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來源資料
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頁籤選單縮合
題 名 | 破產成本對融資順位的影響=The Influences of Bankrupt Cost to Pecking Order in Financing Decision |
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作 者 | 汪志堅; | 書刊名 | 德明學報 |
卷 期 | 11 1996.03[民85.03] |
頁 次 | 頁1-15 |
分類號 | 553.977 |
關鍵詞 | 融資順位理論; 資訊不對稱; 破產; Pecking order theory; Information asymmetric; Bankrupt; |
語 文 | 中文(Chinese) |
中文摘要 | 自從Modigliani & Miller提出 MM 理論後,融資決策一直是財務管理領域的重要研究課題之一,而Myers & Majluf(1984)以資訊不對稱的觀點提出融資順位理論後,融資順位理論在融資決策相關文獻中逐漸受到重視。影響融資順位選擇的因素很多,本研究主要探討破產成本對於融資順位的影響。本研究以資訊不對稱的觀點,發展一模式以分析考慮破產成本時廠商的融資工具決策,並以國內上市公司為對象,以利息保障倍數作為破產風險的指標,檢定民國七十六年到八十二年間,破產風險對融資工具選擇的影響。 |
英文摘要 | Financing decision is one of the most important issues in financial reserch. Recently, a number of literatures related to financing decision gradually pays attention to pecking order theory which was presented by Myers & Majluf (1984) in the concept of information asymmetric. There are many factors which would influence the pecking order. Bankrupt cost is one of the factors. In this study, how bankrupt cost influences the necking order was studied. A mathematical model was developed to discuss it. Finally, we took the relation between financing decisions (debt/equity) and the possibility of bankrupt (times interest earned) during the period 1987 to 1993 as an example for empirical purpose. |
本系統中英文摘要資訊取自各篇刊載內容。