企業之不對稱資訊、銀行往來關係及直接與間接融資__臺灣人文及社會科學引文索引資料庫

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

來源文獻資料
摘要
外文摘要
引文資料

題名：	企業之不對稱資訊、銀行往來關係及直接與間接融資
書刊名：	臺大管理論叢
作者：	曾昭玲
作者(外文)：	Tseng, Jauling
出版日期：	2016
卷期：	26:3
頁次：	頁119-150
主題關鍵詞：	銀行往來關係；不對稱資訊；直接融資；間接融資；Banking relationship；Asymmetric information；Direct financing；Indirect financing
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:15 點閱:14

本研究運用個體理論模型以期觀察企業於資訊不對稱情境下，跨期選擇銀行往來關係、直接與間接融資模式之多期利潤極大化行為。理論模型揭示，若企業的不對稱資訊問題獲致改善（惡化），其多會降低（提升）銀行往來關係的緊密程度，易言之，不對稱資訊疑慮較嚴重的企業遂需維持較緊密的銀行往來關係。此外，具顯著資訊不對稱疑慮的企業，隨其不對稱資訊問題的改善，多傾向藉由銀行借款籌資，然較無資訊不對稱疑慮的優質企業則多偏好直接金融工具籌資。其次，當景氣復甦（衰退）時，公開舉債或現金增資等直接融資工具之融資成本快速攀升（下滑），反觀銀行借款此間接融資之成本相對攀升（下滑）幅度較小，致使企業多維持更緊密（疲弱）的銀行往來關係。最後，若無顯著不對稱資訊疑慮的優質企業，當景氣復甦時多傾向藉由銀行借款籌資，而其直接融資規模多傾向下滑；惟若屬不對稱資訊疑慮較嚴重的企業，則隨景氣攀升，其多傾向依賴直接融資管道而減少銀行借款。是以，公開市場直接融資與私下銀行間接融資雖常扮演彼消我漲的融資替代角色，但渠等於完整景氣循環週期中卻共同扮演缺一不可的融資互補角色

以文找文

This study seeks to theoretically investigate the evolution of heterogeneous firms’ intertemporal banking relationship, as well as direct and indirect financing patterns mainly from the viewpoint of asymmetric information. The micro-foundation theoretical framework delineates that the improvement of enterprises’ asymmetric information problem may result in a less intensive banking relationship. An enterprise with a higher (lower) extent of information asymmetry may have a more intensive (less intensive) banking relationship. Anenterprise with a significant (insignificant) information asymmetry problem is more inclined to select indirect (direct) financing arrangements when its creditworthiness or asymmetric information is improved. Besides, economic expansion (depression) could contribute to a more intensive (less intensive) banking relationship due to lower (higher) financing costs from banks or indirect financing, compared to direct financing. An enterprise with a lower(higher) extent of information asymmetry is more inclined to have a higher (lower) level of indirect financing during economic expansion. Although direct and indirect financing are substitutes during a given economic state, they are complements in a complete business cycle.

