探討新創公司之銀行授信

A Research for Bank Credit of Start-up Companies

黃祥珍(HSIANG-CHEN HUANG)

指導教授 ： 施懿宸博士

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2016年)

摘要

由於國內探討新創企業相關的銀行授信研究相當少，大多是研究中小企業融資附帶略提新創期的公司，故本研究從新創公司的角度探討其融資策略與銀行授信間的關係，採用對新創公司發放問卷與訪談相結合，直接進行調查研究，以獲得第一手資訊，使研究結果更加真實可信。
本研究結果發現：(1) 新創公司融資決策大致符合融資順位理論，此為新創團隊的理想順序，但若無法順意，則會盡其所能多方嘗試其他融資管道。(2) 新創公司與銀行間的資訊不對稱，主要來自於對新創公司不確定性的無形資產無法衡量價值。(3) 新創公司對於是否能消弭資訊不對稱(資產無法衡量)的因素是被動的，他們不會去爭取或影響銀行授信決策。

關鍵字

新創公司 ； 銀行授信 ； 融資順位 ； 資訊不對稱

並列摘要

There are relatively few studies in the domestic bank credit of new ventures. Most incidental studies of Financing are about small and medium enterprises (SMEs) but omitted to mention the newly created company, so our research is to examine financing strategy of the newly created companies and explore the relationship between bank credit and their financing strategy. We apply the use of new startups questionnaires and interview star-up companies. We combine the two direct investigations in order to obtain first-hand information to make research results more believable.
The results of the study are found that: (1) new companies’ financing decisions almost follow pecking order theory, this is the ideal order of star-up companies, but if it is unable to the ideal, they will do their best to try other multilateral financing channels. (2) information asymmetry between banks and start-up companies, mainly from the uncertainty of the new companies cannot measure the value of intangible assets. (3) whether new companies can mitigate information asymmetry (assets cannot be measured) factors are passive, they do not go for bank credit or influence decisions.

並列關鍵字

Star-up company ； Bank Credit ； Pecking Order theory ； Asymmetric Information theory

參考文獻

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