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題名：新興市場企業股權結構與公司債收益率價差關係分析
書刊名：證券市場發展季刊
作者：高銘淞 引用關係／邱琦倫 引用關係
作者(外文)：Kao, Ming-sung／Chiou, Chyi-lun
出版日期：2014
卷期：26:4=104
頁次：頁83-112
主題關鍵詞：公司債收益率價差；機構法人；股權結構；Corporate bond yield spread；Institutional investor；Ownership structure
原始連結：連回原系統網址new window
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  • 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:131
  • 點閱點閱:57
過去的研究指出公司的股權結構與公司負債融資成本具有高度的關聯性，而這些研究主要以成熟市場的企業為主，鮮少針對新興市場企業作深入的分析。考量兩個市場股權結構的差異性，本研究企圖針對新興市場企業股權結構與信用風險的關係作探討。研究發現家族成員與機構法人的持股與公司債收益率價差有顯著的關係。機構法人持股與公司債收益率價差呈現顯著的正相關，且外資的效果較本土法人明顯。而家族成員持股上升（包含個人直接持股與透過其他企業間接持股）則有助於縮小價差。此外，相較於信用評等好的公司，大股東（機構法人與家族持股）的影響在信用評等差的公司中更為顯著，隱含投資人對信用評等差的公司更在意大股東的影響力。
The close relation between ownership structure and credit risk has been addressed in prior research. Most studies focus on evidence from developed countries. There is limited investigation built on the specification of emerging markets. With regard to the specification on ownership structure, this study aims to address the connection between ownership structure and cost of debt financing for companies from emerging markets. Our finding conveys that shareholding of family members and institutional investors alter corporate bond yield spread in a significant way. Consistent with prior literature on risk taking, our evidence shows that shareholding of institutional investors increase corporate bond yield spread while family ownership narrows it. Furthermore, we find that the impact of shareholding is more pronounced for companies with bad credit rating, compared to those with nice reputation. This implies that creditors give weight to the institutional investors' influence on bad rating companies.
期刊論文
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2.Campbell, John Y.、Taksler, G. B.(2003)。Equity Volatility and Corporate Bond Yields。Journal of Finance，58(6)，2321-2350。  new window
3.Wang, A. W.、Zhang, G.(2009)。Institutional Ownership and Credit Spreads: An Information Asymmetry Perspective。Journal of Empirical Finance，16(4)，597-612。  new window
4.Barry, T. A.、Lepetit, L.、Tarazi, A.(2011)。Ownership Structure and Risk in Publicly Held and Privately Owned Banks。Journal of Banking & Finance，35(5)，1327-1340。  new window
5.Berger, A. N.、DeYoung, R.、Genay, H.、Udell, G. F.(2000)。Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance。Brookings-Wharton Papers on Financial Services，2000(1)，23-120。  new window
6.Boubakri, N.、Ghouma, H.(2010)。Control/Ownership Structure, Creditor Rights Protection, and the Cost of Debt Financing: International Evidence。Journal of Banking & Finance，34(10)，2481-2499。  new window
7.Bruton, G. D.、Ahlstrom, D.、Wan, J. C.(2003)。Turnaround in East Asian Firms: Evidence from Ethnic Overseas Chinese Communities。Strategic Management Journal，24(6)，519-540。  new window
8.Cremers, K. J. M.、Nair, V. B.、Wei, C. Y.(200709)。Governance Mechanisms and Bond Prices。Review of Financial Studies，20(5)，1359-1388。  new window
9.Douma, S.、George, R.、Kabir, R.(2006)。Foreign and Domestic Ownership, Business Groups, and Firm Performance: Evidence from a Large Emerging Market。Strategic Management Journal，27(7)，637-657。  new window
10.Elyasiani, Elyas、Jia, Jingyi J.、Mao, Connie X.(2010)。Institutional Ownership Stability and the Cost of Debt。Journal of Financial Markets，13(4)，475-500。  new window
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12.Filatotchev, I.、Strange, R.、Piesse, J.、Lien, Y.-C.(2007)。FDI By Firms From Newly Industrialised Economies in Emerging Markets: Corporate Governance, Entry Mode and Location。Journal of International Business Studies，38(4)，556-572。  new window
