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研究生:江文翰
研究生(外文):Wen-Han Jiang
論文名稱:關係與集團企業融資
論文名稱(外文):Guanxi and Financing of Business Groups
指導教授:蔡湘萍蔡湘萍引用關係
指導教授(外文):Hsiangping Tsai
口試委員:吳菊華張元晨
口試委員(外文):Chu-Hua WuYuan-Chen Chang
口試日期:2014-6-23
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融暨會計碩士班(財務金融學程)
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
語文別:中文
論文頁數:42
中文關鍵詞:關係融資流動性保險金融危機
外文關鍵詞:GuanxiFinancingLiquidity InsuranceFinancial Crisis
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本研究討論關係在平常時對於集團企業融資的影響,以及在金融危機時可能可以發揮的功能,關係分成兩種,第一,集團與集團間的友好關係;第二,自家集團的關係。實證結果顯示,與非關係借款相比,友好關係可以讓集團企業取得較低廉與較多的資金,理論上,自家集團的關係比友好關係還要來得直接,然而,透過自家集團的關係並不能讓集團企業取得較低廉的資金,但是可以取得較多的資金。關係在金融危機時並沒有發揮作用,讓集團企業得到相對低廉的資金或較多的資金。實證結果符合我們對於「關係(Guanxi)」一詞的了解,銀行在平常時會給予特別的優惠,而在危機情況下則會選擇自保。
This paper discusses how guanxi has impact on the financing of group-affiliated firms in normal times and it may exert some function during financial crisis. Guanxi can be divided into two parts. First is the friendly guanxi between two groups. Second is the relationship of the same group. Compare with non-relationship loan, our empirical result shows that the friendly guanxi make those group-affiliated firms get cheaper funding and more capital. Theoretically, the relationship of the same group is more direct than the friendly guanxi. However, the relationship of the same group can’t make those group-affiliated firms get cheaper funding, but can make them get more capital. In times of financial crisis, special guanxi doesn’t exert its function to get relative cheaper funding or more capital. Empirical result is consistent with our understanding of guanxi. Banks provide cheaper funding and more capital in normal times. They protect themselves during financial crisis.
目錄

書名頁 ………………………………………………………………………………i
論文口試委員審定書 ………………………………………………………………ii
授權書 ……………………………………………………………………………iii
中文摘要 ……………………………………………………………………………vi
英文摘要 …………………………………………………………………………vii
誌謝 ………………………………………………………………………………viii
目錄 ………………………………………………………………………………ix
表目錄 ……………………………………………………………………………x
圖目錄 ………………………………………………………………………………xi
第一章 緒論 …………………………………………………………………………1
第一節 研究背景及動機 ………………………………………………………1
第二節 研究目的與問題 ………………………………………………………4
第二章 文獻回顧 ……………………………………………………………………5
第一節 關係 ……………………………………………………………………5
第二節 集團的文獻探討 ………………………………………………………6
第三節 集團所發揮的功能 ……………………………………………………9
第四節 流動性保險 ……………………………………………………………10
第三章 資料來源與樣本敘述統計量 ……………………………………………12
第一節 資料來源之探討 ………………………………………………………12
第二節 樣本區分和敘述統計量 ………………………………………………12
第四章 計量模型與變數定義 ……………………………………………………21
第五章 實證結果分析 ……………………………………………………………28
第六章 結論與研究建議 …………………………………………………………37
第一節 結論 ……………………………………………………………………37
第二節 後續研究建議 …………………………………………………………38
參考文獻 ……………………………………………………………………………39
參考文獻

中文部份

1. 王健安與沈中華, 2004. “臺灣集團企業之自家銀行角色的研究” Journal of Financial Studies, 12: 21-52.

2. 周慧琳, 2000. “集團企業與集團銀行間之融資行為” 臺灣大學財務金融學研究所未出版碩士論文。

3. 賴泫如, 2002. “集團企業行為與往來銀行關係之研究” 逢甲大學財務金融研究所未出版碩士論文。

4. 蔡瑞平, 2004. “銀行往來關係、投資支出與融資限制之實證研究” 中原大學國際貿易所未出版碩士論文。

5. 陳家彬與賴怡洵, 2003. “銀行往來關係和授信行為” 中研院經濟論文,第31卷第3期,499-539。

6. 陳家彬、賴怡洵與許茲盈, 2004. “商業銀行關係放款之實證研究” 財務金融學刊,第12卷第12期,43-85

7. 許奇民, 2010. “資訊不對稱下銀行往來關係對聯合貸款條件之影響 以臺灣聯合貸款市場為例” 政治大學財務管理研究所未出版碩士論文。

8. 黃吉米, 2010. “聯合貸款與一般借款的互動影響關係 以臺灣市場為例” 政治大學財務管理研究所未出版碩士論文。

英文部份

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2. Almeida, Heitor, Sang Yong Park, Marti G. Subrahmanyam, Danial Wolfenzon. 2011. “The Structure and Formation of Business Groups: Evidence from Korean Chaebols” Journal of Financail Economics, 99(2): 447-475.

3. Almeida, Heitor and Danial Wolfenzon. 2006. “Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets” Journal of Financail Economics, 79(1): 99-144.

4. Almeida, Heitor and Danial Wolfenzon. 2006. “A Theory of Pyramidal Ownership and Family Business Groups” Journal of Finance, 61(6): 2637-2680.

