臺灣博碩士論文加值系統

公司整體能順利地運作，資金扮演重要的角色，本文資金來源以金融機構為借款對象。而近幾年來全球陸續發生了一連串的商業舞弊案件，使得公司治理及資訊透明度等議題，日漸受到重視。是故本研究以銀行借款利率加碼水準作為資金成本，來探討其與公司治理、資訊透明度之關聯性。
本文研究針對2006年臺灣上市(櫃)公司向銀行借款為研究對象，以臺灣證券暨期貨發展基金會之資訊評鑑系統及國外學者Botosan(1997)發展的揭露索引表作為資訊透明度衡量指標，利用多元迴歸模型分析資訊透明度與資金成本之關聯性。再分別以董事長是否兼任總經理及董監事持股比率切割樣本，透過公司治理之良劣，探討資訊透明度對資金成本影響之影響。
本文研究實證結果發現，債務資金成本與資訊透明度呈顯著負相關，資訊愈透明，銀行借款利率愈低，而公司治理之良劣對資訊透明度與債務資金成本間有顯著之相關性。

When bank make a loan policy, they need to survey a firm’s condition to decide what rate should be set for the transaction. This made each firm has different cost of capital. A series of commercial fraudulent cases occurred globally in recent years have drawn high attentions to corporate governance and information transparency. In this paper, we will aim at examining the effects of corporate governance and information transparency on the cost of debt.
This research retrieves the information transparency ratings from The Information Disclosure and Transparency Rankings System of Securities and Futures Institute and Botosan，s (1997) disclosure index and adapts these ratings as the information transparency variable. We examines one year sample from 2006 and use multiple regression method to identify the relationships between information transparency and the cost of debt. We expect that there is negative effect between information transparency and the cost of debt. We also examine the impact of different sample by using boards characteristics and expect that there is effect between information transparency and the cost of debt through corporate governance.
The empirical results are as follows：
1. There is significant negative effect between information transparency and the cost of debt. The more transparent the information disclosure, the lower the lending rating.
2. There is significant negative effect between information transparency and the cost of debt through corporate governance.

摘要 i
Abstarct ii
誌 謝 iv
目 錄 v
圖表目錄 vii
一、緒論 1
1.1研究背景 1
1.2 研究動機 2
1.3研究目的 3
1.4研究架構 4
二、文獻探討 5
2.1 公司治理 6
2.1.1 公司治理與代理理論 6
2.1.2 OECD之公司治理原則 8
2.1.3 我國公司治理問題 9
2.2 資訊透明度 11
2.2.1資訊透明化之成本與效益 12
2.2.3 資訊透明度評鑑系統之介紹 15
2.2.4內容分析法之介紹 19
2.2.5 資訊透明度與資本市場 22
2.3 負債資金成本 25
2.3.1 融資工具發行成本 25
2.3.2 債權人與企業間存在資訊不對稱 26
2.3.3提前清償因素 27
2.3.4 文獻小結 28
三、研究設計 29
3.1研究範圍 29
3.1.1資料來源及樣本篩選 29
3.1.2 研究限制 31
3.2研究假說 32
3.3建立模型與變數定義 34
3.3.1建立模型 34
3.2.2變數定義 35
3.4 公司治理良劣之劃分與取樣標準 45
3.5資料分析方法 47
四、實證結果與分析 48
4.1 敘述性統計分析 48
4.2相關係數分析 59
4.3 假說檢定 62
4.3.1 迴歸分析 62
4.3.2 研究結論 73
五、結論與建議 74
5.1 結論 74
5.2 研究限制 75
5.3 未來研究建議 75
參考文獻 76

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