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標題: 公司治理與授信條件關聯性之研究
The Relationship between Corporate Governance and Loan Terms
作者: 翁家鈞
Wong, Jia-Jyuan
關鍵字: corporate governance;公司治理;loan terms;agency problems;cost of debt capital;授信條件;代理問題;負債資金成本
出版社: 企業管理學系所
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Given the rise of incorporated firms, more and more enterprises switch business models to one that separates ownership and management. If managers and owners have similar goals, the owners will be more willing to offer extra resources which provide managers more flexible power. Furthermore, managers will also be more loyal to the corporation and make decisions which benefit the corporation. It's good for both managers and owners. However, if there are some conflicts between managers and owners, it will easily cause moral hazard and adverse selection problems. The risk of these problems is called agency risk. In addition, risk is the key factor in determining the loan terms when corporations apply loans from financial institutions. According to past research, improving corporate governance is one of the best solutions to reduce risk. Therefore this study will discuss whether or not the corporate governance affects loan terms.

Primary results show that corporate governance definitely influences loan terms. Specifically, reducing ownership of the manager holdings, increasing ownership of the foreign institution holdings, enlarging the board size, and enhancing the information disclosures would help firms to obtain favorable loan terms.


其他識別: U0005-0107200921260900
Appears in Collections:企業管理學系所

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