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題名 | 公司股權結構是否影響負債融資工具選擇?=Does the Corporate Ownership Structure Affect the Choice of Debt Financing Instrument? |
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作者 | 楊媚靜; 陳振宇; 周建新; Yang, Mei-ching; Chen, Chen-yu; Chou, Jian-hsin; |
期刊 | 臺灣企業績效學刊 |
出版日期 | 20130600 |
卷期 | 6:2 2013.06[民102.06] |
頁次 | 頁149-170 |
分類號 | 553.977 |
語文 | chi |
關鍵詞 | 股權結構; 債務融資; 金字塔結構; 家族企業; Ownership structure; Debt financing; Pyramid structure; Family firm; |
中文摘要 | 企業的股權結構係影響其代理問題的重要因素,且會進而影響其負債融資決策,亦即債務融資工具之選擇。基於此觀點,本研究企圖探討當公司股權集中度愈高時,企業傾向於發行何種債務融資工具,並進一步探討當企業具金字塔結構或家族企業特徵時,傾向採取何種債務融資工具。實證結果發現,當董監事股權質押比率愈高時,企業傾向以銀行借款方式進行融資。而當經理人持股情形愈高或最終控制持股情形愈嚴重時,企業傾向選擇發行可轉換公司債的融資工具。然而,當企業的盈餘偏離差程度愈大或存在金字塔結構時,傾向以發行公司債進行債務融資。此外,家族控制型態的企業較不會選擇以銀行借款方式進行融資。 |
英文摘要 | The corporate ownership structure is an important determinant that affects firm's agency problem and debt financing strategy, which is the choice of debt financing instrument. According to this perspective, this study attempts to explore that whether firms intend to choose what kind of debt financing instrument if they have a higher ownership concentration. Moreover, this study will investigate that whether firms intend to choose what kind of debt financing instrument if they are the family firms or they have pyramid structure characteristics. The empirical results show that firms with higher the extent of shares as collateral by the board of directors will employ more bank debts. Firms with higher manager ownership or ultimate controlling shareholders will use more convertible debts. However, firms with higher degree of divergence in a controlling shareholder's voting and cash flow rights or the pyramid structure characteristics will employ more public debts. Besides, family firms have a tendency to use less bank debts. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。