臺灣博碩士論文加值系統

本篇研究是探討公司的投資支出穩定性是否影響公司的風險與負債資金成本。根據資訊不對稱與代理理論，公司的管理者經常為了自身利益而有過度投資或投資不足的現象，造成投資支出不穩定的問題，進而使公司未來營運收入與淨利造成較大波動。因此本文的實證結果顯示，當公司投資支出愈不穩定，將提高公司股票報酬的波動性與公司的非系統風險。此研究進而發現，投資支出不穩定亦將使得負債資金提供者，愈不願意融通資金給這一類公司，因此造成較差的債券評等，與債權殖利率買賣價差。在銀行借款成本部分，研究結果亦顯示投資支出不穩定公司的銀行借款成本也較高。但此研究卻發現，財務分析師反而偏好追蹤分析投資支出不穩定公司，顯示分析師喜好追蹤較具有話題性的股票，因其能促進投資人買賣，進而提高分析師之個人利益。

This study investigates whether the stability of the firm's investment expenditures affects firms’ risks and costs of debt. According to information asymmetry and agency theory, managers of firms often have over-investment or under-investment for their own profits, causing the problems of unstable investment expenditures, in turn causing large fluctuations of firm's future operating income and net profit. The empirical results of this study therefore show that the more unstable firm's investment expenditures will increase the volatility of firm's stock returns and the firm's non-systematic risks. The study further finds that instability of investment expenditures will also make debt fund providers and bank less willing to finance funds for such firms, resulting in poor bond ratings, bid-ask spreads and higher bank borrowing costs. However, I finds that financial analysts prefer to track and analyze companies with unstable investment expenditures, indicating that analysts like to track more topical stocks because it can promote investors to buy and sell, thereby improving the personal interests of analysts.

Title Page i
Letter of Approval ii
Letter of Authority iii
Abstract in Chinese iv
Abstract in English v
Acknowledgments vi
Table of Contents vii
List of Tables viii
Chapter 1 Introduction 1
Chapter 2 Literature Review and Hypothesis Development 4
2.1 Literature Reviews 4
2.1.1 Reviews related to company investment decisions 4
2.1.2 Reviews related to over-investment and cost of capital 6
2.2 Hypothesis Development: Stationary of Investment 7
Chapter 3 Research Design 16
3.1 Data 16
3.2 Construction of variables and Model design 17
3.2.1 Measurement of Inefficiency Habit 17
3.2.2 Model design 19
Chapter 4 Empirical Results 25
4.1 Descriptive Statistics 25
4.2 Regression Result 27
Chapter 5 Robustness Test 29
5.1 Risk 31
5.2 Rating 31
5.3 Spread 32
5.4 NAnalyst 33
Chapter 6 Conclusions 33
References 35
Appendix – Variable Definitions 42

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