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來源文獻資料
摘要
外文摘要
引文資料
題名:
信用評等與公司特性對負債融資決策之選擇
書刊名:
臺灣企業績效學刊
作者:
吳朝烱
/
周建新
作者(外文):
Wu, Chao-chiung
/
Chou, Jian-hsin
出版日期:
2014
卷期:
8:1
頁次:
頁1-33
主題關鍵詞:
公司特性
;
負債融資
;
信用評等
;
Firm characteristics
;
Debt financing
;
Credit rating
原始連結:
連回原系統網址
相關次數:
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:0
共同引用:
9
點閱:55
企業在追求價值極大化,不論是經營活動及投資方案均需資金挹注,當公司內部資金不足時,需要以外部資金補足,而負債融資又以向銀行借款及發行公司債募集資金為主。以負債融資決策來說,是否會因產業之不同及管理者經營策略之差異有所不同。本研究即在探討公司特性如何影響負債融資,是否個別的企業屬性,是否會直接影響公司負債融資決策之選擇。本文實證結果發現,信用評等並非公司選擇舉債模式時,主要的影響因素。規模愈大的公司,愈可能以發行公司債籌措資金;而規模較小的公司,則是較可能以銀行借款;製造業傾向以發行公司債籌措資金;採高股利政策的公司,愈可能以發行公司債籌措資金;成長性愈高的公司,愈可能以銀行借款做為其籌措資金的方式。
以文找文
In pursuit of value maximization, regardless of operating activities and investment projects, firms have to raise needed funds. When the internal funds are insufficient, firms need external source of finding. Moreover, debt financing mainly comes from two sources, i.e., the bank loans and issuing corporate bonds. In terms of debt financing, firm characteristics will be different because they are affected by industries and business strategies. This study aims at exploring how corporate's characteristics affect debt financing and investigate the influence of corporate's characteristics on the choice of debt financing. The empirical results indicate that credit rating is not the main factor affecting the choice of a corporate debt financing. The larger the size of the firm, the more likely the firm will issue corporate bonds to raise funds. On the contrary, the firm with smaller size, the more likely the firm will use the bank loan. Moreover, we conclude that the manufacturing companies tend to issue corporate bonds to raise funds; the firm which adopts high dividend policy is more likely to issue corporate bonds. Finally, the firm with higher growth rate is more likely to adopt bank loan as the main source of debt financing.
以文找文
期刊論文
1.
王漢民、曹秀惠(20060100)。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(1),53-70。
延伸查詢
2.
Park, C.(2000)。Monitoring and Structure of Debt Contracts。Journal of Finance,55(5),2157-2195。
3.
Lin, C.、Ma, Y.、Malatesta, P.、Xuan, Y.(2012)。Corporate ownership structure and bank loan syndicate structure。Journal of Financial Economics,104(1),1-22。
4.
溫育芳、楊鈞棠(20120600)。公司治理與舉債融資在降低代理問題替代性之探討。臺灣銀行季刊,63(2),108-130。
延伸查詢
5.
Chung, K. H.、Pruitt, S. W.(1994)。A simple approximation of Tobins'q。Financial Management,23(3),70-74。
6.
林素吟、丁學勤(19991000)。資本結構的影響因素探討與實證研究。企銀季刊,23(2),139-154。
延伸查詢
7.
Bah, R.、Dumontier, P.(2001)。R&D intensity and corporate financial policy: some international evidence。Journal of Business Finance and Accounting,28(5/6),671-692。
8.
Barclay, Michael J.、Smith, Clifford W. Jr.(1995)。The Maturity Structure of Corporate Debt。Journal of Finance,50(2),609-631。
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Blackwell, D. W.、Kidwell, D. S.(1988)。An investigation cost differences between public sales and private placements of debt。Journal of Financial Economics,22(2),253-278。
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12.
Chemmanur, Thomas J.、Fulghieri, Paolo(1994)。Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt。The Review of Financial Studies,7(3),475-506。
13.
Chirinko, R. S.、Schaller, H.(1995)。Why does liquidity matter in investment equations?。Journal of Money, Credit and Banking,27(2),527-548。
14.
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。
15.
Gertner, R.、Scharfstein, D.(1991)。A theory of workouts and the effects of reorganization law。Journal of Finance,46(4),1189-1222。
16.
Gul, F. A.(1999)。Growth opportunities, capital structure and dividend policies in Japan。Journal of Corporate Finance,5(2),141-168。
17.
Hadlock, C. J.、James, C. M.(2002)。Do banks provide financial slack?。Journal of Finance,57(3),1383-1419。
18.
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。
19.
Rajan, Raghuram G.(1992)。Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt。The Journal of Finance,47(4),1367-1400。
20.
Schaller, H.(1993)。Asymmetric Information, Liquidity Constraints, and Canadian Investment。The Canadian Journal of Economics,26(3),552-574。
21.
Schlingemann, F. P.(2004)。Financing decisions and bidder gains。Journal of Corporate Finance,10(5),683-701。
22.
Yosha, O.(1995)。Information Disclosure Costs and the Choice of Financing Source。Journal of Financial Intermediation,4(1),3-20。
23.
Gaver, Jennifer J.、Gaver, Kenneth M.(1993)。Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies。Journal of Accounting and Economics,16(1-3),125-160。
24.
Myers, Stewart C.(1977)。Determinants of Corporate Borrowing。Journal of Financial Economics,5(2),147-175。
25.
Smith, Clifford W. Jr.、Watts, Ross L.(1992)。The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies。Journal of Financial Economics,32(3),263-292。
26.
Titman, Sheridan、Wessels, Roberto(1988)。The determinants of capital structure choice。The Journal of Finance,43(1),1-19。
27.
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28.
Fama, Eugene F.(1985)。What's Different about Banks?。Journal of Monetary Economics,15(1),29-39。
29.
Baskin, Jonathan(1989)。An Empirical Investigation of the Pecking Order Hypothesis。Financial Management,18(1),26-35。
30.
Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review,76(2),323-329。
31.
Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。
32.
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學位論文
1.
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(博士論文)。國立高雄第一科技大學。
延伸查詢
圖書
1.
Grossman, S. J.、Hart, O.(1982)。Corporate financial structure and managerial incentives。University of Chicago Press。
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