臺灣博碩士論文加值系統

本論文利用存活期限模型去檢定經理人持股比例是否會影響到負債到期期限。從先前的研究把負債到期期限區分成五個分類，其回歸結果顯示出經理人的持股比例的確會影響到負債到期期限。本論文將利用較精確的存活模型再次測試經理人的持股比例是否會影響到公司負債到期期限。

In my first part, we following the Datta (2005) methodology document that managerial stockownership effect debt maturity. From the multivariable regression result we prove managerial will effect the debt maturity. However, 5-year debt and 20-year debt have the same definition within the Datta (2005) research. It is not reasonable for company to treat 5-year debt and 20-year debt as same definition. In second part, we use the precise model (duration model).

I. Introduction 1
II. Literature 1
III. The Theory and Empirical Hypotheses 2
A. Agency cost 2
B. Liquidity risk hypothesis 3
C. Signaling hypothesis 3
D. Matching Principal 4
IV. Data 4
A. Debt Maturity 5
B. Firm Characteristics 5
C. Managerial Stock Ownership and Debt Maturity Structure 6
V. Multivariate Analysis 7
A. Model Specification and Variable Descriptions 7
B. Multivariate Results 8
VI. Duration model 10
VII. Methodology 11
A. Parametric Models 12
A.1. Theoretical Background 12
A.2. Models of the Hazard Function 13
B. Semi-Parametric (Cox Proportional Hazard Model) 14
C. Differences between parametric, semi-parametric and non-parametric models 14
VIII. Duration Result 15
A. Cross-tabulation of Debt maturity 15
B. Duration Model Result 16
IX. Summary and Conclusion 20
References 22

Studip Datta, Mai Iskandar-Datta, and Kartik Raman, 2005, Managerial Stock Ownership and the Maturity Structure of Corporate Debt, Journal of Corporate Finance 5, 2333-2350.

Barclay, Michael J., and Clifford W. Smith Jr., 1995, The Maturity Structure of Corporate Debt, Journal of Finance 50, 609-631.

Berger, Phillip, Eli Ofek, and David Yermack, 1997, Managerial Entrenchment and Capital Struc¬ture, Journal of Finance 52, 1411-1438.

Irwin Friend and Larry H. P. Lang, 1988, An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure, Journal of Finance 2, 271-281.

Junesuh Yi and Daejeon, 2005, A Study on Debt Maturity Structure, The Journal of American Academy of Business, 277-285

Greetanjali Bali and Frank S. Skinner, 2006, The Original Maturity of Corporate Bonds: The Influence of Credit Rating, Asset Maturity, Security, and Macroeconomic Conditions, The Financial Review 41, 187-203

Jose Guedes and Tim Opler, 1996, The Determinates of the Maturity of Corporate Debt Issues, Journal of Finance 51, 1809-1833.

Shane A. Johnson, 2003, Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage, The Review of Financial Studies 16, 209-236

Elyas Elyasiani, Lin Guo and Liang Tang, 2002, The Determinates of Debt Maturity at Issuance: A System-Based Model, Review of Quantitative Finance and Accounting 19, 351-377

Mark Hoven Stohs and David C. Mauer, 1996, The Determinants of Corporate Debt Maturity Structure, Journal of Business 3, 279-311

Karlyn Mitchell, 1993, The Debt Maturity Choice: An Empirical Investigation, The Journal of Financial Research 16, 309-320

DiliP D. Kare, 1996, Corporate Bond Maturity Decision: an Agency and Transaction Cost Explanation, Applied Financial Economic 6, 443-448