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研究生:羅君儀
研究生(外文):Chun-Yi Lo
論文名稱:獨立董監與金融機構借款利率關聯性之研究
論文名稱(外文):The Relationship between Independent Director and Independent Supervisor on Lending Rates of Financial Institutions
指導教授:徐苑玲徐苑玲引用關係
指導教授(外文):Emma Hsu
學位類別:碩士
校院名稱:世新大學
系所名稱:財務金融學研究所(含碩專班)
學門:商業及管理學門
學類:財務金融學類
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:69
中文關鍵詞:獨立董監公司治理借款利率授信董事會
外文關鍵詞:Independent director and independent supervisorCorporate GovernanceLending rateCreditThe Board of Directors
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  國內許多公司仍為家族企業所經營,政府為強化公司治理內部機制,2002年2月規範初次申請上市(櫃)公司,除依相關規定,另須聘請二席以上獨立董事、一席以上獨立監察人。表示獨立董監制度有助於公司品質改善,使得財務報表較能真實反應,而金融機構在為放款訂價時常以公司財務報表與實地訪查為評核依據,因此應會直接影響核貸給公司的借款利率,故本研究利用2005年12月至2008年6月資料分析探討上市(櫃)公司獨立董監的設置與金融機構借款利率之關聯性,並分析公司選擇設置獨立董事或獨立監察人,對於借款期間與有無擔保等授信條件是否會有不同程度的影響。
  實證結果顯示,上市(櫃)公司設有獨立董監時,顯著較未設獨立董監的公司取得較低的金融機構借款利率,且對金融機構短期借款率利影響程度較大。其中僅設獨立董事的公司又較僅設獨立監察人的公司享有較低的借款利率。進一步分析公司加入獨立董監後,對於金融機構借款利率影響的敏感度較高,且呈顯著負相關,表示獨立董監的設立顯著影響借款利率較低。其他變數中,公司的金融機構借款筆數與負債比率,兩者與借款利率為顯著正向相關,公司規模、股東權益報酬率及無風險利率與借款利率呈負相關。
There are still many listed corporation are family-owned companies. In order to enhance the corporate governance systems, the Government requested the public offering companies should hire more than two independent directors and more than one independent supervisor. This regulation means that independent director institution can help the companies improve the information disclosure and transparency, making the financial statement can reflect the real situation. The financial institutions sometimes do the credit examination based on the financial statement and the field visit. The independent monitoring system may influence the lending rate of corporate loans. This study uses the public information of listed companies from Dec, 2005 to Jun, 2008 to analyze the relationship between the establishment of independent director institution and lending rate and the set of independent director or supervisor would have different extent of influence to the credit conditions, like the lending terms and secured or not.
Our empirical results show that listed companies of set independent director institution can get the lower lending rate from the financial institution. The set of independent director institution have great influence on the short term lending, but no difference on the secured lending or unsecured lending. The companies of set independent director only can obtain the lower lending rate than the companies of set independent supervisor. The result of sensitivity analysis shows that the establishment of independent director institution makes many control variants more sensitive to the lending rate. The result is same with the anticipated direction. About the other variants, positive, statistically significant correlations were found between the number of loans, the debt ratio and the lending rate. The firm sizes, ROE, risk-free rate have negative, statistically significant correlations with lending rate.
目 錄
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 3
第三節 研究流程與架構 5
第二章 文獻探討 7
第一節 公司治理 8
第二節 金融機構授信訂價政策 10
第三節 獨立董監與金融機構借款利率 13
第三章 研究方法 15
第一節 樣本之選取與資料來源 15
第二節 研究假說 15
第三節 變數定義 17
第四節 研究方法 22
第四章 實證結果與分析 25
第一節 敘述性統計分析 25
第二節 平均數檢定及相關分析 29
第三節 迴歸分析 34
第五章 結論與建議 53
第一節 結論 53
第二節 研究限制 56
第三節 建議 56
參考文獻 57
附  錄 59
一、國內文獻
1. 李亭誼,2003,董事身份特性與董監經理人相關資訊揭露程度關係之研究,國立政治大學會計研究所碩士論文。
2. 何淑瑜,2003,台灣監察人監督績效之研究,國立中正大學財務金融研究所碩士論文。
3. 郭敏華,1996,資訊不對稱對負債資金成本之影響-以銀行借款實證,國立政治大學企業管理研究所博士論文。
4. 劉威廷,2005,獨立董事及監察人之設置與債務資金成本關聯性之研究,國立政治大學會計學系碩士班碩士論文。
5. 銀行授信實務概要編輯委員會主編,2008,銀行授信實務概要,增修訂十版,台灣金融研訓院。

二、國外文獻
1. Anderson, R. C., S. A. Mansi, and D. M. Reeb, 2004, "Board characteristics accounting report integrity and the cost of debt," Journal of Accounting and Economics 37, pp.315-342.
2. Asamow, E., 1995, "Measuring the hidden risk in corporate," Commercial Lending Review 10, pp.24-32.
3. Beasley, M. S., 1996, "An empirical analysis of the relation between the board of director composition and financial statement fraud," The Accounting Review 71, pp. 443-465.
4. Capon, N., 1982, "Credit Scoring System: A Critical Analysis," Journal of Marketing No.46, pp.82-91.
5. Eisenberg, M. A., 1975, "Legal Model of Management Structure in the Modern Corporation Officers Directors and Accountants," California Law Review 63, 375.
6. Fama, E., 1980, "Agency problems and the theory of the firm," Journal of Political Economy 88, pp.288-307.
7. Fama, E., and M. Jensen, 1983, "Separation of ownership and control," Journal of Law and Economics 26, pp.301-326.
8. Jensen, M. C., and W. H. Meckling, 1976, "Theory of the firm: managerial behavior agency costs and ownership structure," Journal of Financial Economics 3, pp.305-360.
9. King, B., 2007, "Risk-Based Pricing - Back to the Basics," BenchMark Consulting International N.A. Inc.
10. Petersen, M. A., and R. G.. Rajan, 1995, "The effect of credit market competition on lending relationships," Quarterly Journal of Economics 110, pp.407-443.
11. Scott, J. H., 1979, "Bankruptcy secured debt and optimal capital structure," Journal of Finance 34, pp.247-251.
12. Sengupta, P., 1998, "Corporate Disclosure Quality and the Cost of Debt," The Accounting Review 73, pp.459-474.
13. Wagner, J. A. III, Stimpert, J. L., and Fubara, E. I., 1998, "Board composition and organizational performance:two studies of insider/outsider effects," The Journal of Management Studies 35, pp. 655-677.
14. Whittington, G., 1993, "Corporate governance and the regulation of financial reporting," Accounting and Business Research 23, pp.311-319.
15. Whittington, G., 2007, "Profitability accounting theory and methodology: the selected essays of geoffrey whittington," Routledge.
參考網站:
1.中央銀行http://www.cbc.gov.tw/
2.公開資訊觀測站http://newmops.twse.com.tw/
3.行政院金融監督管理委員會證期局http://www.sfb.gov.tw/
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