摘要
摘要 目前實務上，企業多以融資方式取得所需資金，如資金來源係為債務資金，其債務資金成本攸關著金融機構貸款條件，而債權人貸款條件又與借貸企業經營績效及所承擔之風險等有關。2008年金融海嘯襲捲全球，肥貓問題也被大眾所關注，而肥貓企業最受人抨擊的是公司年度稅後虧損，但董、監事酬金卻得以增加。本文旨在探討肥貓企業與債務資金成本間之關係。 本文研究樣本為我國上市及上櫃企業，資料期間為2008年至2009年，共2,007家上市及上櫃企業，以一般最小平方法(OLS)進行迴歸分析。研究結果發現： 1. 肥貓企業以借款籌集資金時，其債務資金成本則提高。 2. 公司規模愈大，愈有可能達成規模經濟之效果，企業之債務資金成本因而降低。 3. 企業擁有較佳之獲利能力，代表其未來償債能力較佳，則債務資金成本降低。
並列摘要
Abstract According to the current practice, for example, many enterprises in obtaining the necessary financing funds, and its cost of debt capital has a relationship with financial institutions’ lending conditions. The creditor loan conditions and lending business performance and risks by the relevant. In 2008, global financial tsunami rushed all over the world. Fat cat is also a problem to the public. The corporate fat cats are criticized by most of people, and the company’s loss after tax for the year. But directors and supervisor’s remuneration’s has been increased. This paper aims to explore the relationship between the cost of debt capital and corporate fat cats. According to the sample listed on this article, and OTC companies. The data is from 2008 to 2009. A total of 2007 companies listed, adopting General least squares(OLS) to do regression analysis. The results showed: 1. When fat cat corporation to raise funds, its cost of debt capital will be improved. 2. The larger size of the company, the more likely to achieve the effect of economies of scale, therefore the cost of debt capital enterprises reduced. 3. The company has a better profitability, representing its future solvency is better, then reduce the cost of debt capital.