差,傾向以銀行借款;經營績效較低的公司,可能選擇公司債融資;此外,高股利的公司,可能選擇公司債融資。
With the lack of funds in the company’s internal activities and the need for external capital injection, the main debt financing is through bank loans and corporate bonds. In the choice of financing decisions, there are different considerations. This study examines the proportions of institutional investors and the characteristics of the company, including the size of the company, industry, growth opportunities, credit rating, business performance and the difference of dividend yield and whether they affect debt financing decisions.
The empirical results show that the proportion of institutional investors is one of the main factors that affect the company’s choice of borrowing model. The more the proportion of institutional investors is, the more the company tends to choose to issue corporate bonds to finance; the manufacturers may choose bank loans. The larger the company, the greater the growth of the company, may choose bank loans; the worse the company credit rating, it may tends to choose bank loans also. The lower performing company may choose corporate bonds to finance. In addition, the high dividend companies may choose corporate bonds to finance.
1.王漢民、曹秀惠 ,2006,“企業選擇負債融資工具影響因素之探討”,經濟與管理論叢,2卷,1期,頁53-70。
2.林素吟、丁學勤,1999,“資本結構的影響因素探討與實證研究”,企銀季刊,23卷,2期,頁139-154。
3.洪榮華、陳香如、柯璟瑩,2005,“從代理問題的角度探討董事會特性、股權結構與負債之關聯性”,管理與系統, 12卷,頁33-53。
4.黃怡柔,2013,“機構投資者持股對公司財務決策之影響”,國立高雄第一科技大學企業管理研究所,碩士論文。
5.溫育芳、楊鈞棠,2009,“公司治理與舉債融資再降低代理問題替代性之探討”,台銀季刊,63卷,2期,頁108-130
6.楊媚靜,2014,“財務風險、資訊透明度與股權結構對負債融資決策之影響之影響”,國立高雄第一科技大學管理研究所,博士論文。
7.Bah, R. and Dumontier, P., 2001,“R&D intensity and corporate financial policy: Some international evidence", Journal of Business Finance and Accounting,vol. 28, No.5-6, pp. 671-692.
8.Baskin J., 1989,“An empirical investigation of the pecking order hypothesis", Financial Management, vol. 18, No.1, pp. 26-35.
9.Barclay, M.J., and Smith, C.W., Jr., 1995, “The maturity structure of corporate debt” , Journal of Finance, vol. 50, No.2, pp. 609-631.
10.Berlin, M. and Loyes, J.,1988, “Bond covenants and delegated monitoring”, Journal of Finance, vol. 43, No.2, pp. 397-412.
11.Bhattacharya, S. and Chiesa, G.,1995,“Proprietary information, financial intermediation, and research incentives” , Journal of Financial Intermediation, vol. 4, No.4, pp. 328-357.
12.Blackwell, D. and Kidwell, D., 1988, “An investigation cost differences between public sales and private placements of debt,” Journal of Financial Economics, vol. 22, No.2, pp. 253-278.
13.Bondar, G.M. and Gentry, W.M. ,1993, “Exchange-rate expososure and industrical characteristics:Evidence from Canada, Japan, and the U.S ”, Journal of International Money and Finance, vol. 12, No.1 , pp.29-45.
14.Brancato,C.K.,1997, “Institutional investors and corporate governance :best practices for increasing corporate value”, Chicago: Irwin Professional Pub.
15.Bushee, B. ,1998, “The influence of institutional investors on myopic R&D investment behavior”, The Accounting Reviews , vol.73, No.3, pp.305-333.
16.Bushee, B.,and None, C. ,1999, “ Disclosure quality, institutional investors, and stock return volatility”,Working Paper, SSRN Electronic Journal.
17.Bushee, B. , 2001, “Do institutional investors prefer near-term earnings over long-term value? ”, Contemporary Accounting Research , vol.18, No.2, pp.207-246.
18.Chemmanur, T.J. and Fulghieri, P., 1994, “Reputation, renegotiation, and the choice between bank loans and publicly traded debt”, Review of Financial Studies, vol. 7, No.3, pp. 475-506.
