股權結構與財務績效對信用交易影響性之分析

金融市場上信用交易是常見的交易方式之一，本研究探討股權結構與財務績效對信用交易影響性之分析，在本研究中我們採用融資水位、融劵水位和劵資比為本研究的信用交易變數來分析其股權結構、財務資訊的關聯性，並有以下的重要研究發現。其一、β係數與信用交易變數是有高度密切關係。其二、高市值的公司通常較少發生融資交易。這兩項結果表示採用融資交易的投資者似乎比較偏好高波動性比較高的投資標的，其三、低負債比率、董事會規模較小和有獨立董監事的公司是比較屬於信用交易所青睞的標的物，此表示信用交易亦會考量公司財報與公司治理因素。其四、融券的標的反而是公司規模比較大的公司，而且此類公司其券資比也比較高，其可能成因於此類公司有比較多的券源所致。

關鍵字

信用交易；股權結構；財務資訊

並列摘要

Credit trading is one of popular trading behaviors in capital market. We then employ whether credit trading would be affected by the variables in term of board structure and financial statements in this study. In addition, we use the level of margin, the level of short selling and margin over short selling ratio as credit trading variables, and reveal the following important findings. First, beta is closely related with credit trading variables. Second, margin trading is seldom occurred for the firms with high market value. These two findings indicate that investors using margin trading prefer investing the stock with higher volatilities. Third, the firms with low high debt ratio, small board size, and recruiting independent directors are the targets for crediting trading, indicating that corporate governance and financial information would be taken into account in credit trading. Fourth, the firms targeted by short selling are the firms with higher firm scales resulting in higher short selling over margin ratio, which might result from the abundant source of short selling for these firms.

並列關鍵字

Credit Trading ； Board structure ； Financial Information

參考文獻

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國際替代計量

股權結構與財務績效對信用交易影響性之分析

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