摘要
本篇文章探討公司在其股票流動性高時所採取的擇時舉債行為。Lipson and Mortal (2009)認為公司的高股票流動性會促進現金增資進而降低其財務槓桿比率； 然而，透過西元1971至2011年間美國上市公司的資料，我們發現一群公司在股票流動性高的時期反而擁有相當高的財務槓桿比率。我們深究此種公司的特性， 發現相較於同產業的對比公司而言，此類公司有著較低的獲利、較少的現金、較為年輕、較低的市場資本額、並且配發較少的股利，重要的是， 此類公司有較高的淨舉債發行額度；進一步探討其舉債的動機，我們發現這類型的公司舉債隔年會顯著地增加其固定資產。 本篇結果呼應並補充Almeida and Campello (2007)的結果，我們認為在同一產業內， 財務受限較大或是營運表現較差的公司會藉由股票流動性高的時期以較低的成本舉債來增加固定資產， 藉以提升未來的融資能力以及投資能力。
並列摘要
This study investigates the debt financial policy of firms having higher stock liquidity. Lipson and Mortal (2009) show that higher stock liquidity encourages firms to raise external financing from equity market, resulting in a lower leverage. However, through the 1971-2011 US listed company’s data, we find that some firms with high stock liquidity issue more additional debt instead. Focusing on top stock liquidity firms, we examine the difference of firm characters between high leverage (study group) and low leverage (control group) after matching with industry and size. Compared to the control group, we find that firms in study group have lower profitability, less cash amount, younger age, lower market capitalization, less dividend payment. We further find that these firms have higher net debt issuance and use the proceeds of the additional debt issuance to finance the tangible assets. This finding is consistent with Almeida and Campello (2007) that financially constrained firms or firms with poor profitability tend to increase their tangibility by debt financing to improve their ability to invest in the future. Our study thus complements to the results of Almeida and Campello (2007) by showing stock liquidity is a desirable feature for these firms.
參考文獻
延伸閱讀
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