關於公司借款成本及零負債經營的兩篇論文

第一篇論文本文利用跨國資料研究Hold-up效果，實證結果發現這個效果不是只有存在於美國市場。在許多國家我們發現曾經發債的借款公司會比沒發債的公司有更低的借款成本。而且我們發現Hold-up效果在銀行管制強的國家有更顯著的效果。在蕭條期間，有顯著的Hold-up效果，但是在銀行危機期間及2007_2008年金融風暴期間，沒有顯著的Hold-up效果。第二篇論文本文利用1987年至2012年的美國上市公司做為樣本，研究市場利率是否會影響公司以零負債經營的可能性。實證結果顯示，市場利率與公司零負債經營是呈現顯著的負向關係，亦即當市場利率越低時，則公司以零負債經營的機率越高。本論文更進一步發現，只有當公司過去與銀行借貸關係程度越高時，市場利率與公司零負債機率是呈現顯著的正向關係。以上結果，當控制需求面因子、財務限制及潛在的內生性後都得到一致性的結果。

關鍵字

市場利率；資本結構；零負債公司；借貸關係

並列摘要

First paper We examine whether hold-up effects are confined to the U.S. market. Specifically, using an international sample, we investigate whether firms with access to the public debt market pay lower loan spreads. We hypothesize that when firms issue public bonds they reveal private information of their credit risk, and thus the monopoly power of inside banks decreases, resulting in lower loan spreads. We find extensive evidence to support this conjecture. We also find that hold-up effects are stronger during recessions and more significant in countries with stringent bank regulations, but insignificant during banking crises and the 2007–2008 financial crisis. Second paper In this paper, we investigate whether market interest rates will affect the company’s possibility of operating with zero leverage in U.S. from 1987 to 2012. The empirical results show that the interest rate and zero-debt operation will to be a significant negative relationship. This paper further finds that only when the company has a higher degree of relationship with bank lending, the interest rate and the company's zero debt probability are significantly positive.

並列關鍵字

Hold-up effects ； Bank-dependent borrowers ； Non-bank dependent borrowers ； Loan spreads

參考文獻

第一篇論文

Google Scholar

Acharya, V.V., Wachtel, P., Walter, I., 2009. International alignment of financial sector regulation. In: V.V. Acharya and M. Richardson (Eds.), Restoring Financial Stability: How to Repair a Failed System. Wiley, Hoboken, NJ.