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研究生:翁家鈞
研究生(外文):Jia-Jyuan Wong
論文名稱:公司治理與授信條件關聯性之研究
論文名稱(外文):The Relationship between Corporate Governance and Loan Terms
指導教授:陳家彬陳家彬引用關係
學位類別:碩士
校院名稱:國立中興大學
系所名稱:企業管理學系所
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:2009
畢業學年度:97
語文別:中文
論文頁數:64
中文關鍵詞:公司治理授信條件代理問題負債資金成本
外文關鍵詞:corporate governanceloan termsagency problemscost of debt capital
相關次數:
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隨著股份有限公司的興起,越來越多的企業朝向經營權與所有權分離的經營模式發展。倘若經理人與股東的目標一致時,股東更願意提供資源讓經理人能擁有更彈性發揮的空間,經理人也能無後顧之憂地利用本身的專業做出對企業最有利的決策,對公司的發展有正面的影響。但當經理人與代理人存在目標不一致時,企業容易有逆選擇、道德的問題發生,產生所謂的「代理風險」。然而風險的高低是決定企業向金融機構融資時,其授信條件好壞的關鍵因素。綜合過去許多學者的研究發現公司治理是有效降低風險的方法之一,故本研究將探討是否能夠透過改善企業的公司治理,幫助企業取得較佳的授信條件?

研究結果發現公司治理的良窳確實會對影響債權人所認知企業發生危機風險的高低,進而反映在授信條件上。其中以降低管理者的持股比率、提升外資機構的持股比率、擴大董事會的規模以及增加企業的資訊揭露評鑑等級,最有助於企業取得較佳的授信條件(低利率、高額度、低有擔保比率)。
Given the rise of incorporated firms, more and more enterprises switch business models to one that separates ownership and management. If managers and owners have similar goals, the owners will be more willing to offer extra resources which provide managers more flexible power. Furthermore, managers will also be more loyal to the corporation and make decisions which benefit the corporation. It’s good for both managers and owners. However, if there are some conflicts between managers and owners, it will easily cause moral hazard and adverse selection problems. The risk of these problems is called agency risk. In addition, risk is the key factor in determining the loan terms when corporations apply loans from financial institutions. According to past research, improving corporate governance is one of the best solutions to reduce risk. Therefore this study will discuss whether or not the corporate governance affects loan terms.

Primary results show that corporate governance definitely influences loan terms. Specifically, reducing ownership of the manager holdings, increasing ownership of the foreign institution holdings, enlarging the board size, and enhancing the information disclosures would help firms to obtain favorable loan terms.
誌謝 i
摘要 ii
Abstract iii
目錄 iv
圖表目錄 v
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程 4
第二章 文獻探討 5
第一節 公司治理 5
第二節 代理理論 7
第三節 融資順位理論 8
第四節 公司治理與資金成本 10
第五節 資訊揭露評鑑系統 12
第三章 研究方法 13
第一節 資料與樣本 13
第二節 操作型定義 14
第三節 模型建構 16
第四節 假說建立 18
第四章 實證結果 25
第一節 敘述性統計分析 25
第二節 公司治理與長期授信條件之關係 27
第三節 公司治理與短期授信條件之關係 34
第四節 公司治理與長、短期授信條件之比較 40
第五節 預期不符結果之驗證 44
第五章 結論與建議 47
第一節 結論 47
第二節 研究限制與未來研究建議 49
參考文獻 50
附錄一:長期借款之Pearson相關係數矩陣 56
附錄二:短期借款之Pearson相關係數矩陣 57
附錄三:資訊揭露評鑑程序與評鑑結果公佈方式 58
附錄四:「第五屆資訊揭露評鑑系統」之評鑑指標 60
一、中文部分
(一) 圖書
葉銀華、李存修、柯承恩 (2002)。公司治理與評等系統。台北:商智文化。

