Title

銀行貸款、公開與私有公司債的決定因素

Translated Titles

The Determinants of Bank Loans, Public Bonds, and Private Placement Bonds

DOI

10.6845/NCHU.2013.00138

Authors

蘇德勇

Key Words

銀行貸款 ; 公開公司債 ; 私有公司債 ; 會計品質 ; 管理防禦 ; 錯誤訂價 ; Bank loans ; Public bonds ; Private placement bonds ; Accounting quality ; Managerial entrenchment ; Mispricing of equity

PublicationName

中興大學會計學研究所學位論文

Volume or Term/Year and Month of Publication

2013年

Academic Degree Category

碩士

Advisor

林宜勉

Content Language

英文

Chinese Abstract

本研究考慮三種債務融資活動,即銀行貸款活動,公開公司債活動及私有公司債活動,以探討會計品質與不同債務融資選擇之間的關聯性。 另外,由於有很少文章考慮錯誤定價的角色,也未運用它來解釋會計品質與債務融資之間的關聯性,再加上之前的文獻也很少討論到錯誤定價的持久性影響,故本文也控制股票的錯誤定價對債務融資行為之影響。最後,當控制了會計品質與股票的錯誤訂價對債務融資活動之影響後,本文進一步探討管理防禦對債務融資活動與選擇之影響。在此,本文採用董事長任期與董事長兼任總經理作為管理防禦的代替變數。 研究結果發現,當考慮錯誤定價的影響後,會計品質較差之企業較不會採用銀行貸款融資活動來增加資金,而較偏好採用公開公司債融資方式(包含在OLS 模型與內線性轉換模型)。首先,在OLS模型中我們發現,應計項目與錯誤定價對企業的銀行貸款活動呈現正相關,而對企業的公開公司債活動則無關。此顯示,如果企業的股票發生錯價時,會計品質較差之企業會選擇銀行貸款來增加資金,這相對意味著會計品質較差及股票發生錯價之企業較難在公開資本市場進行融資。然而,在內生性轉換模型中發現,應計項目與錯誤定價對公開公司債融資呈顯著負向影響,而對銀行貸款融資活動則無關。 另一方面,當控制錯誤定價與會計品質對債務融資活動之影響後發現,內部控制較差之企業,亦即企業的董事長任期較長與同時兼任總經理時,企業較不會從事銀行貸款融資,而是偏好發行公開公司債來滿足企業的融資需求。此外,本文也發現董事長任期與錯誤定價交互影響對銀行貸款活動呈現負向影響,但對公開公司債融資活動則無關。另外發現,董事長兼任與錯誤定價交互影響對銀行貸款與公開公司債融資活動呈顯著無關。這些結果也意味著錯誤定價在企業的債務融資活動中扮演著重要的角色。

English Abstract

This paper considers three types of debt financing, namely, bank loans, public bonds, and private bonds, and explores the relationship between accounting quality and different types of debt financing choices (and activities). Moreover, because there are few articles that consider the role of mispricing in explaining the relationships between accounting quality and debt financing and the previous literature has debated the permanence of the market timing effects of mispriced equity, this study controls for the effect of equity mispricing on debt financing behavior. Finally, this study also considers the effects of managerial entrenchment on debt financing activities or choices, after controlling for accounting quality and equity mispricing, through the use of two proxies: CEO tenure and CEO duality. The findings of OLS and Endogenous Switch models show that after considering equity mispricing, firms with poor accounting quality do not prefer to employ bank loan financing but rather tend to use public bonds. We find that in OLS models, the interaction term of Accruals and Misprice is positively related to the bank loan activities of firms and unrelated to their use of public bonds. The above results imply that among firms whose equity is mispriced, those with poor accounting quality prefer to use bank loans to raise capital through debt financing. A possible reason for this is that it is more difficult for firms with poor accounting quality and mispriced equity to raise capital through the public capital markets. However, the evidence from the Endogenous Switch models shows that the interaction term of Accruals and Misprice is negatively related to public bond financing and unrelated to bank loan activities. In addition, after controlling for equity mispricing and accounting quality, the evidence indicates that firms with poor internal controls, that is, those whose CEOs have longer tenures and hold dual positions, do not tend to employ bank loan financing but rather tend to issue public bonds. We also find that the interaction term of CEO Tenure and Misprice is negatively related to bank loan activities and is unrelated to the issuance of public bonds. Meanwhile, the interaction term of CEO Duality and Misprice is unrelated to both bank loan and public bond financing activities. These results imply that the equity mispricing of firms is an important determinant of their debt financing policies.

