企業融資限制為後續財務危機發生因素

Corporate Financial Constraint as a Cause of Subsequent Financial Crises

王明昌(Ming-Chang Wang) ； 丁裕家(Yu-Jia Ding) ； 蔡安琦(An-Chi Tsai)

《證券市場發展季刊》 31卷2期 (2019/06) Pp. 1-37

https://doi.org/10.6529/RSFM.201906_31(2).0001

摘要

本文試圖研究公司融資限制是否會導致後續公司發生財務危機，以臺灣上市、櫃財務危機公司及其對照公司為研究樣本，運用Maestro, Miquel and Pindado（2003）的融資限制衡量模型，區分出有融資限制與無融資公司，探討融資限制是否為財務危機的發生因素。實證結果發現公司融資限制對後續財務危機呈顯著正向影響，表示當公司出現融資限制問題時，可能會導致後續財務危機發生。此外，研究亦發現公司融資限制程度與後續財務危機的損失程度具有高度相關，顯示公司面臨越高的融資限制所造成後續公司財務損失也愈嚴重。

關鍵字

融資限制 ； 財務危機 ； 財務比率 ； 財務危機損失程度

並列摘要

This study examined whether corporate financial constraint could drive subsequent corporate financial crises by using sample firms that had experienced financial crises and matching firms on the Taiwan Stock Exchange and Taiwan OTC Exchange. We subsequently investigated whether financial constraint is a factor in corporate financial crises based on the model of Maestro, Miquel, and Pindado (2003) to distinguish between financial and nonfinancial constraints. Our findings revealed that corporate financial constraint was significantly positively linked with subsequent corporate financial crises, implying that financial constraints could result in corporate financial crises. Additionally, our evidence indicated that corporate financial constraint was significantly positively related to losses caused by corporate financial crises, indicating that a more severe financial crisis could accompany higher losses.

並列關鍵字

Financial constraint ； Corporate financial crises ； Financial ratio ； Losses of corporate financial crises

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