以文找文

期刊論文
1.	Schmidt, R. H.、Hackethal, A.、Tyrell, M.(1999)。Disintermediation and the role of banks in Europe: an international comparison。Journal of Financial Intermediation，8(1/2)，36-67。
2.	Yu, Hai-Chin、Johnson, Ken H.、Hsieh, Der-Tzon(2008)。Public debt, bank debt, and non-bank private debt in emerging and developed financial markets。Banks and Bank Systems，3(4)，4-11。
3.	Bodenhorn, Howard(2003)。Short-Term Loans and Long-Term Relationships: Relationship Lending in Early America。Journal of Money, Credit and Banking，35(4)，485-505。
4.	陳家彬、賴怡洵(20030900)。銀行往來關係和授信行為之研究。經濟論文，31(3)，497-539。延伸查詢
5.	Dass, N.、Massa, M.(2011)。The Impact of a Strong Bank-Firm Relationship on the Borrowing Firm。The Review of Financial Studies，24(4)，1204-1260。
6.	Datta, S.、Iskandar-Datta, M.、Patel, A.(1999)。Bank Monitoring and the Pricing of Corporate Public Debt。Journal of Financial Economics，51(3)，435-449。
7.	Guiso, L.、Detragiache, E.、Garella, P.(2000)。Multiple versus Single Banking Relationships: Theory and Evidence。The Journal of Finance，55(3)，1133-1161。
8.	Petersen, M. A.、Rajan, R. G.(1995)。The Effect of Credit Market Competition on Lending Relationships。The Quarterly Journal of Economics，110(2)，407-443。
9.	Sharpe, Steven A.(1990)。Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships。The Journal of Finance，45(4)，1069-1087。
10.	Coleman, A. D. F.、Esho, N.、Sharpe, I. G.(2006)。Does Bank Monitoring Influence Loan Contract Terms。Journal of Financial Services Research，30(2)，177-198。
11.	Degryse, Hans、Van Cayseele, Patrick(2000)。Relationship Lending within a Bank-based System: Evidence from European Small Business Data。Journal of Financial Intermediation，9(1)，90-109。
12.	Ongena, Steven、Smith, David C.(2000)。What Determines the Number of Bank Relationships? Cross-Country Evidence。Journal of Financial Intermediation，9(1)，26-56。
13.	Fok, Robert C. W.、Chang, Yuan-Chen、Lee, Wen-Tuz(2004)。Bank Relationships and Their Effects on Firm Performance around the Asian Financial Crisis: Evidence from Taiwan。Financial Management，33(2)，89-112。
14.	Carletti, E.、Cerasi, V.、Daltung, S.(2007)。Multiple-bank lending: Diversification and free-riding in monitoring。Journal of Financial Intermediation，16(3)，425-451。
15.	Gande, A.、Puri, M.、Saunders, A.(1999)。Bank entry, competition, and the market for corporate securities underwriting。Journal of Financial Economics，54(2)，165-195。
16.	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。
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。
18.	Rajan, Raghuram G.(1992)。Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt。The Journal of Finance，47(4)，1367-1400。
19.	Yosha, O.(1995)。Information Disclosure Costs and the Choice of Financing Source。Journal of Financial Intermediation，4(1)，3-20。
20.	Berger, Allen N.、Udell, Gregory F.(1995)。Relationship Lending and Lines of Credit in Small Firm Finance。Journal of Business，68(3)，351-381。
21.	Allen, F.(1999)。The design of financial systems and markets。Journal of Financial Intermediation，8(1)，5-7。
22.	Allen, Franklin、Santomero, Anthony M.(2001)。What do financial intermediaries do?。Journal of Banking & Finance，25(2)，271-294。
23.	Bharath, S. T.、Dahiya, S.、Saunders, A.、Srinivasan, A.(2011)。Lending relationships and loan contract terms。The Review of Financial Studies，24(4)，1141-1203。
24.	Blackwell, D. W.、Kidwell, D. S.(1988)。An investigation of cost differences between public sales and private placements of debt。Journal of Financial Economics，22(2)，253-278。
25.	Calomiris, C. W.、Himmelberg, C. P.、Wachtel, P.(1995)。Commercial paper, corporate finance, and the business cycle: A microeconomic perspective。Carnegie-Rochester Conference Series on Public Policy，42(1)，203-250。
26.	Dewally, M.、Shao, Y.(2014)。Liquidity crisis, relationship lending and corporate finance。Journal of Banking & Finance，39，223-239。
27.	Diamond, D. W.(1994)。Corporate capital structure: The control roles of bank and public debt with taxes and costly bankruptcy。Federal Reserve Bank of Richmond Economic Quarterly，80(2)，11-37。
28.	Gopalan, Radhakrishnan、Udell, Gregory F.、Yerramilli, Vija(2011)。Why do firms form new banking relationships?。Journal of Financial and Quantitative Analysis，46(5)，1335-1365。
29.	Hubbard, R. G.、Kuttner, K. N.、Palia, D. N.(2002)。Are there bank effects in borrowers' costs of funds? Evidence from a matched sample of borrowers and banks。The Journal of Business，75(4)，559-581。
30.	Winton, A.(1995)。Delegated monitoring and bank structure in a finite economy。Journal of Financial Intermediation，4(2)，158-187。
31.	Von Thadden, Ernst-Ludwig(2004)。Asymmetric information, bank lending and implicit contracts: the winner's curse。Finance Research Letters，1(1)，11-23。
32.	Schenone, C.(2010)。Lending relationships and information rents: Do banks exploit their information advantages?。The Review of Financial Studies，23(3)，1149-1199。
33.	Anderson, C. W.、Makhija, A. K.(1999)。Deregulation, disintermediation, and agency costs of debt: evidence from Japan。Journal of Financial Economics，51(2)，309-339。
