Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92419
標題: 集團、企業股權結構與負債資金成本關聯性之探討
The Research of the Relationship between business group affiliation, Enterprise's Ownership Structure, and Cost of Debt
作者: Tsai,Cheng-Hung
蔡承宏
關鍵字: 集團企業;負債資金成本;股權結構;business groups;cost of debt;ownership structure
引用: 國內文獻: 王祝三、陳若暉(2008),〈台灣企業交叉持股與股東利益相關性之研究〉,《財 務金融學刊》,第16卷第3期:1-46。 台灣新報社資料庫說明,台灣經濟新報財務資料庫 (TEJ)。 林詩韻(2002),〈台灣上市公司股權結構與盈餘資訊內涵之關聯性研究〉,淡江 大學會計學系碩士班碩士論文。 許惠虹(2008),〈資訊透明度、公司治理對債務資金成本影響之研究〉,雲林科 技大學會計系研究所碩士論文。 陳冠宙、陳育成、陳雪如(2005),〈影響上市公司網站資訊透明度因子之實 證〉,《會計與公司治理》,第2卷第1期:33-59。 蔡政達(2009),〈資訊透明度、負債資金成本與企業股權結構之關聯性探討〉, 國立成功大學會計學研究所碩士論文。 劉怡青(2007),〈集團企業股權結構與多角化程度對財務風險之影響-----董事 會連結關係的中介效果〉,國防大學管理學院後勤管理研究所碩士學位論文。 賴詩婷(2009),〈無形資產、資訊揭露評等與股權結構對分析師預測特性之影 響〉,國立成功大學會計學研究所碩士論文。 瞿宛文、洪嘉瑜 (2002),〈自由化與企業集團化的趨勢〉,《臺灣社會研究》, 第47期,頁33-83。 國外文獻: Almeida, H., Park, S.Y., Subrahmanyam, M.G., Wolfenzon, D. (2011), 'The structure and formation of business groups. ' Evidence from Korean chaebols. J. Financ. Econ.99, 447– 475. Berle, A. A. and Means, G. C.(1932), 'The Modern Corporation. Macmillan', New York. Botosan, C. A.(1997), 'Disclosure Level and the Cost of Equity Capital, The Accounting Review' , July: 23-349. Byun, H.Y., Choi,S. Hwang,L.S., Kim,R.G.(2013), 'Business group affiliation, ownership structure, and the cost of debt', Journal of Corporate Finance 23, 311-331. Chang, E.C., Cheng, J.W., Khorana A.(2000), 'An examination of herd behavior in equity markets: An international perspective', Journal of Banking and Finance 24, 1651-1679 Genay, H.(1991), 'Japan's corporate groups', Economic Perspectives 15, 20-30. Hoshi, T., Kashyap, A., Scharfstein D. (1990a), 'Corporate, structure liquidity, and investment: Evidence from Japanese panel data,' Quarterly Journal of Economics 106, 33-60. Hoshi, T., Kashyap, A., Scharfstein D. (1990b), 'Bank monitoring and investment: Evidence from the changing structure of Japanese corporate banking relationship, ' In Asymmetric Information, Corporate Finance, and Investment, Ed. by R. Glenn Hubbard, Chicago: University of Chicago Press. Hutton, A.P., Marcus,A.J., Tehranian H.(2009), 'Opaque financial reports, R2, and crash risk ' Journal of Financial Economics 94, 67–86. Jensen, M.C. and Meckling, W.H.(1976), 'Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure ', Journal of Financial Economics 3: 305-360. Jin, L. and Myers, S.C.(2006), 'R2 around the world:new theory and new tests ' Journal of Financial Economics 79, 257–292. Johnson, S., Boone, P., Breach, A., Friedman, E.(2000a), 'Corporate governance in the Asian financial crisis. ' J. Financ. Econ. 58, 141–186. Johnson, S., La Porta, R., Shleifer, A.(2000b) 'Tunn. ' Am. Econ. Rev. 90, 22–27. Khanna, T. and Palepu, K.G.(1997), 'Why Focused Strategies May Be Wrong for Emerging Markets' Harvard Business Review 75, no. 4, 41–51. Khanna, T. and Yafeh, Y.(2005),'Business groups and risk sharing around the world.' J. Bus. 78, 301–340. Khanna, T. and Yafeh, Y.(2007), 'Business groups in emerging markets: paragons or parasites? ' J. Econ. Lit. 45, 331–372. La Porta, R., Lopez-de-Silanes, F., Shleifer, A.(1999), 'Corporate Ownership around the World', Journal of Finance, Vol. 54, 1113-1155. Lin, C., Ma, Y., Malatesta, P., Xuan, Y.(2011a), 'Ownership structure and the cost of corporate borrowing. ' J. Financ. Econ. 100, 1–23. Masulis, R.W., Pham, P.K., Zein, J.(2011), 'Family business groups around the world: financing advantages, control motivations, and organizational choices. ' Rev. Financ. Stud. 24, 3556–3600. Shleifer, A. and Vishny, R.(1986), 'Large Shareholders and Corporate Control. ' Journal of Political Economy 94:461- 488.
摘要: 
這份論文主要是在探討公司為集團一分子與其借貸資金成本間的關係,與前人通常是研究公司發行的公司債發行成本不同,另外在本文中有根據其他我國前人的研究來探討許多影響公司借貸資金成本的因素,例如公司是否交叉持股、公司股權結構等,與許多前人不同最大的不同點為本文的資訊透明度的定義方式為參考Hutton et al.(2009)來定義,和前人利用我國資訊評鑑系統來定義不一樣,研究方法主要是參考Byun et al.(2013)的做法來研究集團這一因素是否會影響公司舉債成本,本文的研究樣本為2008~2012曾經上市上櫃的公司與銀行之間的借貸紀錄,而結果符合有關集團的假說,顯示我國公司若有所屬集團在與銀行進行借貸時通常能獲得較低的借貸成本;且指出在公司背後有集團存在,銀行若考量公司的獲利能力和還款不確定性時對於公司的資金成本影響方向皆不固定,而在考量公司股權結構的方面則符合劉怡青(2007)的結論,一公司的最終控制者持股比例越高和股權偏離程度越高,會提高公司的借貸資金成本。

This thesis mainly tries to examine the relation between business group affiliation and the cost of debt capital. In a large body of literature, they usually use company bonds as their samples, but in this thesis it uses companies' lending records as samples. Moreover, based on domestic related literature, it uses lots of factors, including cross-ownership and ownership structure et al. In additional, this thesis is referred to Hutton et al.(2009)for calculating a company's transparency of the information, it is different to the method in literature. In literature, they always use the information published in Taiwan security and futures institute to define a company's transparency of the information. Besides, this thesis is referred to Byun et al ( 2013 ) for examining whether the co-insurance effect could affect a company's cost of debt financing, using a sample of lending records between banks and companies listed in Taiwan TSE and OTC from 2008 to 2012. In the results, they almost are consistent with the co-insurance explanation, indicating in Taiwan a company belonging to a business group can get a lower cost of debt. Additionally, when a company belongs to a business group, a bank considers the company's uncertainty about the future payoffs of debt holders and pledgeable income; the co-insurance effect does not have a fixed effect. However, when a bank considers a company's ownership structure to a company belonging to a business group, it has the same outcome like Liou (2007) indicating if a company's final controller has more stakes, it will increase the cost of debt. It has the same effect to the cost of borrowing when a final controller has a wider divergence between control and ownership.
URI: http://hdl.handle.net/11455/92419
其他識別: U0005-0207201413591600
Rights: 同意授權瀏覽/列印電子全文服務,2017-12-16起公開。
Appears in Collections:財務金融學系所

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