(二) 期刊論文
沈中華、池祥萱 (2007)。當事件公司發生非預期財務危機時,我們相信治理好的同業公司。管理評論,26(4),77-98。

林玉娟、林玉珠 (2008)。股市投資人對台灣上市上櫃企業公司治理之認知研究。美和技術學院學報,27(1),103-120。

紀麗秋、鄧誠中、陳明遠 (2008)。企業透明度與長短期借款利率。2008 全球化暨國際企業研討會,298-311。

陳依蘋 (2002)。透明度與企業價值。會計研究月刊,200,48-54。

陳美華、洪世炳 (2005)。公司治理、股權結構與公司績效關係之實證研究。企業管理學報,65,129-153。

陳瑞斌、許崇源 (2007)。公司治理結構與資訊接露之關聯性研究。交大管理學報,27(2),55-109。

陳曉蓉、陳儀娟 (2007)。獨立董監事制度與特性對於公司治理與公司績效之影響—以台灣上市公司為例。第八屆管理學域學術研討會論文集,147-174。

許崇源、陳瑞斌 (2005)。公司治理與權益資金成本之關聯性研究。2005年第三屆『管理思維與實務』學術研討會論文集,20-55。

楊慧蘭 (2003)。研究發展投資與財務政策關聯性之實證研究。逢甲大學會計與財稅研究所碩士論文,未出版。

廖秀梅、李建然、吳祥華 (2006)。董事會結構特性與公司績效關係之研究¬—兼論台灣家族企業因素的影響。東吳經濟商學學報,54,117-160。
鄭國鴻、吳成豐 (2006)。公司治理與組織績效—台灣中小企業之研究。台灣金融財務季刊,7(1),1-27。

劉坤億、蔡淑美 (2004)。公司治理。台北大學企業管理研究所博士論文,未出版。

劉學儒 (2004)。資訊透明度與權益資金成本關聯性之實證研究-以電子資訊業為例。中國文化大學會計學系碩士論文,未出版。


二、西文部分
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Chen, K. C. W., Z. H. Chen and J. K. C. Wei (2004). Disclosure, corporate governance, and the cost of equity capital in emerging markets. SSRN Working Paper.

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Davis, James H., F. David Schoorman and Lex Donaldson (1997). Toward a stewardship theory of management. The Academy of Management Review, 22(1), 20-47.

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El-Gazzaar, S. M. (1998). Preclosure Information and Institutional Ownership: Announcement Periods. Accounting Review, 73, 119-129.

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Fama, E. and M. Jensen (1983). Agency Problems and Residual Claims. Journal of Law and Economics, 26(2), 327-349.

Francis, J., D. Nanda and P. Olsson (2006). Voluntary disclosure, earnings quality, and costs of capital. Working Paper.

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1. 沈中華、池祥萱 (2007)。當事件公司發生非預期財務危機時,我們相信治理好的同業公司。管理評論,26(4),77-98。
2. 沈中華、池祥萱 (2007)。當事件公司發生非預期財務危機時,我們相信治理好的同業公司。管理評論,26(4),77-98。
3. 林玉娟、林玉珠 (2008)。股市投資人對台灣上市上櫃企業公司治理之認知研究。美和技術學院學報,27(1),103-120。
4. 林玉娟、林玉珠 (2008)。股市投資人對台灣上市上櫃企業公司治理之認知研究。美和技術學院學報,27(1),103-120。
5. 陳依蘋 (2002)。透明度與企業價值。會計研究月刊,200,48-54。
6. 陳依蘋 (2002)。透明度與企業價值。會計研究月刊,200,48-54。
7. 陳美華、洪世炳 (2005)。公司治理、股權結構與公司績效關係之實證研究。企業管理學報,65,129-153。
8. 陳美華、洪世炳 (2005)。公司治理、股權結構與公司績效關係之實證研究。企業管理學報,65,129-153。
9. 陳瑞斌、許崇源 (2007)。公司治理結構與資訊接露之關聯性研究。交大管理學報,27(2),55-109。
10. 陳瑞斌、許崇源 (2007)。公司治理結構與資訊接露之關聯性研究。交大管理學報,27(2),55-109。
11. 廖秀梅、李建然、吳祥華 (2006)。董事會結構特性與公司績效關係之研究¬—兼論台灣家族企業因素的影響。東吳經濟商學學報,54,117-160。
12. 廖秀梅、李建然、吳祥華 (2006)。董事會結構特性與公司績效關係之研究¬—兼論台灣家族企業因素的影響。東吳經濟商學學報,54,117-160。