臺灣博碩士論文加值系統

公司面臨投資機會且內部資金不足時，需向外部資金提供者融資取得資金，依代理問題程度選擇不同的融資型態，而負債型融資型態為了要解決代理問題則簽訂契約限制條款來監督公司，降低代理問題。過去文獻指出財務報表品質可以減輕代理問題，進而提升投資效率，財務報表品質與融資型態之間有相似之功能，因此探討其之間關係與投資效率之影響，本研究以1999年至2007年為研究期間，以兩年內融資金額超過五千萬元之公司為研究對象，共有1,421筆樣本。分三個主題探討：1.融資型態對投資效率之影響。2.財務報表品質對投資效率之關係。3.不同融資型態，若其財務會計品質愈高，其對投資效率之影響。
本研究實證結果發現：1. 發行普通公司債之融資型態，相較於其他融資型態，比較不會過度投資或投資不足。2.發行普通公司債之融資型態，其財務報表品質對提升投資效率之影響效果較顯著。

This paper studies the effects of types of financing and financial reporting quality on investment efficiency using a sample from Taiwanese nonfinancial listed firms that from 1999 to 2007. The issuing straight bonds, convertible bonds and common share during the period. The empirical results are summarized as follows.
1.The investment efficiency of firms issuing straight bond is better than firms issuing convertible bond or common share.
2.The effects of financial reporting quality on enhancing investment efficiency are more pronounced for straight bond financing relative to other two type of financing.

第一章 緒論...................................................... 1
第一節 研究動機.................................................. 1
第二節 研究架構及目的............................................. 3
第三節 研究流程.................................................. 5
第二章 文獻探討.................................................. 7
第一節 融資型態與投資效率之探討.................................... 7
第二節 財務報表品質與投資效率之探討.................................10
第三章 研究方法.................................................. 13
第一節 研究假說之發展............................................. 13
第二節 實證模式之建立............................................. 16
第三節 樣本選取與資料來源......................................... 22
第四章 實證結果與分析............................................. 27
第一節 敘述性統計與獨立樣本t檢定................................... 27
第二節 迴歸分析結果............................................... 42
第三節 敏感性分析................................................. 46
第五章 研究結論與建議............................................. 49
第一節 研究結論.................................................. 49
第二節 研究建議.................................................. 50
參考文獻........................................................ 51
表3-1 變數彙總表................................................21
表3-2 樣本篩選過程..............................................23
表3-3 樣本年度分布..............................................25
表3-4 樣本產業分布..............................................26
表4-1 各變數之敘述性統計量.......................................29
表4-2 投資效率之獨立樣本t檢定....................................32
表4-3 融資型態之獨立樣本t檢定....................................35
表4-4 相關係數矩陣..............................................38
表4-5 投資效率之多元Logistic實證結果分析.........................44
表4-6 投資效率之多元Logistic實證結果分析-以個別融資型態區分.........47
圖1-1 研究架構..................................................4
圖1-2 研究流程..................................................6

