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研究生:呂順隆
研究生(外文):Shun-Lung Lu
論文名稱:財務困難成本之實證研究--以台灣上市公司為例
論文名稱(外文):Financial Distress Costs-Evidence from Listed Companies in Taiwan
指導教授:蕭慧玲蕭慧玲引用關係
指導教授(外文):Huey-Ling Shiao
學位類別:碩士
校院名稱:東海大學
系所名稱:企業管理學系碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:106
中文關鍵詞:財務困難財務困難成本經濟衝擊反應動作
外文關鍵詞:financial distressfinancial distress costseconomic shockresponse
相關次數:
  • 被引用被引用:22
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  • 下載下載:56
  • 收藏至我的研究室書目清單書目收藏:3
本研究以民國八十一年至九十年為研究期間,選取三十三家發生財務困難之台灣上市公司為樣本,進行財務困難成本相關的探討。本研究主要區分為四大部分。首先探討影響財務困難發生之因素,繼而估計財務困難成本,檢視困難公司在發生財務困難後,其財務困難成本與財務困難公司相關變數間的關聯,並進一步釐清困難公司經歷不利經濟衝擊與否對於財務困難成本之影響。最後,在加入動態面的反應動作變數後,探討困難公司所採取之反應動作是否能有效降低財務困難成本。
實證結果發現,「公司績效」與「槓桿程度」係導致台灣上市公司發生財務困難的主因,且財務困難成本平均而言相當高昂。在公司相關變數的探討上,財務困難成本與「公司特性」方面之「公司規模」﹑「投資比率」﹑「總資產週轉率」﹑「營收成長率」呈正向顯著,而與「負債比率」和「每股盈餘」呈負向顯著。在輔以Mann-Whitney-Wilcoxon無母數檢定均數後,本研究推論「大規模」﹑「低負債」資本結構﹑「投資程度高」﹑「經營能力優越」﹑「獲利能力低」以及「成長性高」的公司,其在財務困難發生後,傾向具有較高的財務困難成本。
「公司治理」方面,「董監事持股比率」以及「董監事質押比率」均與財務困難成本呈正向顯著,隱含董監事代理問題可能引發鉅額財務困難成本﹔「外部環境變數」方面,「市場報酬率」與財務困難成本呈負向顯著,顯示當財務困難前一年度市場景氣不佳時,對財務困難成本有雪上加霜的效果﹔「產業報酬率」之「第三四分位數」與財務困難成本呈正向顯著,代表當公司在財務困難發生前一年度所處產業相對於整體產業績效較佳時,則越傾向發生較高的財務困難成本﹔「財務困難相關期間長度」部分則未呈顯著。
此外,經濟衝擊與否對於台灣上市公司之財務困難成本確實具有顯著的影響,且沒有經歷經濟衝擊的公司相較於有經濟衝擊的公司具有較高的財務困難成本。最後,在反應動作方面,公司傾向在財務困難發生當年度採行「增加短期融資」的反應動作,然而如此反而會提高財務困難成本﹔若次一年度進行裁員,則有助於降低財務困難成本。
This study discusses the costs of financial distress resulted from thirty-three financial distress public firms in Taiwan from 1992 to 2001. This study is primarily divided into four parts. First, we examine what factors drive the sample firms into financial distress, estimating the costs of financial distress in order to observe the relationship between the costs of financial distress and the financial-distress-related variables after the financial distress happened. Furthermore, we verify the effects of adverse economic shock on financial distress costs in Taiwan. Finally, adding the response variables, we discuss whether the responses taken by the distressed firms can reduce their financial distress costs effectively.
The empirical results indicate firm performance and firm leverage are the primary factors that drive the public firms in Taiwan into financial distress, and averagely the financial distress costs are high. Discussing the relationship between the costs of financial distress and the financial-distress-related variables, we find that firm size﹑investment ratio﹑asset turnover﹑sales growth ratio included in firm characteristic are positively related to financial distress costs significantly, and debt ratio and EPS have significant negative effects on financial distress costs instead. Testing the average by Mann-Whitney-Wilcoxon, we infer that large size﹑less debt﹑high investment level﹑superior operating ability﹑inferior profit-making ability and high level of growth tend to result in high financial distress costs after the financial distress happened.
In terms of firm governance, the holding and pledging ratio of the directors and supervisors both are significantly positive related to financial distress costs respectively, which imply that agency problem of the directors and supervisors might result in costly financial distress costs. In terms of external environment variables, market return ratio is negatively correlated to financial distress costs significantly, indicating that when market prosperity in the year before financial distress year is poor, it might damage the financial distress costs. The third quartile of industry return ratio is positively correlated to financial distress costs significantly, indicating that when the industry in which distressed firm locates has better performance than the whole industry, it would tend to result in higher financial distress costs.
Besides, the adverse economic shock do significantly affects the financial distress costs, and the firms that do not experience an adverse economic shock have higher financial distress costs than the ones that do experience an adverse economic shock. Finally, in terms of responses, distressed firms tend to increase short-term finance in financial distress year, which would enhance the financial distress costs instead. If the distressed firms laid off employees in the next year, the costs of financial distress would be improved.
第一章 緒論
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 論文架構 5
第二章 文獻探討
第一節 財務困難之定義....................................7
第二節 財務困難成本之定義與衡量.........................10
第三節 財務困難之影響因素...............................14
第四節 反應動作之理論背景與類型.........................17
第三章 研究設計
第一節 理論基礎與研究假說...............................22
第二節 研究設計.........................................35
第三節 研究變數定義.....................................48
第四節 研究樣本與資料來源...............................52
第五節 研究限制.........................................55
第四章 實證結果與分析
第一節 基本統計資料分析.................................58
第二節 財務困難成本之衡量與分析.........................63
第三節 影響財務困難之主要因素...........................68
第四節 財務困難公司相關變數分析.........................71
第五節 經濟衝擊與否對財務困難成本之影響.................82
第六節 財務困難成本與財務困難發生後採行反應動作之關係...84
第五章 結論與建議
第一節 結論.............................................88
第二節 本文貢獻與建議...................................91
參考文獻
一﹑國內文獻............................................94
二﹑國外文獻............................................95
附錄一﹑國內法定財務困難之法律規定..........................99
附錄二﹑樣本公司法定宣告財務困難歷程.......................105
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