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題名：我國上市上櫃企業以短支長融資模式之從眾行為探討
書刊名：臺灣管理學刊
作者：曾昭玲 引用關係／周小玲
作者(外文)：Tseng, Jau-ling／Chao, Hsiao-ling
出版日期：2010
卷期：10:2
頁次：頁103-127
主題關鍵詞：以短支長融資行為；從眾行為；銀行往來關係；營運資金管理；縱橫資料分析；Aggressive financing behavior；Herding behavior；Banking relationships；Working capital management；Panel data analysis
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  • 共同引用共同引用:37
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實務上雖然常論及我國企業多具有以短支長之積極融資模式，然相關學術研究卻對此一實務現象鮮有完整著墨，更遑論以短支長之從眾融資模式及其縱橫資料的實證分析。鑑此，本研究期能實證檢測企業是否集群地或從眾地採用此種積極且具風險的營運資金融資策略，具體而言，本文將援引縱橫資料模型分析652家民國80-91年於台灣上市及上櫃的公司，樣本之時間序列最長可達12年，共4,263個觀察值。實證研究發現不論援引以短支長流量比率及存量金額變數檢測，約七成企業採行以短支長積極融資模式，此結果明確呼應實務上論及之我國企業多具有以短支長積極融資模式。此外，從眾行為之實證結果證實企業以短支長積極營運資金融資決策具有追隨大部份公司以短支長融資模式之從眾現象；深入觀之，企業多參考其他公司當期與前期以短支長比率以及前期以短支長金額以決定己身當期之以短支長積極融資模式。大體而言，銀行往來家數愈多或借款金額愈小的企業因其流動性風險較低，且與授信機構關係較好，較不易產生借款展期的疑慮，遂傾向採行較積極的以短支長融資模式。
Although the issues regarding Taiwanese enterprises with aggressive financing behavior are widely discussed in practices, academic studies have not examined this unique phenomenon and its herding behavior very well till now. Moreover, it is rare to find the herding pattern of enterprises' aggressive financing behavior in the past literature, not even in panel data analysis. To enhance the accuracy and the robustness of empirical analysis, this study specifically examines the herding behavior of aggressive financing pattern of 652 Taiwan listed and OTC-listed companies from 1991 to 2002 by panel data model. The empirical panel data are unbalanced and include 4,263 observations. The empirical results show that 70% of the Taiwan listed and OTC-listed companies exploit aggressive financing pattern, which is in line with the finding in practices. Besides, the herding behavior of aggressive financing pattern significantly exists because the enterprises do follow the majority companies' current and lagged aggressive financing ratios and lagged aggressive financing volumes to adjust their aggressive financing pattern. The enterprises with more relationship-banks and with higher volumes of bank borrowing perform more aggregive financing behavior.
期刊論文
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56.Degtyse, H.、Ongena, S.(2001)。Bank-firm relationships and the structure and integration of international banking markets。International Journal of the Economics of Business，9，401-417。  new window
57.Cole, R. A.、Goldberg, L. G.、White, L. J.(2004)。Cookie-cutter versus character: The microstructure of small business lending by large and small banks。Journal of Financial and Quantitative Aftalysis，39，227-251。  new window
58.Diamond, D. W.(1994)。Corporate capital structure: The roles of bank and public debt with taxes and costly bankruptcy。Federal Reserve Bank of Richmond Economic Quarterly，80，11-37。  new window
59.Elyasiani, E.、Goldberg, L. G.(2004)。Relationship lending: A survey oi the literature。Journal of Economics and Business，56，315-330。  new window
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會議論文
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研究報告
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學位論文
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7.陳又慈(2001)。我國境外金融中心經營與績效之研究(碩士論文)。中原大學。  延伸查詢new window
8.陳盈樺(2000)。台灣地區銀行與企業融資關係之探討--主力銀行機制(碩士論文)。銘傳大學。  延伸查詢new window
9.林雋琦(2001)。國內共同基金從眾現象及原因分析(碩士論文)。雲林科技大學。  延伸查詢new window
10.劉永仁(2003)。基金經理人群集行為與股價關聯性之探討--以開放式科技類股票型基金為例(碩士論文)。國立高雄第一科技大學。  延伸查詢new window
11.吳娟娟(2002)。財務績效指標之重要性分析研究--以台灣化學工業上市公司為例(碩士論文)。中原大學。  延伸查詢new window
12.施雅慧(1992)。製造業營運資金管理之研究以資訊電子業為例(碩士論文)。國立政治大學。  延伸查詢new window
圖書
1.Miarka, T.(1999)。On bank-firm relationships and bank-debt: Evidence from recent developments in Japan。Berlin：WZB mimeo。  new window
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其他
1.Von Rheinbaben, J.,，Ruckes, M.(1998)。A firm’s optimal number of bank relationshipsand the extent of information disclosure。  new window
2.經濟部中小企業處(2003)。九十二年中小企業白皮書。  延伸查詢new window
3.Von Rheinbaben, J.，Ruckes, M.(1998)。A firm's optimal number of bank relationships and the extent of information disclosure，Mannheim。  new window
 
 
 
 
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