Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92550
標題: 中國家族企業對債務資金成本之研究
The Impact of Family Business on the Cost of Debt in Chinese Listed Firms
作者: I-Yun Lin
林怡妘
關鍵字: Cost of Debt;Family Business;Political Connection;Legal Environment
債務資金成本;家族企業;政治聯結;法律環境
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摘要: In the last three decades, China has been transformed planned economic system into market system. With the increase of the private-owned economy, the majority of state-owned enterprises also turn into private-owned enterprises. In China, most of the private-owned enterprises are mainly based on family capital and the ties of kinship. However, Chinese family businesses have difficulty in finance due to the financial institutions are restricted industry and mainly controlled by the Chinese government. Moreover, China's political system and the unequal development of legal environment also increase the difficulty of family businesses to obtain loans. In the view of this, the purpose of this paper is to investigate the relevance between family business and the cost of debt. Based on 5,664 observations from the Shenzhen and Shanghai Stock Exchange between 2004 and 2012, we find that the operation of family business can aligns management's benefits with the wealth of shareholders in this regard which reduce the agency cost and lower the cost of debt. However, political connection is not considered a key factor for creditor when assess its financing contract. Beside, the operation of family business under different legal environment has no relation with the cost of debt, which indicates that the degree of development of legal environment in China cannot improve the debt risk premium of family business.
過去三十餘年來,中國由計劃經濟轉向市場經濟,私營經濟開始慢慢崛起,過去多數由國家持股的企業,亦隨著經濟開放而轉型為民營企業。深受中華文化的影響,中國民營企業幾乎係以家族資本為主,以血親關係為基石的組織型態。然而,中國金融機構為管制產業,大部分皆由政府所掌控,有資金需求時國有企業往往能獲得金融機構的支持,反觀家族企業則遭受信貸歧視。再者,中國特殊的政治體制與欠缺完善的法律環境,亦增加家族企業向銀行融資的難度。綜上所述,本研究欲探究在此背景下,中國家族企業與債務資金成本之關聯性。本研究以2004至2012年,中國在深圳及上海交易所發行A股的上市公司為研究對象並發現,家族企業經營模式讓經營層與股東的利益趨於一致,可以減少代理成本,故其於資金融通時所需負擔的債務資金成本較少。不過,企業是否與政府有密切關係並非債權人評估其融資合約之考量因素,且家族企業經營模式在不同法律環境下,與負債資金成本並無關係,代表著在中國法律環境發展程度,並無法改善家族企業的負債風險貼水。
URI: http://hdl.handle.net/11455/92550
文章公開時間: 10000-01-01
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