王漢民、曹秀惠，2006，企業選擇負債融資工具影響因素之探討，經濟與管理論叢，Vol. 2，53-70。
林毓琪，2009，融資順位與會計穩健性，輔仁大學會計學系碩士論文。
陳君達、洪福彬、陳達新、林欣和，2008，可轉換公司債發行動機—連續融資假說之實證，經濟與管理論叢，Vol. 4， 229-249。
陳瑾慧，2010，會計穩健性與融資型態對投資效率之影響，輔仁大學會計學系碩士論文。
彭鴻欽，2009，財務報表品質與投資效能關聯性之研究，輔仁大學會計學系碩士論文。
Almeida, H., & Campello, M. 2005, Financial Constraints, Asset Tangibility, and Corporate Investment, Working Paper. New York University.
Bertrand, M., and S.Mullainathan, 2003, Enjoying the Quiet Life? Corporate Governance and Managerial Preferences. Journal of Political Economy 111,1043-1075.
Biddle, G. C., Hilary, G. 2006, Accounting Quality and Firm-Level Capita Investment. The Accounting Review, 81(5), 963-982.
Biddle, G. C., Hilary, G., & Verdi, R. S. 2009, How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting & Economics, 48, 122-131.
Brennan, M. and A. Kraus. 1987, Efficient Financing under Asymmetric Information. Journal of Finance, 42, 1225-1243.
Brennan, M. and E. Schwartz. 1988, The Case for Convertibles. Journal of Applied Corporate Finance, 1, 55-64.
Bushman, R., and A.Smith, 2001, Financial Accounting Information and Corporate Governance. Journal of Accounting Economics, 31,237-333.
Chang, X., Dasgupta, S., & Hilary, G. 2009, The Effect of Auditor Quality on Financing Decisions. The Accounting Review, 84, 1085-1117.
Dechow, P., and I.Dichev, 2002, The Quality of Accruals and Earning：The Role of Accrual Estimation Errors. The Accounting Review, 77, 35-59.
DeMarzo, P., and M. Fishman, 2007, Agency and Optimal Investment Dynamics. Review of Financial Studies, 20 (1), 151-188.
Ferreira, M., & Matos, P. 2008, The Colors of Investors' Money: The Role of Institutional Investors Around The World. Journal of Financial Economics, 88, 499-533.
Graber, R. S., 2003, Management Turnover and Under-Investment in R&D:An Agency Theory Explanation for Under-investment in Research and Development in Some Corporations. Journal of Social, Political & Economic Studies, 28 (3), 295-324.
Green, Richard. 1984, Investment Incentives, Debt and Warrants. Journal of Financial Economics, 13, 115-136.
Holmstrom, B., 1999, Managerial Incentive Problems：A Dynamic Perspective. Review of Economic Studies, 66,169-182.
Jensen, M. C. 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76, 323-329.
Jensen, M. C., & Meckling, W. H. 1976, The Theory of the Firm: Managerial Behavior, Angency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C., and W.H. Meckling, 1976, Theory of The Firm：Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economic, 3,305-360.
Jensen, M.C., 1986, Agency Costs of Free Cashflow, Corporate Finance, and Takeovers, American Economic Review, 76,323-329.
Jensen, M.C., 1993, The Modern Industrial Revolution, exit, and The Failure of Internal Control Systems. Journal of Finance, 48,831-880.
Krishnaswami, S. and D. Yaman. 2008, The Role of Convertible Bonds in Alleviating Contracting Costs. The Quarterly Review of Economics and Finance, 48,792-816
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. 2002, Investor Protection and Corporate Valuation. Journal of Finance, 57, 1147-1170.
Lambert, R., 2001, Contracting Theory and Accounting. Journal of Accounting and Economics,32,3-87.
Lambert, R., C. Leuz., and R.Verrecchia, 2005, Accounting information, disclosure, and the cost of capital, working paper, University of Pennsylvania.
Leuz, C., and R.Verrecchia, 2000, The Economic Consequences of Increased Disclosure. Journal of Accounting Research 38,91-124.
Myers, D., 1998, Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options. Journal of Financial Economics, 47,83-102.
Myers, S. C. 1977, Determinants of Corporate Borrowing. Journal of Financial Economics, 5, 147-175.
Myers, S., and N.Majluf, 1984, Corporate Financing and Investment Decisions When Firms have Information that Investors Do Not Have. Journal of Financial Economics, 13,187-222.
Richardson, S. 2006, Over-Investment of Free Cash Flow. Review of Accounting Studies, 11, 159-181.
Smith, C. W., & Warner, J. 1979, On the Financial Contracting an Analysis of Bond Covenants. Journal of Financial Economics, 7(2), 117-161.
Verdi, R. S. 2006, Financial Reporting Quality and Investment Efficiency, Working Paper. Sloan School of Management.
Verrecchia. R., 2001, Essays on Disclosure. Journal of Accounting and Economics, 32,91-180.
Watts, R.. 2003, Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons, 17, 207-221.
Zhang, J. 2008, The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers. Journal of Accounting and Economics, 45, 27-54.