本研究探討組織特性、營運特性與收入特性之各項變數,對於私立學校負債資金成本之影響。實證結果顯示,組織特性、營運特性及收入特性皆會影響私立學校負債利率。個別變數中,組織特性之學校類別與私立學校負債利率呈現顯著負相關,顯示普通大學校院取得之負債利率較低。營運特性方面,總資產報酬率、流動比率及擔保價值與私立學校負債利率呈現顯著負相關,顯示總資產報酬率、流動比率與擔保價值較高者,所取得之負債利率愈低;槓桿比率與私立學校負債利率呈現顯著正相關,顯示槓桿比率愈高者,則財務風險愈高,故取得之負債利率愈高。收入特性方面,補助及捐贈收入、總資產週轉率等變數,對私立學校之負債利率雖不顯著,不過其方向皆與預期一致。
This paper estimates the responsiveness of cost of debt financing to a number of economic variables, including organization characteristics, operation characteristics, and revenue characteristics. The empirical results show that interest rate of debt can be explained by organization characteristics, operation characteristics, and revenue characteristics. In specific variables, we find that organization characteristics that school type have significant negative association with interest rate of debt. Colleges have less interest rate of debt than others. In operation characteristics, the results indicate that return on assets (ROA) ,current ratio (CR),and collateral value (FAR) existing significantly negative associations with interest rate of debt, while leverage ratio, existing significantly positive associations with interest rate of debt. In revenue characteristics, the results indicate that support and donation (EXTR) don’t have significant association with interest rate of debt, but the directions are consistent with our expectation.