Topic Category 管理學院 > 會計學研究所
社會科學 > 財金及會計學
Reference
  1. Ayers, B. C., Jiang, J., and Yeung, P. E. 2006. Discretionary Accruals and Earnings Management: An Analysis of Pseudo Earnings Targets. The Accounting Review 81(3):617–652.
    連結:
  2. Begley, J., and Feltham, G. 1999. An Empirical Examination of the Relation between Debt Contracts and Management Incentives. Journal of Accounting and Economics 39(3): 857–78.
    連結:
  3. Beatty, A., Ramesh, K., and Weber, J. 2002. The Importance of Accounting Changes in Debt Contracts: The Cost of Flexibility in Covenant Calculations. Journal of Accounting and Economics 33(3): 205– 227.
    連結:
  4. Beatty, A., and Weber, J. 2003. The Effects of Debt Contracting on Voluntary Accounting Method Changes. The Accounting Review 78(1): 119–142.
    連結:
  5. Barclay, M. J., Marx, L. M., and Smith, C. W. 2003. The Joint Determination of Leverage and Maturity. Journal of Corporate Finance 9(2): 149–167.
    連結:
  6. Billet, M., King, T., and Mauer, D. 2007. Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants. Journal of Finance 62(2): 697–730.
    連結:
  7. Bharath, S. T., Sunder, J., and Sunder, S. V. 2008. Accounting Quality and Debt Contracting . The Accounting Review 83(1): 1–28.
    連結:
  8. Byoun, S. 2008. How and When do Wirms Adjust Their Capital Structure towards Targets? Journal of Finance 63(6): 3069–3096.
    連結:
  9. Byoun, S. 2011. Financial Flexibility and Capital Structure Decision. Available at SSRN: http://ssrn.com/abstract=1108850 (2 May 2011).
    連結:
  10. Butler, A. W., Cornaggia, J., Grullon, G., and Weston, J. P. 2011. Corporate Financing Decisions, Managerial Market Timing, and Real Investment. Journal of Financial Economics 101(3): 666–683.
    連結:
  11. Cantillo, M., and Wright, J. 2000. How do firms choose their lenders? An empirical investigation. Society for Financial Studies 13(1): 155–189.
    連結:
  12. Chan, K., Ikenberry, D. L., and Lee, I. 2007. Do Managers Time the Market? Evidence from Open Market Share Repurchases. Journal of Banking and Finance 31(9): 2673–2694.
    連結:
  13. Chava, S., and Roberts, M. 2008. How Does Financing Impact Investment? The Role of Debt Covenants. Journal of Finance 63(5): 2085–121.
    連結:
  14. Diamond and Douglas, W. 1991. Debt Maturity Structure and Liquidity Risk. The Quarterly Journal of Economics 106(3): 709–737.
    連結:
  15. Dechow, P. M., Sloan, R., and Sweeney, A. 1995. Detecting Earnings Management. The Accounting Review 70 (2): 193–225.
    連結:
  16. Dichev, I. D., Mihov, V., and Skinner, D. J. 2002. Large-Sample Evidence on the Debt Covenant Hypothesis. Journal of Accounting Research 40(3): 1091–1123.
    連結:
  17. DeAngelo, H., L. DeAngelo, and R. M. Stulz. 2010. Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle. Journal of Financial Economics 95:275–95.
    連結:
  18. Dickinson, V. 2011. Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, Vol. 86(6), 1969–1994.
    連結:
  19. Denis, D. J., and McKeon, S. B. 2012. Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases. The Review of Financial Studies 25(6): 1897–1929.
    連結:
  20. Easley, D., Hvidkjaer, S., and O’Hara, M. 2002. Is Information Risk A Determinant of Asset Returns? Journal of Finance 57(5): 2185–2221.
    連結:
  21. Fama, E. F., and Jensen, M. C. 1985. Organizational Forms and Investment Decisions. Journal of Financial Economics 14(1): 101-119.
    連結:
  22. Gompers, P., Ishii, J., and Metrick, A. 2003. Corporate Governance and Equity Prices. Quarterly Journal of Economics 118(2): 107–155.
    連結:
  23. Hribar, P., and Collins, D. W. 2002. Errors in Estimating Accruals: Implications for Empirical Research. Journal of Accounting Research 40(1): 105–134.
    連結:
  24. Hu, A., and Kumar, P. 2004. Managerial Entrenchment and Payout Policy. Journal of Financial and Quantitative Analysis 39(4): 759–790.
    連結:
  25. Hovakimian, A. 2004. The Role of Target Leverage in Security Issues and Repurchases. Journal of Business 77:1041–72.
    連結:
