公司特性與股權結構對負債政策之影響

The Effect of Firm Characteristic and Ownership Structure on Liability Policy

林宜勉(Yi-Mien Lin) ； 陳瑞斌(Jui-Pin Chen)

《Asia Pacific Management Review》 5卷2期 (2000/06) Pp. 199-219

https://doi.org/10.6126/APMR.2000.5.2.05

摘要

企業在制定投資決策時常須考慮如何籌措資金，籌資方式有二種，即以內部資金供應與對外籌資。內部資金是指企業內部之保留盈餘；對外籌資又可分為權益融資及負債融資。一旦決定舉債融資時，必須決定融資的來源，包含銀行借款、發行公司債及其它非銀行借款。而不同企業特性會有不同考量，本研究的目的即嘗試分析企業的負債結構（即負債來源）與其特性兩者之間的關述性。此外，當企業之所有權與經營權分離時易因利益衝突而產生目標不一致，進而導致經理人員之道德危機，所以本研究亦希望瞭解經理人員是否因其持股比率不同而選擇不同的負債來源，即是否負債偏好隨持股比率而異。研究結果顯示：（1）公開負債偏好與公司規模、期初槓桿比率呈正相關，與公司聲譽、成長機會、固定資產擔保價值、信用風險呈負相關，但與經理人員持股比率無關。（2）銀行借款與公司聲譽、固定資產擔保價值呈正相關，與公司規模、期初槓桿比率呈負相關，但與成長機會、信用風險、經理人員持股比率無關。（3）其他私有非銀行負債與擔保價值呈負相關，但與公司規模、公司聲譽、成長機會、信用風險、期初槓桿比率、經理人員持股比率無關。（4）考量產業別因素後之實證結果與考量前大致相符。

關鍵字

負債融資 ； 負債結構 ； 公司特性 ； 代理理論 ； Tobit迴歸模型

並列摘要

The ways of financing have internal financing and external financing. Internal financing is done with retained earnings. External financing can be divided into equity financing and debt financing. Once a debt-financing decision has been made, managers have to choose among sources of financing, including bank loans, public debts, and other non-bank debts. The purpose of this study is to analyze the relationship between the firm's debt structure and its characteristics. Moreover, when the ownership of the firm is separated from its management, the potential conflict of interest between the owners and the managers may lead to the moral hazard of the managers. Our paper will give attention to this question, so as to understand whether managers' choice of different sources of debts is associated with their stockholding ratio; i.e. if there is any pattern of managers' preference to the source of debts.The results of the empirical analysis are: (1) Public debt preference is positively related to firm size, early leverage ratio, and negatively related to reputation, growth opportunity, collateral value, and credit risk. There is no significant association between public debt preference and stockholding ratio. (2) Bank loan preference is positively related to reputation, collateral value, and negatively related to firm size, early leverage ratio. Bank loan preference is not significantly related to growth opportunity, credit risk, and stockholding ratio. (3) Other non-bank debt is negatively related to collateral value, but not significantly related to firm size, reputation, growth opportunity, credit risk, early leverage ratio and stockholding ratio. (4) In the case of considering industry property, the results are most consistent with previous results.

並列關鍵字

Debt Financing ； Debt Structure ； Firm Characteristics ； Agency Theory ； Tobit Regression Model

參考文獻

Amemiya, T.(1984).Tobit Models: A Survey.Journal of Econometrics.24

Barclay, M. J., Smith, Jr. C. W.(1995).The Maturity Structure of Corporate Debt.The Journal of Finance.50(2)

Berlin, M., Loeys, J.(1988).Bond Covenants and Delegated Monitoring.Journal of Finance.43

Billett, M. T., Flannery, M. J., Garfinkel, J. A.(1995).The Effect of Lender Identity on a Borrowing Firm's Equity Return.Journal of Finance.2

Blackwell, D. W., Kidwell, D. S.(1988).An Investigation Cost Differences between Public Sales and Private Placements of Debt.Journal of Financial Economics.22