19.Chirinko,R.S.and Schaller, H., 1995 ,“Why does liquidity matter in investment equations?”, Journal of Money,Credit and Banking, vol. 27, No.2, pp. 527-548
20.Chung,K.H. and Pruitt, S.W., 1994 ,“A simple approximation of tobin,s q”, Financial Management, vol. 23, No.3, pp. 70-74
21.Denis, D. J., and Mihov, V. T., 2003 , “The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings” , Journal of Financial Economics, vol. 70, No.1, pp. 3–28.
22.Fama, E., 1985 , “What’s different about banks?”, Journal of Monetary Economics, vol. 15, No.1, pp. 29-39.
23.Gaver, J. J.and Gaver, K. M., 1993,“Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies", Journal of Accounting and Economics, vol. 16, No.1-3, pp. 125-160.
24.Gertner, R. and Scharfstein, D., 1991,“A theory of workouts and the effects of reorganization law”, Journal of Finance, vol. 46, No.4, pp. 1189-1222.
25.Graves,S.B., and Waddock,S.A. ,1990, “Institutional ownership and control: implication for long-term corporate strategy”, Academy of Management Executive, vol.4, No.1, pp.75-83.
26.Grossman,S.j.and Hart, O.,1982,“Corporate financial structure and managerial incentives”, The Economics of Information and Uncertainty, University of Chicago Press, pp. 107-140.
27.Gul, F. A., 1999,“Growth opportunities, capital structure and dividend policies in Japan", Journal of Corporate Finance, vol. 5, No.2, pp. 141-168.
28.Hadlock, C. J.,and James, C.M., 2002 ,“Do banks provide financial slack?”, Journal of Finance, vol. 57, No.3, pp. 1383-1419.
29.Houston, J. and James, C., 1996,“Bank information monopolies and the mix of private and public debt claims”, Journal of Finance, vol. 51, No.5, pp. 1863-1889.
30.Jensen, M. and Meckling, W., 1976,“Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, vol. 3, No.4, pp. 305-360.
31.Jensen, M.C., 1986,“Agency costs of free cash flow,corporate finance,and takeovers”, American Economics Review, vol. 76, No.2, pp. 323-329.
32.Lang, L., Ofek, E. and Stulz, R., 1996,“Leverage, investment, and firm growth", Journal of Financial Economics ,vol. 40, No.1, pp. 3-29.
33.Myers, S., 1977, “ Determinants of corporate borrowing” , Journal of Financial Economics, vol. 5, No.2, pp. 147-175.
34.Myers, S. C., and Majluf, N. S., 1984,“Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics, vol. 13, No.2, pp. 187-221.
35.Park, C., 2000, “Monitoring and structure of debt contracts”, Journal of Finance, vol. 55, No.5, pp. 2157-2195.
36.Rajan, R., 1992,“Insiders and outsiders: the choice between informed and arm’s- length debt”,Journal of Finance,vol.47, No.4, pp. 1367-1400.
37.Smith, C. W. and Watts, R. L., 1992,“The investment opportunity set and corporate financing, dividend, and compensation policies", Journal of Financial Economics , vol. 32, No.3, pp. 263-292.
38.Schaller,H. , 1993, “Asymmetric information,liquidity constraints and Canadian investment”, Canadian Journal of Economics, vol. 26, pp. 552-574
39.Schlingemann,F.P. , 2004,“Financing decisions and bidder gains”, Journal of Corporate Finance, vol. 10, No.5, pp. 683-701
40.Schulmanet,C.T. ,Thomas,D.W.,Sellers,K.F.and Kennedy,D.B.,1996,“Effects of tax integration and capital gains tax on corporate leverage”, National Tax Journal, vol. 49, No.5, pp. 31-54.
41.Titman, S., and Wessels, R.,1988, “The determinants of capital structure choice”, Journal of Finance, vol. 43, No.1, pp. 1-19.
42.Yosha, O., 1995, “Information disclosure costs and the choice of fnancing source”, Journal of Financial Intermediation, vol. 4, No.1, pp. 3-20.

 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE