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題名 | 資訊不對稱環境下,公司投資與銀行融資限制關係之研究=The Study on the Relationship between Firm's Investment and Financial Constraints of Banking Funding |
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作 者 | 王健安; 沈中華; | 書刊名 | 管理學報 |
卷期 | 20:4 2003.08[民92.08] |
頁次 | 頁721-748 |
分類號 | 563.52 |
關鍵詞 | 資訊不對稱; 投資; 融資限制; 與銀行借貸往來關係; 流動性; Asymmetric information; Firms' investment; Financial constraints; Banking relationship; Liquidity; |
語文 | 中文(Chinese) |
中文摘要 | 傳統金融理論認為銀行之所以存在,是因為銀行藉由專業化的監督緩和了資金供給者與需求者雙方資訊不對稱的問題。根據此一理論發展出來的「與銀行(借貸)往來關係」假說認為:公司藉由與少數銀行往來建立密切的關係,此有助於解決企業投資時所面臨的融資限制問題,亦即,此類型公司較不怕未來投資沒有外部資金的支持,因而可以保留較少的自有資金。本研究實證支持台灣上市公司如果與較少銀行往來,其以投資為被解釋變數的迴歸式中,解釋變數中的流動性變數的係數不顯著;反之,如果與較多數的銀行往來,則流動性係數顯著;但這並不表示銀行的監督功能得到充分的發揮。 |
英文摘要 | Researchers agree the close bank relationship is beneficial for the support of financing need in the process of firms’ investment. In this paper, we test this hypothesis using Taiwan’s firms’ data and argue that the limits banks facilitate the credit into the productive uses by monitoring the actions of borrowers and specialize in mitigating asymmetric information. We use the bank number that firms borrow with to proxy the banking relationship and examine whether the financial constraints vary systematically with the reliance on banking relationship. The results show firms have the close banking relationship retained less internal fund to invest, and the liquidity coefficient is insignificant. On the other hand, firms have weak banking relationship retained more cash flow on hand to invest in the future, and the liquidity coefficient is significant. Although the close banking relationship is beneficial to firms’ investment, banks lose the monitor function for some abnormal investment of firms. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。