34.	Berger, A. N.、Klapper, L. F.、Udell, G. F.(2001)。The Ability of Banks to Lend to Informationally Opaque Small Businesses。Journal of Banking and Finance，25(12)，2127-2167。
35.	Bharath, S. T.、Pasquariello, P.、Wu, G.(2009)。Does Asymmetric Information Drive Capital Structure Decisions?。The Review of Financial Studies，22(8)，3211-3243。
36.	Bhattacharya, Sudipto、Thakor, Anjan V.(1993)。Contemporary Banking Theory。Journal of Financial Intermediation，3(1)，2-50。
37.	Billett, M. T.、Flannery, M. J.、Garfinkel, J. A.(1995)。The Effect of Lender Identity on a Borrowing Firm's Equity Return。The Journal of Finance，50(2)，699-718。
38.	Bolton, P.、Freixas, X.(2000)。Equity, bonds, and bank debt: Capital structure and financial market equilibrium under asymmetric information。Journal of Political Economy，108(2)，324-351。
39.	Boot, Arnoud W. A.、Thakor, Anjan V.(2000)。Can Relationship Banking Survive Competition?。The Journal of Finance，55(2)，679-713。
40.	Thakor, A. V.、Boot, A. W. A.(1994)。Moral Hazard and Secured Lending in An Infinitely Repeated Credit Market Game。International Economic Review，35(4)，899-920。
41.	Carpenter, R. E.、Petersen, B. C.(2002)。Capital Market Imperfections, High-tech Investment, and New Equity Financing。The Economic Journal，112(477)，54-72。
42.	Demirgüç-Kunt, Asli、Maksimovic, Vojislav(1999)。Institutions, financial markets, and firm debt maturity。Journal of Financial Economics，54(3)，295-336。
43.	Diamond, Douglas W.(1984)。Financial intermediation and delegated monitoring。The Review of Economic Studies，51(3)，393-414。
44.	Diamond, Douglas W.(1991)。Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt。Journal of Political Economy，99(4)，689-721。
45.	Fohlin, C.(1998)。Relationship banking, liquidity, and investment in the German industrialization。The Journal of Finance，53(5)，1737-1758。
46.	Gibson, M. S.(1995)。Can bank health affect investment? Evidence from Japan。The Journal of Business，68(3)，281-308。
47.	Holmstrom, Bengt、Tirole, Jean(1997)。Financial Intermediation, Loanable Funds, and the Real Sector。The Quarterly Journal of Economics，112(3)，663-691。
48.	Houston, Joel F.、James, Christopher M.(2001)。Do Relationships have Limits? Banking Relationships, Financial Constraints, and Investment。Journal of Business，74(3)，347-374。
49.	James, Christopher M.(1987)。Some Evidence on the Uniqueness of Bank Loans。Journal of Financial Economics，19(2)，217-235。
50.	Subrahmanyam, A.、Titman, S.(1999)。The going-public decision and the development of financial markets。The Journal of Finance，54(3)，1045-1082。
51.	Shockley, R. L.、Thakor, A. V.(1997)。Bank loan commitment contracts: Data, theory, and tests。Journal of Money, Credit, and Banking，29(4)，517-534。
52.	Ramakrishnan, Ram T. S.、Thakor, A. V.(1984)。Information Reliability and a Theory of Financial Intermediation。The Review of Economic Studies，51(3)，451-432。
53.	Petersen, M. A.、Rajan, R. G.(1994)。The benefits of lending relationships: Evidence from small business data。The Journal of Finance，49(1)，3-38。
54.	Ongena, S.、Smith, D. C.(2001)。The Duration of Bank Relationships。Journal of Financial Economics，61(3)，449-475。
55.	Menkhoff, Lukas、Neuberger, Doris、Suwanaporn, Chodechai(2006)。Collateral-based Lending in Emerging Markets: Evidence from Thailand。Journal of Banking and Finance，30(1)，1-21。
56.	La Porta, R.、Zamarripa, G.、Lopez-De-Silanes, F.(2003)。Related lending。The Quarterly Journal of Economics，118(1)，231-268。
57.	Krishnaswami, S.、Spindt, P. A.、Subramaniam, V.(1999)。Information asymmetry, monitoring, and the placement structure of corporate debt。Journal of Financial Economics，51(3)，407-434。
58.	Boyd, John H.、Prescott, Edward C.(1986)。Financial intermediary coalitions。Journal of Economic Theory，38(2)，211-232。
59.	Stiglitz, Joseph E.(1985)。Credit markets and the control of capital。Journal of Money, Credit and Banking，17(2)，133-152。
60.	Boot, Arnoud Willem Alexander(2000)。Relationship Banking: What Do We Know?。Journal of Financial Intermediation，9(1)，7-25。
61.	Myers, Stewart C.(1977)。Determinants of Corporate Borrowing。Journal of Financial Economics，5(2)，147-175。
62.	Fazzari, Steven M.、Hubbard, R. Glenn、Petersen, Bruce C.、Blinder, Alan S.、Poterba, James M.(1988)。Financing constraints and corporate investment。Brookings Papers on Economic Activity，1988(1)，141-206。
63.	Hoshi, Takeo、Kashyap, Anil、Scharfstein, David(1991)。Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups。The Quarterly Journal of Economics，106(1)，33-60。
64.	Kaplan, Steven N.、Zingales, Luigi(1997)。Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?。The Quarterly Journal of Economics，112(1)，169-215。
65.	Fama, Eugene F.(1985)。What's Different about Banks?。Journal of Monetary Economics，15(1)，29-39。
66.	Sufi, Amir(2007)。Information asymmetry and financing arrangements: evidence from syndicated loans。The Journal of Finance，62(2)，629-668。
67.	王健安、沈中華(20030800)。資訊不對稱環境下，公司投資與銀行融資限制關係之研究。管理學報，20(4)，721-748。延伸查詢
68.	Diamond, Douglas W.、Dybvig, Phillip H.(1983)。Bank Runs, Deposit Insurance, and Liquidity。Journal of Political Economy，91(3)，401-419。
69.	Berger, A. N.、Udell, G. F.(2002)。Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure。The Economic Journal，112(477)，F32-F53。

