自由化與公司風險

Liberalization and Firm Risk

許焜展(Kun-Zhan Hsu)

指導教授 ： 張眾卓

國立暨南國際大學/管理學院/財務金融學系/碩士(2021年)

https://doi.org/10.6837/ncnu202100315

摘要

過去三十餘年，隨著科技與貿易迅速的提升，我們見證到全球性的自由化。股票市場的自由化給予境內投資者投資境外股票的機會，亦賦予境外投資者買賣境內股票的權利；然而，即便過去許多文獻已探討自由化對公司風險的影響，其研究結果卻有所差異。研究方法、樣本期間的不同以及樣本期間內是否具重大金融危機事件均可能造成實證結果不同。
因此，本文運用回歸分析且進行全球性實證分析，探討自由化與公司風險之間的關係。實證結果顯示，財務自由化對公司風險具有顯著負向影響。同時，我們所採用的分位數回歸顯示出財務自由化對公司風險之較低的依賴性，因為它可以揭示財務自由化對公司風險的不對稱、單調遞減和非線性效應的信息。 此外，在進行一系列的穩健性分析後，本文發現無論在將財務自由化樣本依自由化程度排序、平均區分下，或考慮國家經濟發展狀況和金融危機時期的因素下，結果均保持不變。
本研究將有助於理解財務自由化與公司風險之間的關係。研究結果可為跨國公司提供建議，透過適當調整公司財務之管理，以應對財務自由化政策的改變。

關鍵字

自由化 ； 財務自由化 ； 公司風險 ； 財務管理

並列摘要

With the rapid improvement of technology and trading, the last 30 years have witnessed liberalization worldwide. Equity market liberalizations afford domestic investors the opportunity to invest in foreign equity securities and endow foreign investors with the right to transact in domestic equity securities. Although an increasing number of studies examine the influence of liberalization and firm risk, we find that the empirical results of research in the past differ. The cause of the inconsistency in results may originate from the difference in the research method, sample period, or major financial crisis that was included in the sample period.
Hence, we adopt panel data regression and conduct a global empirical analysis of the relationship between liberalization and firm risk. The empirical results indicate that financial liberalization has a significantly negative effect on firm risk. The quantile regression we adopted showed a low degree of dependence as it could reveal information on the asymmetric, monotonically decreasing, and non-linear effects of financial liberalization on firm risk, simultaneously. Furthermore, after conducting a series of robustness checks, we find that the results remain unchanged after distinguishing our sample into subsamples according to the level of financial liberalization, controlling for changes in the economic development status, and dividing the sample periods by the time of the financial crises.
Our study contributes to the understanding of the relationship between financial liberalization and firm risk. The results can provide multinational companies suggestions to appropriately adjust the management of corporate finance, in response to changes in financial liberalization policies.

並列關鍵字

Liberalization ； Financial Liberalization ； Firm Risk ； Corporate Finance

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