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研究生:葉依諭
研究生(外文):YEH, I-YU
論文名稱:家族企業與政治關係對負債資金成本的影響
論文名稱(外文):The Impact of Family Business and Political Connection on the Cost of Debt.
指導教授:翁慈青翁慈青引用關係
口試委員:盧鈺欣陳光政
口試日期:2017-06-01
學位類別:碩士
校院名稱:逢甲大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:53
中文關鍵詞:家族企業政治關係負債資金成本
外文關鍵詞:Family BusinessPolitical ConnectionCost of Debt
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  本研究旨在探討2008年至2014年台灣上市、上櫃公司,家族企業之特性與政治關係對負債資金成本的影響,並以迴歸分析進行實證研究。參考過去企業負債資金成本相關文獻,使用企業的有息負債利率作為負債資金成本之替代變數,進一步探討家族企業與政治關係對負債資金成本的影響。
  實證結果發現,家族企業有較低的負債資金成本;進一步加入家族企業具有政治關係之因素後,家族企業與政治關係之交乘項僅達到邊際顯著,其中可能是因為本研究對政治關係的定義為董事會成員中,現在或過去曾經擔任中央政府人員、政黨黨職以及民意代表,然而,不同政治關係可能對負債資金成本造成不同的影響,本研究進一步針對此三種政治關係做分析,僅有家族企業與民意代表之交乘項達到顯著,代表家族企業之政治關係中,只有擔任民意代表之董事會成員可以有效的降低負債資金成本。

  The purpose of this study is to investigate the impact of family business and political connection on the cost of debt from 2008 to 2014 in Taiwan listed company. Using Taiwan Stock Exchange date. The result shows that family business have lower cost of debt, showing that the family business because of investment behavior is more conservative, lower operating risk, creditors face a lower default risk, therefore, family business will have lower cost of debt. Additionally, I further test the impact of political connection on cost of debt in family business and find that family business have directors who act as elected representative can effectively reduce the cost of debt, because of the elected representative have the authority to formulate, amend the decree and examine the budget of the government, the members of the board of directors who act as elected representative are more influential and the creditors will give lower cost of debt.
第一章、緒論 1
 第一節、研究動機與背景 1
 第二節、研究目的 4
 第三節、研究貢獻 5
 第四節、研究流程 6
第二章、文獻探討 8
 第一節、家族企業 8
 第二節、負債資金成本 11
 第三節、政治關係 12
第三章、假說發展與研究設計 16
 第一節、假說發展 16
 第二節、研究方法 19
 第三節、研究期間、資料來源及選樣標準 24
第四章、實證結果與分析 26
 第一節、敘述性統計分析 26
 第二節、相關性分析 29
 第三節、實證結果分析 32
 第四節、敏感性分析 36
第五章、結論與建議 41
 第一節、研究結論 41
第二節、研究限制 42
 第三節、未來研究之建議 42
參考文獻 43

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