我國上市上櫃企業以短支長融資模式之從眾行為探討

The Herding Behavior of Aggressive Financing Pattern of Taiwan Listed and OTC-Listed Companies

曾昭玲(Jau-Ling Tseng) ； 周小玲(Hsiao-Ling Chao)

《台灣管理學刊》 10卷2期 (2010/08) Pp. 103-127

https://doi.org/10.6295/TAMJ.2010.1002.01

摘要

實務上雖然常論及我國企業多具有以短支長之積極融資模式，然相關學術研究卻對此一實務現象鮮有完整著墨，更遑論以短支長之從眾融資模式及其縱橫資料的實證分析。鑑此，本研究期能實證檢測企業是否集群地或從眾地採用此種積極且具風險的營運資金融資策略，具體而言，本文將援引縱橫資料模型分析652家民國80-91年於台灣上市及上櫃的公司，樣本之時間序列最長可達12年，共4,263個觀察值。
實證研究發現不論援引以短支長流量比率及存量金額變數檢測，約七成企業採行以短支長積極融資模式，此結果明確呼應實務上論及之我國企業多具有以短支長積極融資模式。此外，從眾行為之實證結果證實企業以短支長積極營運資金融資決策具有追隨大部份公司以短支長融資模式之從眾現象；深入觀之，企業多參考其他公司當期與前期以短支長比率以及前期以短支長金額以決定己身當期之以短支長積極融資模式。大體而言，銀行往來家數愈多或借款金額愈小的企業因其流動性風險較低，且與授信機構關係較好，較不易產生借款展期的疑慮，遂傾向採行較積極的以短支長融資模式。

關鍵字

以短支長融資行為 ； 從眾行為 ； 銀行往來關係 ； 營運資金管理 ； 縱橫資料分析

並列摘要

Although the issues regarding Taiwanese enterprises with aggressive financing behavior are widely discussed in practices, academic studies have not examined this unique phenomenon and its herding behavior very well till now. Moreover, it is rare to find the herding pattern of enterprises' aggressive financing behavior in the past literature, not even in panel data analysis. To enhance the accuracy and the robustness of empirical analysis, this study specifically examines the herding behavior of aggressive financing pattern of 652 Taiwan listed and OTC-listed companies from 1991 to 2002 by panel data model. The empirical panel data are unbalanced and include 4,263 observations.
The empirical results show that 70% of the Taiwan listed and OTC-listed companies exploit aggressive financing pattern, which is in line with the finding in practices. Besides, the herding behavior of aggressive financing pattern significantly exists because the enterprises do follow the majority companies' current and lagged aggressive financing ratios and lagged aggressive financing volumes to adjust their aggressive financing pattern. The enterprises with more relationship-banks and with higher volumes of bank borrowing perform more aggregive financing behavior.

並列關鍵字

aggressive financing behavior ； herding behavior ； banking relationships ； working capital management ； panel data analysis