公司債融資成本之探究-投資策略與公司債溢酬

Corporate Bonds Financing Costs Explored – Investment Strategy and Premium of Corporate Bonds

洪晟翔(Cheng-Shiang Hung)

指導教授 ： 張永郎 ； 陳建勝

朝陽科技大學/管理學院/保險金融管理系/碩士(2016年)

摘要

近年來，國內金融市場在自由化、全球化的競爭趨勢下有突破性的發展，由於衍生性金融商品創新，考量不同資金需求、籌措資金目的、籌集資金金額、貨幣市場及法令等因素，公司經理人會在多元的管道中尋求對公司最有利的方法進行，並期能達到股東財富極大化，及公司創造最大價值。本研究回顧了國內外相關的文獻，少有人加以研究探討股東與債權人的負債代理問題中之投資不足問題，故本文將以投資不足的觀點切入探討。
本研究將以美國的公開交易公司債作為樣本基礎，分析公司的投資策略是否會影響公司債的評價，同時進一步探究其影響的效果為何，以及與投資不足之關係。本研究發現投資不足問題直接影響公司價值也使債權人投資風險增加，造就債權人要求相對高利息報酬，而對公司而言則增加負債的融資成本。然而，經過本研究的實證分析後，有幾項重大發現：
1、投資不足的問題與債券的融資成本呈現正相關。
2、公司資本支出比例低增強投資不足問題。
3、公司長期負債比例高會增強投資不足問題。

關鍵字

公司資本支出比例 ； 融資成本 ； 投資不足 ； 公司長期負債比例高

並列摘要

In recent years, the domestic financial market has achieved a substantial breakthrough following the competitive trend of liberalization and globalization. For the innovation of derivative products and for considering factors including different capital requirements, financing purposes and amounts, monetary markets and decrees, corporate managers have been seeking to maximize shareholder wealth and corporate value. This study reviews both domestic and international literature and turns its focus towards underinvestment issue due to the fact that agency problems of shareholders and creditors.
Using samples of U.S. public trading corporate bonds, this study analyzes whether corporate investment strategies will make an impact on the evaluation of corporate bond. This study further discusses its impacts as well as its relation with underinvestment. This study then comes to a conclusion that underinvestment leads to a direct impact on corporate value and raises the investment risks of creditors which results in a high interest rate request from creditors. It increases firm’s debt financial costs as a whole. Based on the empirical analysis of this study, some important findings are as follows:
1. A positive correlation exists between underinvestment and bond financing cost.
2. Low corporate capital investment enhances the problem of underinvestment.
3. Long term high corporate liability rate worsens the problem of underinvestment.

並列關鍵字

Corporate capital investment ； Financing costs ； Underinvestment ； Long term corporate liability rate

參考文獻

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