5. Bae, Gil S., Youngsoon S. Cheon, and Jun-Koo Kang. 2008. “Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups” The Review of Financial Studies, 21(5): 2015-2060.
6. Bernatos, David. 2005. “Ownership Structure and Firm Profitability in the Japanese Keiretsu” Journal of Asian Economics, 16(3): 533-554.

7. Boutin, Xavier, Giacinta Cestone, Chiara Fumagalli, Giovanni Pica, and Nicolas Serrano-Velarde. 2013. “The Deep-pocket Effect of Internal Capital Maekets” Journal of Financial Economics, 109(1): 122-145.

8. Chang, Sea-Jin. 2006. “Business Groups in East Asia: Post-crisis Restructuring and New Growth” Asia Pacific Journal of Management, 23(4): 407-417.

9. Dewaelheyns, Nico and Cynthia Van Hulle. 2010. “Internal Capital Markets and Capital Structure: Bank versus Internal Debt” European Financial Management, 16(3): 345-373.

10. Elsas, Ralf and Jan Pieter Krahnen. 1998. “Is relationship lending special? Evidence from credit-file data in Germany” Journal of Banking and Finance, 22(10): 1283-1316.

11. Ferri, Giovani, Tae Soo Kang, and In-June Kim. 2001. “The Value of Relationship Banking during Financial Crisis: Evidence from the Republic of Korea” World Bank Paper.

12. Gopalan, Radhakrishnan, Vikram Nanda, and Amit Seru. 2007. “Affiliated Firms and Financial Support: Evidence from Indian Business Groups” Journal of Financial Economics, 86(3): 759-795.

13. Gopalan, Radhakrishnan, Vikram Nanda, and Amit Seru. 2011. “Internal Capital Market and Dividend Policies: Evidence from Business Groups” AFA 2007 Chicago Meetings Paper.

14. Gu, Flora F., Kineta Hung and David K. Tse. 2008. “When Does Guanxi Matter? Issue of Capitalization and its Dark Sides” Journal of Marketing, 72(4): 12-28.

15. Hoshi, Takeo, Anil Kashyap and David Scharfstein. 1990. “The Role of Banking in Reducing the Cost of Financial Distress in Japan” Journal of Financial Economics, 27(1): 67-88.

16. Hoshi, Takeo, Anil Kashyap and David Scharfstein. 1991. “Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups” The Quarterly Journal of Economics, 106(1): 33-60.

17. He, Jia, Xinyang Mao, Oliver M. Rui, Xiaolei Zha. 2013. “Business Groups in China” Journal of Corporate Finance, 22(1): 166-192.
18. Khanna, Tarun, and Krishna Palepu. 2000b. “ Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups” Journal of Finance, 55(2): 867-891.

19. Khanna, Tarun, and Yishay Yafeh. 2005. “Business Groups and Risk Sharing around the World” Journal of Business, 78(1): 301-340.

20. Khanna, Tarun, and Yishay Yafeh. 2007. “Business Groups in Emerging Markets: Paragons or Parasites?” Journal of Economic Literature, 45(2): 331-372.

21. Lee, Keonbeom, Mike Peng, and Keun Lee. 2008. “From Diversification Premium to Diversification Discount during Institutional Transitions” Journal of World Business, 43(1): 47-65

22. Lensink, Robert, and Remco van der Molen. 2010. “Does Group Affiliation Increase Firm Value for Diversified Groups? New Evidence from Indian Companies” Journal of Empirical Finance, 17(3): 332-344.

23. Park, Seung Ho and Yadong Luo. 2001. “Guanxi and Organizational Dynamics: Organizational Networking in China Firms” Strategic Management Journal, 22(5): 455-477.

24. Ryu, Keunkwan and Jihye Yoo. 2011. “Relationship between Management Ownership and Firm Value among the Business Group Affiliated Firms in Korea” Journal of Comparative Economics, 39(4): 557-576.

25. Shen, Chung-Hua and Chien-An Wang. 2005. “Does Bank Relationship Matter for a Firms Investment and Financial Constraints? The Case of Tainwan” Pacific-Basin Finance Journal, 13(2): 163-184.

26. Tilly, R. H.. 1989. “Banking institutions in historical and comparative perspective: Germany, Great Britain and the United States in the nineteenth and early twentieth century” Journal of Institutional and Theoretical Economics, 145: 189-209

27. Tsang, Eric W.K.. 1998. “Can guanxi be a source of sustained competitive advantage for doing business in China?” The Academy of Management Executive, 12(2): 64-73.

28. Wang, Chien-An and Chung-Hua Shen. 2007. “The Liquidity Roles of a Bank in Bank and Non-Bank Conglometates: Evidence From Taiwan” Banks and Banks Systems, 2(3): 116-134.

29. Weinstein, David E. and Yishay Yafeh. 1995. “Japan's Corporate Groups: Collusive or Competitive? An Empirical Investigation of Keiretsu Behavior” The Journal of Industrial Economics, 43(4): 359-376.

30. Weinstein, David E. and Yishay Yafeh. 1998. “On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan” The Journal of Finance, 53(2): 635-672.

31. Xin, Katherine R. and Jone L. Pearce. 1996. “Guanxi: Connections as Institutes for Formal Institutional Support” Academy of Management, 39(6): 1641-1658.

32. Yadav, Prayag Lal and Seung Hun Han. 2013. “Group Effect on Cost of Debt: Evidence from Korean Chaebols” Working Paper.
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