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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/58935
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/58935


    Title: 探討金融危機下融資方式對借款人績效表現的影響
    How do financing methods affect borrowers` performance in the financial crisis?
    Authors: 朱柏森
    Contributors: 岳夢蘭
    朱柏森
    Keywords: 金融危機
    融資方式
    信用緊縮
    financial crisis
    financing methods
    credit crunch
    Date: 2012
    Issue Date: 2013-07-22 11:13:36 (UTC+8)
    Abstract: 本篇論文使用2001年到2012年的美國公司作為研究樣本,探討借款公司在金融危機下的表現,是否與借款公司的融資方式有關。實證結果顯示在金融危機下確實僅能透過貸款融資的公司表現會較差,因為在金融危機時,會造成金融體系的信用緊縮,所以導致受金融危機影響的銀行會減少借出量並增加貸款利差。另外,融資彈性較佳的公司似乎表現沒有特別突出,可能隱含在金融危機時也無法在貸款市場上獲得一些好處。
    In this paper, we use U.S. company data from 2001 to 2012 as the research sample to examine the relationship between borrowers’ performance and borrowers’ financing methods in the financial crisis. Empirical results show that the performance of borrowers which can only use loan financing is the worst in the financial crisis. There is credit crunch in the financial system because of the financial crisis, and the banks which are affected by financial crisis will reduce the lending amount and increase loan spreads. In addition, the performance of borrowers with more financing methods did not seem particularly prominent, and we think it implies borrowers with more financing methods could not get benefits from the loan market in financial crisis.
    Reference: 王漢民.曹秀惠(2006),「企業選擇負債融資工具影響因素之探討」,經濟與管理論叢(Journal of Economics and Management), 2006, Vol.2, No.1, 53-70
    邱忠岳(2010),「金融危機、商業授信與短期借款:台灣上市製造業廠商追蹤資料」,世新大學管理學院經濟學系碩士學位論文。
    曹秀慧(2003),「影響我國企業負債融資工具選擇因素之探討」,逢甲大學會計與財稅研究所碩士論文。
    黃琬馨(2002),「金融風暴後台灣信用市場供給與需求的研究」,國立台灣大學經濟學研究所碩士論文
    Ashcraft, A., (2005), "Are banks really special? New evidence from the FDIC-induced failure of healthy banks." American Economic Review 95, 1712–1730.
    Carvalho, D. R., Ferreira, M. A., and Matos, P. P., (2012), "Lending Relationships and the Effect of Bank Distress: Evidence from the 2007-2009 Financial Crisis."
    Chava, S., and Purnanandam, A., (2011), "The effect of banking crisis on bank-dependent borrowers." Journal of Financial Economics 99.1,116-135.
    Fama, E. F., and French, K. R., (1993), "Common risk factors in the returns on stocks and bonds." Journal of Financial Economics 33, 3–53.
    Garmaise, M. J., and Moskowitz, T. J., (2006), "Bank mergers and crime: the real and social effects of credit market competition." Journal of Finance 61, 495–539.
    Hoshi, T., Kashyap, A., and Scharfstein, D., (1993), "The choice between public and private debt: An analysis of post-deregulation corporate financing in Japan." No.w4421. National Bureau of Economic Research.
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    Puri, M., Rocholl, J., and Steffen, S., (2011), "Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects." Journal of Financial Economics 100.3, 556-578.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    100357033
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1003570331
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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