臺灣博碩士論文加值系統

本研究探討私有企業在中國，除財務資訊外，非財務資訊(例如：董事會成員背景及企業環境資訊透明度)是否會影響其負債融資成本。研究期間為2008至2011年，以中國深圳及上海證券交易所中有發布企業社會責任(CSR)報告書的上市A股私有企業為樣本，採行兩階段最小平方法進行迴歸分析。研究結果顯示，在中國，規模較大的公司、環境衝擊較高的公司以及政府持股較高的企業，會揭露較多的環境資訊；然而，企業獨立董事的比例越高、董事教育專業度越高、環境資訊揭露水準越高其負債資金成本率不會降低，但是，董事成員若具備良好的政商關係時，會降低企業負債資金成本率但未達顯著，再者，企業前期的營收成長、還款能力佳與規模較大時，顯著降低其負債融資成本。中國的十一五、十二五政策積極鼓勵企業朝向低污染經濟發展，而銀行是否落實綠色信貸給予差別化融資？以往研究較少探討企業決策群的背景及獨立性，甚至環境資訊透明度等非財務訊息對企業融資負債的影響，本研究實證結果的貢獻－中國已發布CSR報告書的私有企業提供增額非財務資訊時，並無法有效為企業取得較低的負債融資成本。中國的私有企業提供非財務資訊為何對其負債融資不具決策有用性值得後續關注探討。

This study investigated the private sectors in China, in addition to financial information and the non-financial information (for example: a board member and corporate environmental information transparency background), which will affect the debt financing costs. During the study period of year 2008 to 2011, Shenzhen and Shanghai Stock Exchange in China have issued corporate social responsibility (CSR) report listed A shares of private companies as a sample, which are adopted bytwo-stage least squares regression analysis method. The results show that in China, the larger the company, the higher the environmental impact of the company, as well as higher government ownership of business. These would reveal more environmental information. However, the higher the proportion of independent directors of the enterprise and the director with professional education degree, the higher the level of environmental information, which will expose the higher debt ratio. This will not reduce the cost of capital.
If the board members have good political and business relations, it will reduce the cost of capital rate debt, but it is not significant. Moreover, revenue growth and good ability of solvency will significantly reduce the company’s debt financing costs. The policy of China''s “11th five” encourages enterprises towards economic development, and the bank executes the implementation of “green credit”. The past few studies investigated the background of corporate decision-making group and independence, even they affect the environment, transparency of information, and other non-financial information on corporate debt financing. The contribution of this study is published in the China CSR Report---the amount of private non-financial enterprises information cannot effectively lower the cost of debt financing for businesses, with non-financial information. It’s worthy to follow up and discuss the usefulness of decision for corporate debt financing decision.

目錄
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構及流程 7
第貳章 文獻探討 9
第一節 文獻觀念性架構介紹 9
第二節 銀行借款利率與負債資金成本 12
第三節 企業在中國的融資情形 14
第四節 中國的環境管理制度與中國的政策 16
第五節 董事會成員的背景、環境資訊揭露與融資 18
第六節 中國的綠色信貸 29
第參章 研究方法 33
第一節 觀念性架構及研究假說 33
第二節 實證模型與變數衡量 36
第三節 研究樣本與資料蒐集 46
第四節 研究方法 48
第肆章 實證結果 49
第一節 敘述性統計 49
第二節 相關分析 51
第三節 迴歸分析結果 53
第伍章 結論與建議 61
第一節 研究結論 61
第二節 管理意涵及研究貢獻 64
第三節 研究限制與建議 66
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圖目錄
圖 1 1研究流程圖 8
圖 2 1文獻探討觀念性架構 11
圖 2 2企業資金來源架構圖 12
圖 2 3治理機制與負債資金成本之關係架構圖 13
圖 3 1實證變數觀念性架構 35
表目錄
表 3 1模型中變數之定義 37
表 3 2中國企業社會責任榜專家評價體系評比表 43
表 3 3研究樣本之選擇 47
表4-1 敘述性統計 50
表4-2 Pearson相關性分析 52
表4-3 影響EID總體的迴歸結果- MODEL 1 53
表4-4 總體EID影響融資的迴歸結果- MODEL 2 54
表4-5 影響實質性EID的迴歸結果- MODEL 3 57
表4-6 實質性EID影響融資的迴歸結果- MODEL 4 57
表4-7 影響象徵性EID的迴歸結果- MODEL 5 59
表4-8 象徵性EID影響融資的迴歸結果- MODEL 6 59

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