經理人持股比例對於負債到期期限的影響

The Effect of Managerial Stockownership on the Maturity of Corporate Bond

陳界淵(CHIEN-YUAN CHEN)

指導教授 ： 葉錦徽

共同指導教授 ： 余士迪(Shih-ti Yu)

元智大學/管理學院/財務金融學系/碩士(2006年)

摘要

本論文利用存活期限模型去檢定經理人持股比例是否會影響到負債到期期限。從先前的研究把負債到期期限區分成五個分類，其回歸結果顯示出經理人的持股比例的確會影響到負債到期期限。本論文將利用較精確的存活模型再次測試經理人的持股比例是否會影響到公司負債到期期限。

關鍵字

存活模型,負債到期期限,公司債,經理人持股比例

並列摘要

In my first part, we following the Datta (2005) methodology document that managerial stockownership effect debt maturity. From the multivariable regression result we prove managerial will effect the debt maturity. However, 5-year debt and 20-year debt have the same definition within the Datta (2005) research. It is not reasonable for company to treat 5-year debt and 20-year debt as same definition. In second part, we use the precise model (duration model).

並列關鍵字

Duration model, Debt maturity, Corporate bond, Managerial

參考文獻

Studip Datta, Mai Iskandar-Datta, and Kartik Raman, 2005, Managerial Stock Ownership and the Maturity Structure of Corporate Debt, Journal of Corporate Finance 5, 2333-2350.

Barclay, Michael J., and Clifford W. Smith Jr., 1995, The Maturity Structure of Corporate Debt, Journal of Finance 50, 609-631.

Berger, Phillip, Eli Ofek, and David Yermack, 1997, Managerial Entrenchment and Capital Struc¬ture, Journal of Finance 52, 1411-1438.

Irwin Friend and Larry H. P. Lang, 1988, An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure, Journal of Finance 2, 271-281.

Greetanjali Bali and Frank S. Skinner, 2006, The Original Maturity of Corporate Bonds: The Influence of Credit Rating, Asset Maturity, Security, and Macroeconomic Conditions, The Financial Review 41, 187-203