13.Kim, B.(2011)。Do Foreign Investors Encourage Value-Enhancing Corporate Risk Taking?。Emerging Markets Finance and Trade，47(3)，88-110。  new window
14.Klock, M. S.、Mansi, S. A.、Maxwell, W. F.(2005)。Does Corporate Governance Matter to Bondholders?。Journal of Financial and Quantitative Analysis，40(4)，693-719。  new window
15.Kuo, A.、Kao, M.-S.、Chang, Y.-C.、Chiu, C.-F.(2012)。The Influence of International Experience on Entry Mode Choice: Difference Between Family and Non-Family Firms。European Management Journal，30(3)，248-263。  new window
16.Lien, Y. -C.、Piesse, J.、Strange, R.、Filatotchev, I.(2005)。The Role of Corporate Governance in FDI Decisions: Evidence from Taiwan。International Business Review，14(6)，739-763。  new window
17.Nguyen, P.(2012)。The Impact of Foreign Investors on the Risk-Taking of Japanese Firms。Journal of The Japanese and International Economies，26(2)，233-248。  new window
18.Ortiz-Molina, H.(2006)。Top Management Incentives and the Pricing of Corporate Public Debt。Journal of Financial and Quantitative Analysis，41(2)，317-340。  new window
19.Strange, R.、Filatotchev, I.、Lien, A. P. Y.-C.、Piesse, J.(2009)。Insider Control and the FDI Location Decision。Management International Review，49(4)，433-454。  new window
20.Wahal, S.、Mcconnell, J. J.(2000)。Do Institutional Investors Exacerbate Managerial Myopia?。Journal of corporate Finance，6(3)，307-329。  new window
21.Wright, Peter、Ferris, Stephen P.、Sarin, Atulya、Awasthi, Vidya(1996)。Impact of Corporate Insider, Blockholder, and Institutional Equity Ownership on Firm Risk Taking。Academy of Management Journal，39(2)，441-463。  new window
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27.Lins, Karl V.(2003)。Equity Ownership and Firm Value in Emerging Markets。Journal of Financial and Quantitative Analysis，38(1)，159-184。  new window
28.Peng, Mike W.、Jiang, Yi(2010)。Institutions Behind Family Ownership and Control in Large Firms。Journal of Management Studies，47(2)，253-273。  new window
29.Chatterjee, Sayan、Lubatkin, Michael H.、Schulze, William S.(1999)。Toward a strategic theory of risk premium: Moving beyond CAPM。Academy of Management Review，24(3)，556-567。  new window
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31.Merton, Robert C.(1974)。On the Pricing of Corporate Debt: The Risk Structure of Interest Rates。The Journal of Finance，29(2)，449-470。  new window
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33.Lee, Tsun-Siou、Yeh, Yin-Hua(2004)。Corporate Governance and Financial Distress: Evidence from Taiwan。Corporate Governance: An International Review，12(3)，378-388。  new window
34.Yeh, Yin-Hua、Lee, Tsun-Siou、Woidtke, Tracie(2001)。Family control and corporate governance: Evidence from Taiwan。International Review of Finance，2(1/2)，21-48。  new window
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40.葉銀華(19990500)。家族控股集團、核心企業與報酬互動之研究--臺灣與香港證券市場之比較。管理評論，18(2)，59-86。new window  延伸查詢new window
41.Anderson, Ronald C.、Mansi, Sattar A.、Reeb, David M.(2003)。Founding Family Ownership and the Agency Cost of Debt。Journal of Financial Economics，68(2)，263-285。  new window
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46.Bhojraj, S.、Sengupta, P.(2003)。Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors。Journal Of Business，76(3)，455-475。  new window
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圖書
1.Mallin, C.(2004)。Corporate Governance。Oxford University Press。  new window
 
 
 
 
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