籌資決策與公司治理對公司價值之關聯性研究

The Effect of Funds Raising and Financing Decisions to Firm Value

蕭子鈞(Tzu-Chun Hsiao)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系碩士班/碩士(2014年)

https://doi.org/10.6846/TKU.2014.01021

摘要

本研究乃是以台灣上市公司為研究對象，研究2008年到2012年上市公司受負債及權益方面的影響，並探討負債和權益面的籌資對公司價值的影響，其中就負債方面有公司債、負債比重、負債金額、長期負債、短期借款和可轉債，而權益方面則有現金增資、庫藏股、未分配盈餘、公積轉增資、盈餘轉增資和股本的增加對公司價值的影響。並有以下的重要研究發現，其一、以負債面而言，發行公司債的公司有較高的公司價值。但短期借款的增加，則會不利於公司價值的提升，此外發行可轉債的公司，反而對公司價值有負向的影響。其二、以權益面而言，現金增資是有利於公司價值提升，而有未分配盈餘、公積轉增資、與盈餘轉增資對公司價值並無顯著的影響，但是三者相較起來，公積轉增資對公司價值的影響較有負面性。此外實施庫藏股的公司並不會有較佳的公司價值。

關鍵字

公司價值 ； 內部資金 ； 外部資金 ； 公司治理

並列摘要

The paper investigates whether firm value would be affected by fund raising including debt financing and equity financing for the listed firms over the sample period 2008-2012. Among them, corporate bonds, convertible bonds, short-term debt, long-term debt, debt ratio, and debt amounts are as the proxies for debt financing. In addition, we include capital raised by cash, stock repurchased, retain earning, stock dividends, stock dividend converted by paid in capital, and equity increased. Several important findings are as follows. First, with respect with debt financing, it reveals that the firms issuing corporate bonds would have higher firm value, but short-term financing raised might not benefit for the firm value raised. In addition, the firms issuing convertible bonds would have negative impacts on firm value. Second, concerning equity financing, we disclose that capital raised by cash would enhance the firm value, but retain earning, stock dividend transferred by paid-in capital, and stock dividends transferred by earning might not affect firm value. However, stock dividends transferred by paid-in capital would have negative impact on firm value. In addition, the treasury stock increased would not have better firm value.

並列關鍵字

Firm value ； Internal funds ； External funds ； Financing Decisions

參考文獻

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