English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 110096/141043 (78%)
Visitors : 46396515      Online Users : 913
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/35318


    Title: 公司負債到期結構之實證研究-以台灣製造業為例
    An Empirical Study on The Determinants of Taiwan Corporate Debt Maturity Structure
    Authors: 孫孟文
    Amy Meng-Wen Pan
    Contributors: 杜化宇
    Anthony Tu
    孫孟文
    Amy Meng-Wen Pan
    Keywords: 負債到期結構
    代理成本
    資訊假說
    Debt Maturity Structure
    Signaling Hypothesis
    Agency Cost Hypothesis
    Date: 2002
    Issue Date: 2009-09-18 14:43:31 (UTC+8)
    Abstract: 本論文探討公司負債到期結構的實證決定因素。本研究首先選取台灣一般製造業104家樣本，使用複迴歸進行分析，結果顯示此104家樣本公司市價對帳面價值比與實質稅率的係數估計值為負，證明高成長和高預期代理成本的公司，擁有長於三年到期結構負債的比率顯著的較低，驗證資訊不對稱程度較高的企業較不偏好長期負債的假說，並與理論的預測相同。對於負債到期結構之其他三項決定因素，即資產年限、變異性、與超額盈餘而言，結果和假說理論及國外實證研究結果不合，無法驗證資產與負債年限相配之假說，同時以負債到期結構與超額盈餘傳遞訊息假說之理論亦無法成立。由於此六項決定因素皆不具統計顯著性，故而再選取電子業31家樣本進行實證研究。此上市公司電子業31家的實證結果支持代理成本與負債到期結構之間具有負相關的假說，以及企業會配合公司資產年限和負債到期結構的相配假說；然而，實證結果無法驗證此31家電子產業的負債到期結構與企業規模呈現正相關，也無法驗證負債到期結構和公司價值的變異性、超額報酬具有負相關的假說。此外，研究結果並不支持稅負會影響負債到期結構的說法，以及企業會利用負債到期結構發佈訊息的假設。
    This paper investigates the empirical determinants of corporate debt maturity structure by exploring the possible relations between the firm’s debt maturity structure and six firm-specific characteristics of agency-related costs, size, signaling, asset maturity, taxes and variability. This is done by testing the theoretical model of debt maturity structure first using a cross-sectional data set of 104 non-financial Taiwan firms, and then using a data set of 31 Taiwan electronic firms. The results of the test on the 104 non-financial Taiwan firms shows that agency-costs, asset-maturity and taxes exert negative impacts on debt maturity, while size, variability and abcdrmal profit have positive impacts on debt maturity. However, none of these determinants are significant on the debt maturity structure decisions. As for the 31 Taiwan electronic firms, the evidence lends considerable support to the prediction that the impact of agency-costs on debt maturity is negative. The findings also provide support for the notion that these firms match the maturity of their debt to that of their assets. Though firm size is positively associated with debt maturity, it is not a significant determinant. The empirical analysis provides no evidence that taxes and volatility of firm value affect debt maturity structure. Finally, the empirical results are not supportive of the signaling hypothesis that Taiwan electronic firms use their debt maturity structure to signal information to the market.
    Reference: 參考文獻
    中文部份
    吳儀玲 (民82)，「可轉換公司債之特探討」，國立台灣大學財務金融研究所碩士論文。
    蔡垂君 (民84)，「以風險、經營績效、股利政策及股東報評估企業現金增資及可轉換公司債融資」，國立中興大學企業管理研究所碩士論文。
    余曉亭 (民88)，「上市公司發行可轉換公司債之長期績效評估」，國立台灣大學商學研究所碩士論文。
    施敏慧 (民90)，「債券型與權益型轉換對財務績效的影響」，私立中國文化大學會計研究所碩士論文。
    陳俐君 (民91)，「財務彈性對可轉換公司債發行公司長期營運績效影響之分析」，國立政治大學財務管理研究所碩士論文。
    英文部份
    Barclay, M. J. and Smith, C. W. (1995), “The maturity structure of corporate debt”, Journal of Finance, 50, 609-632.
