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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/87278
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/87278


    Title: 資訊不對稱對負債資金成本之影響--以銀行借款為實證
    The Impact of Informational Asymmetry on the Cost of Debt-- Empirical of Bank Loans
    Authors: 郭敏華
    Kuo, Min-Hua
    Contributors: 陳隆麒
    張春雄
    李庸三

    Chen, Long-Chie
    Chang, Chun-Shyong
    Lee, Yung-San

    郭敏華
    Kuo, Min-Hua
    Keywords: 資訊不對稱
    資金成本
    銀行借款
    Informational asymmetry
    Cost of capital
    Bank loans
    Date: 1996
    Issue Date: 2016-04-28 11:20:57 (UTC+8)
    Abstract: Akerlof (1970) 肇端了資訊經濟學的發展,而 Leland & Pyle (1977),Ross (1977) 和 Bhattacharya (1979) 等正式將資訊經濟學帶入財務研究的領域後,資訊不對稱的重要性日益受到重視,且已對傳統財務理論產生很大的衝擊,但是關於資訊不對稱的研究僅偏重於均衡條件的探討,對於如何影響風險性資產的價格以及影響程度則未見系統性研究.而且資訊不對稱的程度很難具體衡量,因此此一議題鮮見實證探討.本研究即將資訊不對稱正式納入風險性資產定價模式,並以銀行借款為實證對象,利用共變結構模型找出資訊不對稱的衡量變數,對資訊不對稱程度加以衡量.本研究在理論模式的建構,分別以一般競爭均衡,利率結構,選擇權定價,與銀行借款信用評等等四個定價模式,將資訊不對稱正式納入各模式中,推導其對價格的影響.四個不同模式均獲致相同結論:資訊不對稱使債權人的認知風險高於完全資訊時的實質風險,致使借款人資金成本上升.利用LISREL為資訊不對稱界定出一組配適良好的衡量模式,包括借款企業的年齡,規模,保證人人數,以及與銀行往來期間等四項變數.實證結果顯示,資訊不對稱對借款者的償債能力.理論模式與主要研究命題獲實證結果支持.
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