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研究生:吳貞儀
研究生(外文):Chen-YiWU
論文名稱:以法律制度觀點衡量區域性多角化對權益資金成本之影響
論文名稱(外文):The effects of Geographic Diversification on Cost of Equity Capital: The Legal System Perspective
指導教授:王明隆王明隆引用關係
指導教授(外文):Ming-Long Wang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
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:2015
畢業學年度:103
語文別:英文
論文頁數:63
中文關鍵詞:區域性多角化法律體系權益資金成本
外文關鍵詞:Geographic DiversificationLegal SystemCost of Equity Capital
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本篇論文採用2002年至2013年Datastream 資料庫之資料,主要探討區域性多角化策略對公司權益資金成本之影響,並且加入國家法律制度層面加以探討其影響,總共為11,875樣本,其中包含9,475個區域性多角化之樣本及 2,400 非區域性多角化樣本。
本研究利用 Hail and Leuz (2006) 所提出的權益資金成本做為衡量之指標,使用回歸分析進行比較區域性多角化與非區域性多角化公司的權益資金成本,並加以探討區域性多角化程度越高是否會促使權益資金成本更高。其結果和過去的研究論證一致,顯示區域性多角化策略會促使公司的權益資金成本提高。本篇論文根據過去文獻來解釋這個現象,由於區域性多角化之部門擴散於各地區,各地區環境及法律規範有所差異,因此易造成管理不易,品質下降以及衍生出資訊不對稱的問題,而在管理難度增加之下,必會對企業主體帶來不利影響,導致成本上升。
因此,本研究納入不同的法律系統來加以探討,發現在英美法系之下區域性多角化公司與權益資金成本依舊呈現正相關,但是相較於大陸法系來的低。此現象與過去文獻一致,由於英美法系管理制度較完善,對投資人保護較佳,要求企業對外揭露更多資訊,此規範能夠減少資訊不對稱之問題,因此在英美法系下的區域性多角化公司能夠有效減緩權益資金成本增加的幅度。
This study mainly examines the interaction effect of geographic diversification and different legal systems on firm cost of equity capital. This research follows Hail and Leuz (2006) and uses an ex-ante method to calculate the cost of equity capital measurement. Cost of equity capital is also the required return of shareholders, which means that firms with a lower cost of equity capital enjoy increases in firm value. We obtain data from the Datastream database during the period 2002 to 2013. The regression results indicate geographic diversification to have a positive relation with firm cost of equity capital. Consistent with previous studies, the organizational complexity of geographically diversified firms leads to information asymmetry problems and raises agency cost, hence, increasing the cost of equity capital.
Therefore, we take different legal systems into consideration; we found that business segments from geographically diversified firms mainly trading in countries which employ an English legal system show lower cost of equity capital than others. One explanation for this result is that the English legal system has the strongest investor protections and requires firms to disclose information; therefore, shareholders find it to create the information asymmetry problem and to in turn lead to lower cost of equity capital for firms.
摘要 I
ABSTRACT II
CONTENTS IV
LIST OF FIGURES VI
LIST OF TABLES VI
Chapter 1 Introduction 1
1.1 Research background and motivation 1
1.2 Research objective 6
1.3 Research contribution 7
1.4 Research framework 8
Chapter 2 Literature review 10
2.1 Literature review of Geographic Diversification 10
2.1.1 Benefits from Geographic Diversification 11
2.1.2 Cost from Geographic Diversification 13
2.2 Literature review of Diversification Measurement 15
2.3 Literature review of the Legal System 16
2.4 Hypotheses Development 18
Chapter 3 Data and methodology 20
3.1 Data Selection and Description 20
3.2 Measurement of Cost of Equity Capital 22
3.2.1 Implied Cost of Equity Capital 22
3.3 Measurement of Geographic Diversification 26
3.3.1 Diversification Dummy 27
3.3.2 Herfindahl index 27
3.4 Control Variables Selection 28
3.4.1 Beta, BETA 28
3.4.2 Size, SIZE 28
3.4.3 Leverage, LEV 29
3.4.4 Book to Market Ratio, BTM 29
3.4.5 Sales Growth and Inventory, SALEGRW 30
3.4.6 Inventory to Total Assets, INV% 30
3.4.7 Foreign Operations, FOREIGN 30
3.4.8 Loss, LOSS 31
3.5 Regression Model 31
Chapter 4 Empirical Results 34
4.1 Descriptive Statistics Analysis 34
4.2 Regression Analysis 36
Chapter 5 Conclusions 42
References 45
LIST OF FIGURES
Figure 1: Research Framework…………………………………………………………..9
LIST OF TABLES
Table 1: Sample Characteristics and Distribution of Country…………………….……...49
Table 2: Data Description for Key Variables……………………………….…………....51
Table 3: Data Description for Key Variables by different legal system…………………54
Table 4: Data Description for Cost of Equity Capital…………………………………....58
Table 5: Univariate Analysis ….………………………………………………………....59
Table 6: The effect of Geographic Diversification on Cost of Equity Capital…………...60
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