    Barnea, A., Haugen, R. A. and Senbet L. W. (1980), “A rationale for debt maturity structure and call provisions in the agency theoretic framework, Journal of Finance, 35, 1223-1234.
    Brick, I. E. and Ravid, S. A. (1985), “On the relevance of debt maturity structure”, Journal of Finance, 40, 1423-1437.
    Brick, I. E. and Ravid, S. A. (1991), “Interest rate uncertainty and the optimal debt maturity”, Journal of Financial and Quantitative Analysis, 26, 63-81.
    Boyce, W. M. and Kalotay, A. J. (1979), “Tax differentials and callable bonds”, Journal of Finance, 34, 825-838.
    Cook, R. D. and Weisberg S. (1983), “Diagnostics for heteroscedasticity in regression”, Biometrica, 70, 1-10.
    Demirguc-Kunt, A. and Maksimovic, V. (1999), “Institutions, financial markets, and firm debt maturity”, Journal of Financial Economics, 54, 295-336.
    Diamond, D. (1991), “Debt maturity and liquidity risk”, Quarterly Journal of Economics, 106, 709-737.
    Diamond, D. (1993), “Seniority and maturity of debt contracts”, Journal of Financial Economics, 33, 341-368.
    Flannery, M. J. (1986), “Asymmetric information and risky debt maturity choice”, Journal of Finance, 41, 19-37.
    Flannery, M. J. (1994), “Debt maturity and the deadweight cost of leverage: Optimally financing banking firms”, American Economic Review, March, 320-331.
    Goswami, G., Noe, T. and Rebello, M. (1995), “Debt financing under asymmetric information”, Journal of Finance, 50, 633-659.
    Green, R. (1984), “Investment incentives, debts, and warrants”, Journal of Financial Economics, 13, 115-136.
    Guedes, J. and Opler, T. (1995), “The determinant of the maturity of new corporate debt issues”, Working paper.
    Hansen, R. and Crutchley, C. (1990), “Corporate earnings and financings: An empirical analysis”, Journal of Business, 63, 347-371.
    Hart, O. and Moore, J. (1994), “A theory of debt based upon the inalienability of human capital”, Quarterly Journal of Economics, 109, 841-879.
    Hart, O. and Moore, J. (1995), “Debt seniority: An analysis of the role of hard claims in constraining management”, American Economic Review, June, 567-585.
    Jensen, M. C. and Meckling, W. (1976), “Theory of the firm: managerial behaviour, agency costs, and capital structure”, Journal of Financial Economics, 3, 305-360.
    Kale, J. R. and Noe, T. H. (1990), “Risky debt maturity choice in a sequential equilibrium”, Journal of Financial Research, 3, 155-165.
    Kane, A., Marcus, A. J. and McDonald, R. L. (1985), “Debt policy and the rate of return premium to leverage”, Journal of Financial and Quantitative Analysis, 20, 479-499.
    Kim, C., Mauer D. and Stohs, M. (1995), “Corporate debt maturity policy and investor tax timing options: Theory and evidence”, Financial Management, 24, 33-45.
    Goswami, G., Noe, T. and Rebello, M. (1995), “Debt financing under asymmetric information”, Journal of Finance, 50, 633-659.
    Lee, I. and Loughran, T (1998), “Performance following convertible bond issuance”, Journal of Corporate Finance, 4, 185-207.
    Leland, H. (1994), “Corporate debt value, bond covenants, and optimal capital structure”, Journal of Finance, 49, 1213-1252.
    Leland, H. E. and Thoft, K. B. (1996), “Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads”, Journal of Finance, 51, 987-1019.
    Lewis, C. (1990), “A multi-period theory of corporate financial policy under taxation”, Journal of Financial and Quantitative Analysis, 25, 25-43.
