融資限制對企業財務危機影響之研究

蔡安琦(Tsai, Anchi)

指導教授 ： 王明昌

國立中正大學/管理學院/企業管理學系/碩士(2012年)

摘要

本文試圖檢定公司融資限制是否會導致後續公司發生財務危機。以1990 年到2010年間臺灣上市、櫃財務危機公司及其對照公司為研究樣本，並以Maestro, Miquel and Pindado (2003)的融資限制衡量模型，區分出有融資限制與無融資公司，探討融資限制是否為財務危機的成因之一。實證結果發現公司融資限制與後續財務危機呈顯著正相關，表示當公司有融資限制問題時，有可能會導致後續財務危機發生。此外，本文也發現公司融資限制程度與後續財務危機的損失程度具有顯著正相關，代表公司面臨越高的融資限制所造成後續公司財務損失也愈嚴重。本研究可以提供投資人評估公司財務風險一個的實證結果的參考，提高財務風險的可預測性。

關鍵字

財務危機損失程度 ； 財務比率 ； 財務危機 ； 融資限制

並列摘要

This paper tries to examine whether corporate financial constraint could drive the subsequent corporate financial crisis. Using a 1990-2010 dataset of those sample firms with financial crisis and the related matching firms in Taiwan Stock Exchange and Taiwan OTC Exchange, this study investigates whether financial constraint is one of at reasons for corporate financial crisis based on the measure model of financial constraint in Maestro, Miquel and Pindado (2003) to distinguish into firms with and without financial constraint. Our findings show that corporate financial constraint is significantly positive with the subsequent corporate financial crisis, implying that financial constraint problem could result in the presence of subsequent corporate financial crisis. Furthermore, this paper also provides evidences that corporate financial constraint is significantly positive with the losses of corporate financial crisis, representing that higher financial crisis could accompany with higher losses from corporate financial crisis. This study could provide investors a substantial reference for evaluating corporate financial risk to improve the related predictability.

並列關鍵字

Financial ratio ； Corporate financial crisis ； Financial constraint ； Losses of corporate financial crisis

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