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| Title: | 家族企業與債務契約-以臺灣為例
Family firms and debt contracts: Evidence from Taiwan |
| Authors: | 葉品沂
Yeh, Pin-Yi |
| Contributors: | 詹凌菁
Chan, Ling-Ching
葉品沂
Yeh, Pin-Yi |
| Keywords: | 家族企業
控制權和所有權之差異
負面ESG新聞
債務契約
Family firms
control-ownership divergence
negative ESG news
debt contracts |
| Date: | 2024 |
| Issue Date: | 2024-09-04 14:46:21 (UTC+8) |
| Abstract: | 本研究探討家族企業特色和聯貸契約條款之關聯性。樣本期間為2005至2019年，以臺灣上市以及上櫃公司為對象。本研究探討控制權和所有權差異以及負面ESG新聞對於臺灣上市和上櫃家族企業之聯貸契約條款之影響，預期有較小控制權和所有權差異或較少負面ESG新聞之家族企業獲得較佳之聯貸契約條款。本研究之實證結果顯示相較於非家族企業，有較小控制權和所有權差異之家族企業，以投票權和現金流量權之差異衡量，可能獲得較佳之聯貸利差、金額以及較不被要求擔保；但未發現他們相較於非家族企業獲得較佳之期限。此外，有較少負面ESG新聞之家族企業可能獲得較佳之聯貸金額；但未發現他們相較於非家族企業獲得較佳之聯貸利差、期限，或較不被要求提供擔保。
This study investigates the relationship of family firms’ characteristics and the contract terms of syndicated loans. The sample period is from year 2005 to 2019, targeting Taiwanese listed companies and over-the-counter companies. Specifically, this study investigates the impact of control-ownership divergence and negative ESG news for Taiwanese family firms on the contract terms of syndicated loans, expecting family firms with lower control-ownership divergence or less negative ESG news to obtain favorable loan contract terms. The empirical results of this study suggest that compared with non-family firms, family firms with lower control-ownership divergence, measured by the divergence between voting rights and cashflow rights, may obtain favorable syndicated loan contract terms regarding spread, amount and collateral. However, there is no evidence for them to obtain favorable maturity of syndicated loans than non-family firms. In addition, compared with non-family firms, family firms with less negative ESG news may obtain favorable contract terms regarding the amount of syndicated loans. Nevertheless, there is no evidence that they obtain favorable spread or maturity of syndicated loans or are less likely to be asked of secured loans than non-family firms. |
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| Description: | 碩士
國立政治大學
會計學系
109353004 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109353004 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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