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題 名 | Information Transparency and Debt Markets Development: Cross-Country Evidence=資訊透明度與債權市場之發展:跨國實證研究 |
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作 者 | 周秀霞; | 書刊名 | 致理學報 |
卷 期 | 36 2016.11[民105.11] |
頁 次 | 頁29-81 |
分類號 | 553.97 |
關鍵詞 | 債權市場; 政府治理能力; 資訊分享; 科技進步; 透明度; Debt markets; Governance; Information sharing; Technological advancement; Transparency; |
語 文 | 英文(English) |
中文摘要 | 本文探討資訊透明度與債權市場之關係,不同於文獻對透明度之衡量,本文同時考慮資訊內容、資訊處理與資訊治理三個資訊透明度構面,且同時考量國內外之私人借貸與公開發行之債權市場。實證結果顯示,資訊內容中的信用資訊分享與國內外的私人借貸規模呈正相關;科技進步與政府治理能力則分別為國內與國際私人借貸規模的影響因素;但公開發行債券市場規模與透明度的正向關係,僅存在金融海嘯期間。另外,資訊科技與政府治理能力會透過對資訊內容揭露之影響,間接影響債權市場規模。 |
英文摘要 | The aim of this paper is to investigate the impacts of information transparency on debt markets. Differing from previous studies, this paper considers the components of transparency comprehensively, including information content (financial and credit), information processes and information governance. We discuss the geographic dimension of both domestic and international debts, and the debt product dimension of both private debts (loans) and public debts (bonds). Empirical results show that the disclosure of credit information is positively correlated with domestic and international private debts. Technological advancement and governance are also determinants of domestic and international private debts respectively. For publicly issued bonds, the positive impacts of transparency existed only during the financial tsunami period. Furthermore, technology infrastructure and governance affect the scale of debts indirectly by improving the disclosure of financial and credit information. |
本系統中英文摘要資訊取自各篇刊載內容。