臺灣博碩士論文加值系統

本篇主要探討公司成本僵固性是否影響銀行貸款合約之條件。結果顯示成本愈僵固之公司，放款銀行給予的貸款成本較高，代表當放款人在衡量貸款合約時，企業之成本行為將被納入考量。此外發現，未來企業遠景愈好之的公司，會降低其成本僵固性與銀行貸款合約間之關係，使放款銀行較不會因為公司的成本僵固性較高而給予貸款合約較差之條件。此篇結合管理會計研究主題與財務會計主題，藉由對成本僵固性之深入研究，探討其是否會對銀行貸款合約的經濟結果產生影響。

Motivated by recent literature regarding that firm’s asymmetric cost behavior brings to several economic effects. This paper offers the evidence that banks will take firm’s sticky costs into consideration when pricing bank loans. To be more specific, firms with stickier cost are charged at higher loan spreads. This finding is consistent with the argument that greater decrease in cash flows due to sticky costs (when sales decline) increases the downside distribution of profit streams, thereby resulting in higher default risk. The results also indicate that the impact of cost stickiness is weaker in situations where there is a positive growth prospect about a firm’s future. Since bank loan is a major source of corporate financing for publicly traded firms, the results have important implications on our understanding of the economic consequences of asymmetric behavior of costs.

1.前言1
2.文獻探討及假說3
2.1成本僵固性及研究重點3
2.2假說建立5
3.研究方法6
3.1樣本選擇6
3.2成本僵固性之衡量7
3.3實證模型8
4.實證結果11
4.1敘述性統計11
4.2 相關係數13
4.3成本僵固性對銀行貸款之影響13
4.4成本僵固性、銀行貸款與企業前景之關係14
5.額外測試18
5.1貸款合約是否有限制性條款與成本僵固性之關係18
5.2 銷貨成本及銷管費用之成本僵固性與銀行貸款之關係19
6.結論20
7.參考文獻23

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