公司上櫃轉上市行為是否影響其融資限制程度 –針對台灣股票市場之實證研究

Does the Switch from OTC to the Exchange Alleviate a Firm’s Extent of Financial Constraints – A Case of Taiwan Stock Market

陳禹君(Yu-Chun Chen)

指導教授 ： 楊朝成

國立臺灣大學/管理學院/財務金融學研究所/碩士(2005年)

https://doi.org/10.6342/NTU.2005.10239

摘要

本文主要在探討國內上櫃公司轉上市的行為是否影響其融資限制程度。本文採用複迴歸分析，研究期間與樣本為民國八十九年至九十一年提出申請上市的上櫃公司。

關於國內上櫃公司轉上市前後的融資限制程度，本文的研究結果是，上櫃轉上市的行為確實會影響公司融資限制的程度，轉上市後的融資限制程度有升高的傾向，可能解釋方向包括：
一、公司經理人選擇在公司表現最好的時候轉上市，轉上市之後表現就變差，因此融資限制的程度反而提高了，也就是公司經理人選擇轉上市的時機影響轉上市後的融資限制程度；
二、公司轉上市後透明度增加，不確定性降低，資訊不對稱的程度也降低，使得公司資金成本下降，公司可行的投資增加，投資金額也增加，於是融資限制就因而提高了；
三、公司轉上市後一年，投資大部分依賴內部現金流量，原因可能是為了轉上市已付出相當高的成本，建構公司美好的願景，因此轉上市後一年無力做大型投資。

此外，針對符合上市資格但選擇留在上櫃的公司，與轉上市公司的融資限制程度的差異，結果發現，差異在轉上市當年是顯著的，轉上市前後兩年不顯著，轉上市影響融資限制程度的效果似乎是短暫的。

關鍵字

上櫃轉上市 ； 融資限制

並列摘要

This paper aims to answer the question: “Does the transferring from OTC to the Exchange alleviate a firm’s extent of financial constraints?” Baker, Powell and Weaver (1999) indicate that the motives for firms to switch to a larger exchange include management’s desire to improve a firm’s visibility and prestige, to signal its confidence in the firm’s future performance, and to improve liquidity and marketability. These benefits of switching may enable firms to alleviate their degree of financing constraints by reduced information asymmetry and risk. Financing constraints, as defined by Lamont, Polk and Saa-Requejo (2001) are frictions that prevent the firm from funding all desired investments, or “the inability to fund investment due to credit constraints or inability to borrow, inability to issue equity, dependence on bank loans, or illiquidity of assets.” We use the Fazzari, Hubbers and Peterson (1988) cash flow model to examine whether the switch of OTC firms to the TSE affects firms’ financing constraints. Samples of Taiwanese firms for the period 1998-2003 are used for the study.

Based on the empirical results we analyzed, the new requirement of transferring could help us tell the degree of financing constraints between the stayers and other firms unqualified of applying for transferring in the OTC market. Besides, the tests on whether the switch affects the degree of financing constraints show that the degree of financing constraints gets worse significantly after switching. The reason may be that firms’ visibility and reputation are enhanced, therefore uncertainty reduced and cost of capital reduced. Lower cost of capital may induce firms to invest more and hence may increase their degree of financing constraint. In other words, the increases of visibility and liquidity from switching may not have monotonic relationship with the degree of financing constraints that firms suffer.

並列關鍵字

Listing change ； Financing constraints

參考文獻

Amihud, Y. and H. Mendelson, 1986, Asset Pricing and the Bid-Ask Spread, Journal of Financial Economics, (December), pp. 223-249.

Baker, Kent H., Gary E. Powell and Daniel G. Weaver, Does NYSE Listing Affect Firm Visibility? Financial Management; Summer 1999; 28, 2; pp. 46-54.

Baker, Kent H., Gary E. Powell and Daniel G. Weaver, Listing Changes and Visibility Gains, Quarterly Journal of Business and Economics; Winter 1999; 38, 1. pp. 46-63.

Baker, Kent H. and Richard B. Edelman, The Effects on Spread and Volume of Switching to the Nasdaq National Market System, Financial Analyst Journal; Jan/Feb 1992; 48, 1; pp. 83-88.

Baker, Kent H. and Richard B. Edelman, AMEX-to-NYSE Transfers, Market Microstructure, and Shareholder Wealth, Financial Management; Winter 1992; 21, 4; pp. 60-72.