Chairman Interlocking and Debt Financing: Evidence on Loan Component Analysis_

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題名：	Chairman Interlocking and Debt Financing: Evidence on Loan Component Analysis
書刊名：	財務金融學刊
作者：	周淑卿／楊慧蘭
作者(外文)：	Chou, Shu-ching／Yang, Hui-lan
出版日期：	2016
卷期：	24:2
頁次：	頁89-133
主題關鍵詞：	董事長兼任；負債融資；利息成本；財務限制；Chairman interlocking；Debt financing；Cost of debt；Financial constraint
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:1 點閱:5

本研究分析臺灣企業董事長兼任、舉債與利息成本之關聯性。發現有董事長在外兼任的公司有較高公司債負債比率。財務限制公司有董事長在外兼任者比無董事長在外兼任者有較高公司債與非銀行借款負債比率及較低利息成本。過去文獻認為兼任對公司績效不利，本研究寓意財務限制公司可能運用董事長兼任形成有利之資本結構。

以文找文

This study examines the relation among chairman interlocking, debt financing, and cost of debt by using a sample of Taiwanese firms. We find that firms with chairman interlocking tend to have greater bond leverage. The loan component analysis further shows that constrained firms with chairman interlocking have greater public debt and non-bank private loan leverage, and a lower cost of debt, than those without chairman interlocking. The findings provide new insights into board characteristics and show that chairman interlocking helps constrained firms shape their optimal capital structure. This advantage might counteract the agency cost incurred by the chairman’s outside appointments.

以文找文

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