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研究生:詹雅方
研究生(外文):Chan, Yafang
論文名稱:國際化程度與審計品質對其貸款利率的影響
論文名稱(外文):The Effects Of Internationalization And Audit Quality On Loan Interest Rates
指導教授:蔡學章蔡學章引用關係
指導教授(外文):Tsai, Hsuehchang
口試委員:謝存瑞陳俞如
口試委員(外文):Hsieh, TsunjuiChen,yuju
口試日期:2012-07-16
學位類別:碩士
校院名稱:靜宜大學
系所名稱:管理碩士在職專班
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:2012
畢業學年度:100
語文別:中文
論文頁數:39
中文關鍵詞:國際化審計品質貸款利率
外文關鍵詞:InternationalizationAudit QualityLoan Interest Rate
相關次數:
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本研究之動機在於,過去對於企業國際化程度與其貸款利率兩者間的關聯性研究結果並未有一致之定論,且少有研究同時探討企業國際化程度、審計品質與其貸款利率間的關聯性。因此,本研究旨在探討臺灣中小企業之國際化程度與審計品質對其貸款利率的影響。
本研究經選取2001年至2009年期間股票已公開發行並在上櫃或興櫃市場交易之臺灣中小企業,計3,232個有效的樣本作為研究對象,並使用複迴歸分析法驗證企業國際化與審計品質是否會對其貸款利率產生顯著的影響,期能提供新興市場實證的證據。
本研究之實證結果顯示,臺灣中小企業國際化程度較高的企業需支付較高的貸款利率,而僱用四大(五大)會計師事務所查核簽證的企業之貸款利率則顯著的較僱用非四大(五大)會計師事務所查核簽證者為低;亦即臺灣中小企業之國際化程度與其貸款利率間存有顯著的正向關聯性,而審計品質則與其貸款利率間存有顯著的負向關聯性。
這些研究發現不但對臺灣中小企業之國際化、審計品質與其貸款利率之關聯性提供了實證的證據,同時亦可提供新興市場之中小企業管理當局甚具價值的管理意涵:(1)中小企業在拓展國際化初期,可能因須面對各種經營風險與產生不經濟的費用支出,造成營運績效不佳,而需負擔較高的貸款利率,因此,經營管理者在國際化的過程中,應設法強化經營風險的控管及避免不經濟的費用支出;(2)新興市場的企業管理者除應在進行企業國際化的過程中強化風險管理能力及減少不經濟支出外,更應提升其審計品質,以取得更優惠的貸款利率。
The research’s motive is as follows: The past research findings regarding the correlation between an enterprise’s internationalization degree and loan interest rate did not have a unanimous final conclusion; moreover, there are rare researches that explore the correlation among enterprise’s internationalization degree, audit quality, and loan interest rate. Hence, the research’s purpose was to probe into the influence of internationalization degree of Taiwan’s small and medium enterprises and audit quality on loan interest rate.
The research selected Taiwan’s small and medium enterprises whose stocks had been available for transaction in the OTC market or pre-listed market with public stock issue between 2001 and 2009, and there were 3232 valid samples as the research subjects; Multiple Regression Analysis was utilized to test and verify whether enterprise internationalization and audit quality would have significant influence on loan interest rate, expecting to provide the emerging market empirical evidence.
The research’s empirical results showed that Taiwan’s small and medium enterprises that were with higher internationalization degree needed to pay higher loan interest rate, and the loan interest rate of the enterprises that hired four major (five major) accounting firms to check accounts and do attestation was significantly lower than that of the enterprises that hired non-four-major (non-five-major) accounting firms to check accounts and do attestation; namely, the internationalization degree of Taiwan’s small and medium enterprises was significantly positively correlated with loan interest rate, and audit quality was significantly negatively correlated with loan interest rate.
These research findings not only provided empirical evidence of the correlation among the internationalization of Taiwan’s small and medium enterprises, audit quality, and loan interest rate, but also offered valuable management connotation for the authorities that governed small and medium enterprises in the emerging market: 1. In the initial stage of small and medium enterprises’ expansion and internationalization, perhaps because they must face all kinds of operating risk and because of the occurrence of uneconomic expenses and expenditures, causing poor operating performance, thus they must bear higher loan interest rate; therefore, an enterprise manager or operator shall try to strengthen operating risk control and avoid uneconomic expenses and expenditures in the process of internationalization; 2. In addition to consolidating the risk management ability and decreasing uneconomic expenditures in the process of enterprise internationalization, the enterprise manager in the emerging market shall elevate the audit quality in order to obtain more preferential loan interest rate.
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究步驟 4
第四節 研究結果與貢獻 6
第二章 文獻探討與假說建立 7
第一節 國際化程度與貸款利率的關係 7
第二節 審計品質與貸款利率的關係 12
第三節 信用評等與貸款利率的關係 17
第三章 研究設計 23
第一節 研究樣本與資料來源 23
第二節 實證研究模式 24
第三節 相關變數之操作性定義 25
第四章 實證結果與分析 27
第一節 相關變數之敘述統計結果 27
第二節 實證研究結果 29
第五章 結論 32
第一節 研究結論 32
第二節 管理意涵與研究建議 34
參考文獻 35
中文參考文獻 35
英文參考文獻 37
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