  26. Hovakimian, A.. 2006. Are observed capital structures determined by equity market timing? Journal of Financial and Quantitative Analyses 41(3): 221–243.
    連結:
  27. Huang, R., and J. R. Ritter. 2009. Testing Theories of Capital Structure and Estimating the Speed of Adjustment. Journal of Financial and Quantitative Analysis (JFQA) 44(1): 237–71.
    連結:
  28. Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3(1): 305–360.
    連結:
  29. Krishnaswami, S., Spindt, P. A., and Subramaniam, V. 1998. Efficient Sourcing and Debt Financing in Imperfect Product Markets. Management Science 44(9): 1167–1178,
    連結:
  30. Kim, W., and Weisbach, M. S. 2008. Motivations for Public Equity Offers: An International Perspective. Journal of Financial Economic 87(2): 281–307
    連結:
  31. Lee, C. M., Myers, C., and Swaminathan, B. 1999. What Is the Intrinsic Value of the Dow? Journal of Finance 54(5): 1693–1741.
    連結:
  32. Leary, M. T., and Roberts, M. R. 2005, Do Firms Rebalance Their Capital Structures? Journal of Finance 60(6): 2575–2619.
    連結:
  33. Lemmon, M. L., Roberts, M. R., and Zender, J. F. 2008. Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure. Journal of Finance 63(4): 1575–1608.
    連結:
  34. Sundaram, R., and Yermack, D. 2007. Pay Me Later: Inside Debt and Its Role in Managerial Compensation. Journal of Finance 62(4): 1551–1588.
    連結:
  35. Sufi, A. 2007. Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. Journal of Finance 62 (2): 629–668.
    連結:
  36. Thomas, J., Chemmanur and Fulghieri, P. 1994. Investment Bank Reputation, Information Production, and Financial Intermediation . Journal of Finance 49(1): 57–79.
    連結:
  37. Myers, S. C. 1984. The Capital Structure Puzzle. Journal of Finance 39(3): 575–592.
    連結:
  38. Myers, S.C., Majluf, N., 1984. Corporate Financing and Investment Decisions when Firms have Information that Investors do not have. Journal of Financial Economics 13, 187–221.
    連結:
  39. Ohlson, J. A. 1991. The Theory of Value and Earnings, and an Introduction to the Ball-Brown Analysis. Contemporary Accounting Research 8(1): 1–19.
    連結:
  40. Ohlson, J. A. 1995. Earnings, Book Values, and Dividends in Security Valuation. Contemporary Accounting Research 11(4): 661–687.
    連結:
  41. Penman, S. H., and Sougiannis, T. 1998. A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation. Contemporary Accounting Research 15(1): 343–383.
    連結:
  42. Pontiff, J., Woodgate, A.. 2006. Share issuance and cross-sectional returns. Journal of Finance 63 (2), 921–945.
    連結:
  43. Rajan, R. G. 1992. The Choice between Informed and Arm's- Length Debt. Journal of Finance 47(4): 1367–1400.
    連結:
  44. Rajan, R. G., and Zingales, L. 1995. What Do We Know About Capital Structure? Some Evidence from International Data. Journal of Finance 50(5): 1421–1460.
    連結:
  45. Rhodes-Kropf, M., Robinson, D. T., and Viswanathan, S. 2005. Valuation Waves and Merger Activity: The Empirical Evidence. Journal of Financial Economics 77(3): 561–603.
    連結:
  46. Spence, M. 1979. Investment Strategy and Growth in a New Market. The Bell Journal of Economics 10 (1): 1–19.
    連結:
  47. Shyam-Sunder, L., Myers, S.C., 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51(3): 219–244.
    連結:
  48. Wernerfelt, B. 1985. The Dynamics of Prices and Market Shares over the Product Life Cycle. Management Science 31(8): 928–939.
    連結:
  49. Welch, I. 2004. Capital Structure and Stock Returns. Journal of Political Economy 112(1): 106–131.
    連結:
  50. Berlin, M., Mitchell, J., and Loeys, J. 1988. Bond Covenants and Delegated Monitoring. Journal of Finance, American Finance Association 43(2): 397–412.
  51. Hovakimian, A., Opler, T., Titman, S. 2001. The Debt-Equity Choice. Journal of Financial and Quantitative Analysis 36 (1): 1–24.
  52. Janes, T. D. 2005. Accruals, Financial Distress, and Debt Covenants. Journal of Accounting Research 40(1): 105–134.
  53. Li, E.X.N., Livdan, D., Zhang, L.. 2009. Anomalies. Review of Financial Studies, 22 (11): 4301–4334.