股權集中度與自由現金流量對企業融資方式的影響－以台灣上市公司為例

The Impact of Ownership Concentration and Free Cash Flow on Corporate Financial Choice-Evidences from TAIEX-listed Companies

張明德(Ming-Te Chang)

指導教授 ： 李見發

朝陽科技大學/管理學院/財務金融系/碩士(2010年)

摘要

國內公司型態，隨著投資市場蓬勃發展，已逐漸從家族企業轉由專業經理人經營管理，內部關係人持股也由股權集中而漸趨分散，股權結構的改變與公司現金流量的多寡，是否會影響公司治理績效與融資的選擇方式，為本文主要探討的目的。
　　本文係以2005年至2008年台灣上市公司內部關係人持股比率達20%為分類標準，區分為股權集中公司與非股權集中公司二個群組，利用Logistic迴歸分析，實證發現：（1）內部關係人持股比例愈高，公司治理績效愈好。（2）就股權集中公司而言，當自由現金流量、總負債比率、及企業成長率愈多，則公司傾向權益融資；另淨現金流量、淨營運資金愈多，則公司傾向債務融資；而當公司發放現金股利時，則公司傾向於選擇權益融資。（3）就非股權集中公司而言，當公司淨現金流量愈高，則公司傾向於選擇債務融資。

關鍵字

股權集中度、自由現金流量、融資選擇、Logistic模型

並列摘要

As the capital market has evolved in Taiwan, the corporate governance in most companies has shifted from family control into professional management. The consequence of capital market evolution has also reduced the percentage in insider’s share-holding. In the present paper, we investigate the impacts of the change in corporate control and cash flow on managerial efficiency and the financing choices.
The TAIEX-listed companies are divided into two subgroups: ownership concentration companies and ownership diversification companies. The empirical evidences are the following: (1) the managerial efficiency increases as the percentage in insider share-holding increases. (2) ownership concentration subgroups are concerned, free cash flow, total debt ratio, Tobin’s q are, the manager of a firm would issue equities. (3) As to the ownership diversification subgroups, the higher the net cash flow is, the companies would issue debts.

並列關鍵字

Logistic Model ； Financing Choice ； Free Cash Flow ； Ownership Concentration

參考文獻

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