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題名：公司股權結構是否影響負債融資工具選擇？
書刊名：臺灣企業績效學刊
作者：楊媚靜／陳振宇 引用關係／周建新 引用關係
作者(外文)：Yang, Mei-ching／Chen, Chen-yu／Chou, Jian-hsin
出版日期：2013
卷期：6:2
頁次：頁149-170
主題關鍵詞：股權結構；債務融資；金字塔結構；家族企業；Ownership structure；Debt financing；Pyramid structure；Family firm
原始連結：連回原系統網址new window
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  • 共同引用共同引用:4
  • 點閱點閱:13
企業的股權結構係影響其代理問題的重要因素，且會進而影響其負債融資決策，亦即債務融資工具之選擇。基於此觀點，本研究企圖探討當公司股權集中度愈高時，企業傾向於發行何種債務融資工具，並進一步探討當企業具金字塔結構或家族企業特徵時，傾向採取何種債務融資工具。實證結果發現，當董監事股權質押比率愈高時，企業傾向以銀行借款方式進行融資。而當經理人持股情形愈高或最終控制持股情形愈嚴重時，企業傾向選擇發行可轉換公司債的融資工具。然而，當企業的盈餘偏離差程度愈大或存在金字塔結構時，傾向以發行公司債進行債務融資。此外，家族控制型態的企業較不會選擇以銀行借款方式進行融資。
The corporate ownership structure is an important determinant that affects firm's agency problem and debt financing strategy, which is the choice of debt financing instrument. According to this perspective, this study attempts to explore that whether firms intend to choose what kind of debt financing instrument if they have a higher ownership concentration. Moreover, this study will investigate that whether firms intend to choose what kind of debt financing instrument if they are the family firms or they have pyramid structure characteristics. The empirical results show that firms with higher the extent of shares as collateral by the board of directors will employ more bank debts. Firms with higher manager ownership or ultimate controlling shareholders will use more convertible debts. However, firms with higher degree of divergence in a controlling shareholder's voting and cash flow rights or the pyramid structure characteristics will employ more public debts. Besides, family firms have a tendency to use less bank debts.
期刊論文
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2.Stein, J. C.(1992)。Convertible Bonds as Backdoor Equity Financing。Journal of Financial Economics，32(1)，3-21。  new window
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4.Brennan, M. J.、Kraus, A.(1987)。Efficient financing under asymmetric information。Journal of Finance，42(5)，1225-1243。  new window
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6.Mayers, David(1998)。Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options。Journal of Financial Economics，47(1)，83-102。  new window
7.曾昭玲、張立群、王冠倩(20111200)。由不對稱資訊角度探討企業直接與間接負債融資決策。管理研究學報，11(2)，1-35。new window  延伸查詢new window
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9.Isagawa, N.(2002)。Callable convertible debt under managerial entrenchment。Journal of Corporate Finance，8(3)，255-270。  new window
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15.Denis, D. J.、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，70(1)，3-28。  new window
16.Zwiebel, Jeffrey(1996)。Dynamic Capital Structure under Managerial Entrenchment。American Economic Review，86(5)，1197-1215。  new window
17.Houston, Joel、James, Christopher(1996)。Bank Information Monopolies and the Mix of Private and Public Debt Claims。The Journal of Finance，51(5)，1863-1889。  new window
18.Diamond, Douglas W.(1984)。Financial intermediation and delegated monitoring。The Review of Economic Studies，51(3)，393-414。  new window
19.Diamond, Douglas W.(1991)。Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt。Journal of Political Economy，99(4)，689-721。  new window
20.Leland, Hayne E.、Pyle, David H.、Brealey, Richard(1977)。Informational Asymmetries, Financial Structure, and Financial Intermediation。The Journal of Finance，32(2)，371-387。  new window
21.Claessens, Stijn、Djankov, Simeon、Lang, Larry H. P.(2000)。The Separation of Ownership and Control in East Asian Corporations。Journal of Financial Economics，58(1/2)，81-112。  new window
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26.Fama, Eugene F.(1985)。What's Different about Banks?。Journal of Monetary Economics，15(1)，29-39。  new window
27.Yeh, Yin-Hua(2005)。Do Controlling Shareholders Enhance Corporate Value?。Corporate Governance: An International Review，13(2)，313-325。  new window
28.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics，11(1-4)，5-50。  new window
29.Anderson, Ronald C.、Reeb, David M.(2004)。Board Composition: Balancing Family Influence in S&P 500 Firms。Administrative Science Quarterly，49(2)，209-237。  new window
30.Claessens, Stijn、Djankov, Simeon、Fan, Joseph P. H.、Lang, Larry H. P.(2002)。Disentangling the Incentive and Entrenchment Effects of Large Shareholdings。The Journal of Finance，57(6)，2741-2771。  new window
31.Johnson, Simon、La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei(2000)。Tunneling。American Economic Review，90(2)，22-27。  new window
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33.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(2002)。Investor protection and corporate valuation。The Journal of Finance，57(3)，1147-1170。  new window
34.Shleifer, Andrei、Vishny, Robert W.(1997)。A survey of corporate governance。The Journal of Finance，52(2)，737-783。  new window
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研究報告
1.Dutordoir, M.、Strong, N. C.、Ziegan, M. C.(2012)。Does corporate governance influence convertible bond issuance?。  new window
2.Claessens S.、Djankov, S.、Fan, J.、Lang, L. H. P.(1999)。On Expropriation of Minority Shareholders: Evidence from East Asia。Washington：World Bank。  new window
學位論文
1.劉振興(2006)。董監事持股質押與負債工具選擇之研究(碩士論文)。雲林科技大學。  延伸查詢new window
2.李德冠(2001)。公司監理機制對於關係人交易影響之研究(碩士論文)。輔仁大學。  延伸查詢new window
圖書
1.Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。  new window
 
 
 
 
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