公司治理與企業借貸成本之關係

王詩婷(Wang, Shi Tin)

指導教授 ： 鄭揚耀

國立中正大學/管理學院/財務金融學系/碩士(2012年)

摘要

本研究選取2002年至2010年台灣上市公司為實證對象，將公司區分為家族公司與非家族公司，考量不同的企業控制形型態，董事會的結構與公司績效是否對於公司借款成本是否有所不同。本研究發現，大股東持股比率和經理持股比率，不管是在家族公司或是非家族公司都與公司借款利率呈現正相關，表示公司股權越是集中對於公司的價值與績效越不利，促使債權人提高貸款利率以降低自身風險，因此，公司貸款成本增加。但是在董監事持股、董事長兼任經理人、現金流量、股份盈餘偏離差與公司借款利率呈現顯著的負相關。債權人為了降低公司倒閉風險通常要求公司具有流動性，必須維持相當的變現能力以因應還款的需求。本文實證顯示流動性與公司借款利率證實為負相關，公司資產報酬率和公司信評與公司借款利率都為顯著的正相關，表示當公司資產報酬率越高或是公司風險指標越小時，公司整體獲利能力良好，因此倒閉風險較低，借款成本較低。

關鍵字

借貸成本

並列摘要

Family enterprises always play an important role in global business. The ratio of the family enterprises is 75% in Britain. Moreover, the ratio which enterprises are comprised of family is over the ratio 95% in India, Latin America and Middle East(李禮仲、鄧哲偉，2002). The research is to examine whether the different controlling types of firms, structure of board of directors and performance of firms would affect the borrowing cost of firms. Data are collected from listed firms which are distinction between family and non-family firms in Taiwan during 2002 to 2010. Due to enterprise management would has a big influence on firm value and firm’s operation, increasing the supervision risks and bad-debts risks of creditors and giving higher loan rate to firms.

In this research, no matter which in the family firms or non-family firms, the ratio of stock hold by blockholders and that hold by managers are positively correlated with the loan rate of the firms. It means that it’s bad to the firm value and firm performance with the higher ownership concentration. It results in the creditors to increase the loan rate to avoid risks, so the borrowing cost of the firms would increase. But the ratios of stock hold by the directors and supervisors, corporate president serving as general manager, cash flow, and deviation between voting right and cash flow (DEV_VRCF) are negatively correlated with the loan rate of the firms.Creditors usually demand that firms need to be good liquidity which means good cashability to cope with the request for repayment so as to avoid the bankruptcy risk of the firms. This research has proved the liquidity is negatively correlated with the loan rate of the firms. Moreover, it also has proved the return on assets ratio and credit rating of firms are positively correlated with the loan rate of the firms. It means when the return on assets ratio of firms is higher or the risk indicators of firms are smaller, the profitability of firms is better, the bankruptcy risk and borrowing cost of the firms are lower.

參考文獻

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