臺灣博碩士論文加值系統

本研究探討企業關係與銀行融資利率的關聯性，並分別運用供應鏈關係與社會網絡二種方法衡量企業的關係。首先，本研究發現在具有供應鏈關係中，如果公司的供應商或顧客的規模越大，則銀行的融資利率越低。顯示我國的銀行在決定公司的融資利率時，會考量其供應商或顧客的類型。本研究也發現，如果公司的主要供應商或和顧客是外國企業，則銀行所給的融資利率相對上高於其供應商或顧客為本國企業。顯示我國的銀行在決定公司的融資利率時，會因公司的供應商或顧客是外國企業，存在較高的資訊不對稱問題，而提高放款的風險溢酬。最後，本研究分別以中心性與結構洞衡量企業的在社會網絡，發現中心性與銀行融資利率呈顯著負相關，結構洞與銀行融資利率呈顯著正相關。顯示我國的銀行對企業之授信過程中會因公司具有良好的外部關係而降低融資利率。

This study investigates the association between business relationships and firms’ cost of debt. It measured cost of debt in terms of bank loan interest rate, and used the relationship of supply chain and social network to measure business relationship. On supply chain perspective, if the firm’s supplier or customer has bigger size, its interest rates will be lower. The finding indicates that supplier or customer size will influence banks to decide its financing policy. Further, it compares the bank loan interest rates for the major supplier or customer of companies in foreign countries or in Taiwan. The result shows that the foreign supplier or customer will induce higher interest rates for the company. The possible reason may be the foreign suppliers or customers to be more asymmetry information for the bank. It induce bank to raise risk premium for the loan. On social network perspective, it measured social network in terms of centrality and structure holes. The empirical result indicates significant negative correlation between centrality and bank loan interest rates. Moreover, it is also significant positive correlation between structure holes and bank loan interest rates. The result reveals that during credit process banks will reduce the company's financing rates because of firm's good external relationship.

目錄
謝辭 i
中文摘要 ii
英文摘要 iii
目錄 iv
圖目次 vi
表目次 vii
第壹章　緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構 3
第貳章　文獻探討 5
第一節 債務融資成本 5
第二節 商業互補 7
第三節 供應鏈管理 8
第四節 社會網絡 9
第參章　研究設計 13
第一節 假說建立 13
第二節 樣本選取 15
第三節 變數衡量 16
第四節 實證模型 22
第肆章　實證結果 26
第一節 基本統計量 26
第二節 單變量分析 41
第三節 多變量分析 44
第四節 敏感性測試 50
第伍章　結論與建議 58
第一節 研究結論 58
第二節 研究限制 59
第三節 研究建議 59
附錄 60
參考文獻 63

 
圖目次
圖 1-1 研究流程圖 4
圖 2-1 價值網圖 7
圖 2-2 網絡中心性與結構洞關係 11

 
表目次
表 3-1 樣本選取與刪除過程 15
表 3-2 供應商關係分類 16
表 3-3 顧客關係分類 17
表 3-4變數定義表 21
表 4-1主要供應商敘述統計 28
表 4-2供應商相關性矩陣 29
表 4-2 供應商相關性矩陣(續) 30
表 4-3顧客敘述統計 32
表 4-4顧客相關性矩陣 33
表 4-4 顧客相關性矩陣(續) 34
表 4-5中心性敘述統計 36
表 4-6中心性相關性矩陣 37
表 4-7結構洞敘述統計 39
表 4-8結構洞相關性矩陣 40
表 4-9供應商規模單變量分析 42
表 4-10顧客規模單變量分析 43
表 4-11供應商規模與銀行融資利率模迴歸分析 45
表 4-12顧客規模與銀行融資利率模迴歸分析 47
表 4-13中心性與銀行融資利率迴歸分析 48
表 4-14結構洞與銀行融資利率迴歸分析 49
表 4-15供應商進貨額與銀行融資利率額迴歸分析 51
表 4-15供應商進貨額與銀行融資利率額迴歸分析(續1) 52
表 4-15供應商進貨額與銀行融資利率額迴歸分析(續2) 53
表 4-16顧客銷貨額與銀行融資利率迴歸分析 55
表 4-16顧客銷貨額與銀行融資利率迴歸分析(續1) 56
表 4-16顧客銷貨額與銀行融資利率迴歸分析(續2) 57

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