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題名：創投融資對臺灣上市櫃公司舉債之影響
書刊名：兩岸金融季刊
作者：李明德 引用關係
作者(外文)：Lee, Ming-te
出版日期：2015
卷期：3:1
頁次：頁67-98
主題關鍵詞：創投融資；公司舉債；公司治理；全球金融風暴；Venture capital financing；Firm leverage；Corporate governance；Global financial crisis
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(1) 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:28
  • 點閱點閱:146
本研究是首篇探討台灣創投融資與公司舉債比率的相關性之研究。也是首篇考量到公司治理 與創投融資對公司舉債比率影響之研究。和Lvanov and Kayhan (2012)的美國創投融資研究結論不 一致，本研究發現創投參與對台灣公司舉債有顯著的正向影響。值得注意地，2007 年全球金融風 暴後，董事會規模及大股東持股比率對公司舉債比率有顯著的影響。更重要的是，2007 年全球金 融風暴後，創投參與對於公司舉債的正向影響更強烈。
This is the first study to investigate the influence of VC-Financing on firms’ leverage ratio in Taiwanese stock market. Moreover, to the best of our knowledge, this study is also the first to explore the impact of corporate governance and VC-Financing on leverage in Taiwanese firms. Contrary to the results of Lvanov and Kayhan (2012) on U.S.A VC-Financing, VC-backed firms are significantly positively correlated with firms’ leverage in Taiwanese stock market. This study finds that, as a corporate governance mechanism, the board size and blockholder shareholding ratio has a significant impact on Taiwanese firm leverage after the 2007 global financial crisis. More importantly, the positive influence of VC-backed firms on firms’ leverage is stronger after the 2007 global financial crisis.
期刊論文
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44.Frank, Murray Z.、Goyal, Vidhan K.(2003)。Testing the Pecking Order Theory of Capital Structure。Journal of Financial Economics，67(2)，217-248。  new window
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會議論文
1.Lee, M. T.(2013)。Does Initial Leverage Ratio and Corporate Governance Matters for Firm Leverage? Evidence from before and after Global Financial Crisis。2013 The Contemporary Public Finance and Taxation Conference。Taipei。  new window
2.Tu, Y. C.、Lin, M. T.、Tan, Y. H.(2008)。Financing Constraints, Internal Funds and Corporate Investment: Asset Tangibility as the Threshold。2008 International Academic Conference。Taipei：Ming Chuan University。  new window
研究報告
1.DeAngelo, H.、Roll, R. W.(2011)。How Stable are Corporate Capital Structures?。  new window
2.Lvanov, V.、Kayhan, A.(2012)。Firm Leverage and VC Financing。  new window
圖書
1.Arellano, Manuel(2003)。Panel Data Econometrics。Oxford University Press。  new window
2.Wooldridge, Jeffrey M.(2002)。Economic Analysis of Cross Section and Panel Data。MIT Press。  new window
3.Gujarati, D. N.、Porter, D. C.(2009)。Basic econometrics。New York：McGraw-Hill。  new window
其他
1.台灣創業投資商業同業公會(2014)。創投現況，http://www.tvca.org.tw/tvc_condition.php， 2014/04/11。  延伸查詢new window
2.林成蔭(2014)。股海指南針:台股衝量，把握低基期黑馬，http://udn.com/NEWS/ STOCK/ST〇2/8402912.shtml?ch=rss_latest#ixzz2pRGi9g6A， 2014/04/11。  延伸查詢new window
3.林燦澤(2013)。台股總市值，今年增1.7兆元，http://money.chinatimes.com/news/news-content.aspx?id=20130923001695， 2014/04/11。  new window
4.柯安聰(2013)。MSCI指數調降台灣權重0.66%，http://www.idn.com.tw/news/news_content.php?artid=20130516kofang008， 2014/04/11。  new window
5.黃捷瑄(2014)。MSCI分類揭曉，台韓未納入已開發市場，http://www.epochtimes.com.tw/n93803/MSCI分類揭曉-台韓未納入已開發市場.html， 2014/06/11。  延伸查詢new window
6.USA National Venture Capital Association(2014)。Recent Stats & Studies，http://www.nvca.org/index.php?option=com_content&view=article&id=344&Itemid=103， 2014/04/11。  new window
圖書論文
1.Stock, James H.、Yogo, Motohiro(2005)。Testing for Weak Instruments in Linear IV Regression。Identification and Inference for Econometric Models: Essays in Honor of Thomas Rothenberg。Cambridge University Press。  new window
2.Frank, Murray Z.、Goyal, Vidhan K.(2008)。Trade-off and pecking order theories of debt。Handbook of Empirical Corporate Finance。Elsevier。  new window
 
 
 
 
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