企業融資來源與股利發放模式之選擇－次貸危機時期之實證

Choices of Corporate Financing Sources and Dividend Payout Modes: Evidence from the Subprime Mortgage Crisis

楊淑玲(Shu-Lin Yang)

《經濟論文叢刊》 43卷4期 (2015/12) Pp. 495-547

https://doi.org/10.6277/TER.2015.434.3

摘要

本文旨在探討次貸危機期間，企業股利發放模式與融資來源之變化，以及兩者間的交互關係。本研究採2006年至2010年間擁有信用評等之國內企業為研究對象，以減緩資訊不對稱效應。實證結果發現，企業於危機時期採用股票購回模式的機率顯著高於現金股利發放模式；同時，危機時期較具融資彈性的銀行借款會增加，股票市場現金增資的活動則會減少；此外，融資來源的改變會影響企業股利發放模式的選擇。上述結果說明了當企業面臨外部信用供給緊縮時，財務彈性考量為影響企業融資來源和股利發放模式選擇的重要因素。

關鍵字

融資來源 ； 股利發放模式 ； 次貸危機

並列摘要

This study investigates the changes in dividend payout modes and financing sources made by firms during the subprime mortgage crisis, as well as the interaction between these two financial decisions. In order to mitigate the effects of information asymmetry, I focus on the Taiwanese companies for which data on domestic credit ratings are publicly available for the years 2006 through 2010. The empirical results indicate that the probability of initiating a stock repurchase program was higher than the probability of paying cash dividends during the subprime mortgage crisis. At the same time, bank loans undertaken by firms increased due to their higher financial flexibility, and seasoned equity offerings decreased. In addition, the changes in financing sources substantially influenced how firms chose their dividend payment modes. The overall evidence suggests that when firms experience an external credit crunch, financial flexibility is the key factor that dominates their financing and dividend-payout decisions.

並列關鍵字

financing sources ； payout modes ； subprime mortgage crisis

參考文獻

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