    Lewis, C. Rogalski, R. and Seward, J. (2001), “The long-run performance of firms that issue convertible debt: An empirical analysis of operating characteristics and analyst forecasts”, Journal of Corporate Finance, 7, 447-474.
    Mayers, D. (1998), “Why firms issue convertible bonds: The matching of financial and real investment options”, Journal of Financial Economics, 47, 83-102.
    McLaughlin, R. Safieddine and Vasudevan, G. (1996), “The operating performance of seasoned equity issuers: Free cash flow and post-issue performance”, Financial Management, 25, 41-53.
    Miller, M. H. (1977), “Debt and taxes”, Journal of Finance, 31, 29-37.
    Mitchell, K. (1991), “The call, sinking fund and term-to-maturity features of corporate bonds: an empirical investigation”, Journal of Financial and Quantitative Analysis, 26, 1-22.
    Mitchell, K. (1993), “The debt maturity choice: An empirical investigation”, Journal of Financial Research, 6, 309-320.
    Morris, J. (1992), “Factors affecting the maturity structure of corporate debt”, Working paper, University of Colorado at Denver.
    Myers, S. C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, 5, 147-175.
    Ozkan, A. (2000), “An empirical analysis of corporate debt maturity structure”, European Financial management, 6, 197-212.
    Ozkan, A. (2002), “The determinants of corporate debt maturity: Evidence from UK firms”, Applied Financial Economics, 12, 19-24.
    Park, C. (1994), “Monitoring and debt seniority structure”, Working paper, University of Chicago.
    Patel, A., Emery, D.R. and Lee, Y.W. “Firm performance and security type in seasoned offerings: An empirical examination of alternative signaling models”, Journal of Financial Research, 16, 181-192.
    Rajan, R. (1992), “Insiders and outsiders: The choice between informed and arm’s length debt”, Journal of Finance, 47, 1367-1400.
    Ravid, S. A. (1996), “Debt maturity-survey”, Financial Markets, Institutions and Instruments, 5, 1-69.
    Sarig, O. and Warga, A. (1989), “Some empirical estimates of the risk structure of interest rates”, Journal of Finance, 44, 1351-1360.
    Sharpe, S. (1991), “Credit rationing, concessionary lending and debt maturity”, Journal of Banking and Finance, 15, 581-604.
    Smith, C. W. (1986), “Investment banking and the capital acquisition process”, Journal of Financial Economics, 15, 3-29.
    Stein, J. (1992), “Convertible bonds as backdoor equity financing”, Journal of Financial Economics, 32, 3-21.
    Stohs, M. H. and Mauer, D. C. (1996), “The determinants of corporate debt maturity structure”, Journal of Business, 69, 279-312.
    Titman, S. and Wessels, R. (1988), “The determinants of capital structure choice”, Journal of Finance, 43, 1503-1516.
    Titman, S. (1992), “Interest rates swaps and corporate financing choices”, Journal of Finance, 47, 1-19.
    White, H. (1980), “A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity”, Econometrica, 48, 817-830.
    Whited, T. M. (1992), “Debt, liquidity constraints, and corporate investment: evidence from panel data”, Journal of Finance, 47, 1425-1460.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    89932129
    91
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0089932129
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

    Files in This Item:

    File Description SizeFormat
    93212901.pdf8KbAdobe PDF2783View/Open
    93212902.pdf7KbAdobe PDF21184View/Open
    93212903.pdf7KbAdobe PDF21021View/Open
    93212904.pdf7KbAdobe PDF2829View/Open
    93212905.pdf8KbAdobe PDF2834View/Open
    93212906.pdf19KbAdobe PDF21212View/Open
    93212907.pdf62KbAdobe PDF21616View/Open
    93212908.pdf46KbAdobe PDF21978View/Open
    93212909.pdf41KbAdobe PDF21377View/Open
    93212910.pdf12KbAdobe PDF2886View/Open
    93212911.pdf19KbAdobe PDF21299View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback