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| Title: | 台灣集團經營的成本及效益分析:聯貸市場議價能力的實證結果
The costs and benefits of group and non-group firms in Taiwan: evidence from the bargaining power in the syndication loan market |
| Authors: | 邱鈺玶
Chiu,Yu Ping |
| Contributors: | 張元晨
邱鈺玶
Chiu,Yu Ping |
| Keywords: | 台灣聯貸市場
台灣集團 |
| Date: | 2010 |
| Issue Date: | 2011-09-29 16:47:47 (UTC+8) |
| Abstract: | 為了研究台灣集團的經營成本和效益,本研究計算超額價值發現台灣集團下的公司並沒有比非集團公司表現更好,本研究進而以五個假說和台灣區的聯貸案來檢視集團經營成本效益,集團下的公司經營成本會高於效益
To examine the costs and benefits of group and non-group firms in Taiwan we first calculated the excess vale of group firms. We find that group firms in Taiwan do not out-perform relative to non-group firms. To find out the reason behind their underperformance, we test five hypotheses, the profit stability hypothesis, the over-investment hypothesis, the cross-subsidization hypothesis, the co-insurance hypothesis, the bargaining power hypothesis, using data from 1998 to 2008. Our sample consists of 16950 firm samples, 208 group sample, and 3013 syndication deal samples. The results show that the group overall borrowing costs are larger than non-group firms and group characteristic does not influence the spread margin in the syndication market significantly. We conclude that cost exceed benefits for firms to operate under group affiliations. |
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| Description: | 碩士
國立政治大學
財務管理研究所
98357021
99 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0098357021 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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