會議論文
1.	Stiglitz, J. E.(1994)。The role of the state in financial markets。The World Bank Annual Conference on Economic Development 1993。Washington, DC：The World Bank。19-52。

研究報告
1.	Gaul, L.、Stebunovs, V.(2009)。Ownership and asymmetric information problems in the corporate loan market: Evidence from a heteroskedastic regression。Washington, DC：Department of the Treasury, Office of the Comptroller of the Currency。
2.	Hoshi, T.、Kashyap, A.、Scharfstein, D.(1993)。The choice between public and private debt: An analysis of post-deregulation corporate financing in Japan。Cambridge, MA：National Bureau of Economic Research。

圖書
1.	Greenbaum, S.、Thakor, A.(1995)。Contemporary Financial Intermediation。Orlando, FL：Dryden Press。

圖書論文
1.	Hoshi, T.、Kashyap, A.、Scharfstein, D.(1990)。Bank monitoring and investment: Evidence from the changing structure of Japanese corporate banking relationships。Asymmetric Information, Corporate Finance, and Investment。Chicago, IL：University of Chicago Press。
2.	MacKie-Mason, J. K.(1990)。Do firms care who provides their financing?。Asymmetric Information, Corporate Finance, and Investment: A National Bureau of Economic Research Project Report。University of Chicago Press。

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

1.	影響群眾募資成功籌資金額之關鍵因素探討
2.	會計穩健性：基於亞洲國家資料研究之回顧
3.	影響企業取得銀行融資成本之研究--以個案銀行為例
4.	企業的銀行關係與資訊揭露政策之關聯性
5.	建構金融機構關係下之不動產抵押貸款價值模型
6.	金融機構對臺灣中小企業融資之趨勢分析
7.	中小企業融資缺口初探
8.	銀行的所有權類型對借款企業多重往來關係之影響--以臺灣的微小型企業與中大型企業為例
9.	中小企業與銀行往來關係對其授信條件之影響
10.	我國上市上櫃企業以短支長融資模式之從眾行為探討
11.	「近朱者赤，近墨者黑」的群聚效果？--來自危機銀行與其往來企業的分析
12.	銀行承作中小企業融資業務影響因素的實證分析
13.	財務限制下集團企業對研發投資現金流量敏感度之影響
14.	企業與銀行借貸往來存續期間的研究
15.	國內上市上櫃公司重大投資案選擇銀行融資決定因素之研究

1.	臺灣銀行產業借貸行為資訊不對稱之研究

無相關書籍

無相關著作

1.	影響環保化妝品購買意願相關因素之探討
2.	辦公室網路團購是一種社交購物：探究國小教師動機、意圖與行為間之關係
3.	安養中心火災消防搶救策略之探討
4.	品牌、代言人熟悉度於前導廣告效果之探討
5.	皮膚科診所創新美容醫學商業模式之研究
6.	比較護理排班系統建置前後護理人員對排班時間、滿意度及影響排班因素之初探
7.	Effects of Individual Margin Requirement and Risk Preference on Individual Margin Trading
8.	隱私防護資料發布資訊系統之保護剖繪初論：根基於個人資料去識別化的議題
9.	以組織學習觀點探討組織靈活度與資訊技術運用能力的關係
10.	證券營業員工作壓力、工作滿意度與工作績效之關係：以不同世代差異為例
11.	企業社會責任與銀行效率關連性之探討--三階段資料包絡分析法
12.	探討領導風格對安全績效之影響--以安全態度為中介變項
13.	以先集群再定路線法求解多桶格車輛途程問題
14.	代言人可信度對消費者品牌認同之影響
15.	悠遊卡與異業結盟之行銷的顧客滿意度調查

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