銀行集中度對公司資本結構的影響

THE IMPACT OF BANK CONCENTRATION ON FIRM’S CAPITAL STRUCTURE

吳婉如(Wan-Ju Wu)

指導教授 ： 陳瑞璽

大同大學/經營設計學院/事業經營學系所/碩士(2012年)

摘要

本研究主要在探討銀行集中度對於公司資本結構的影響，以動態資本結構模型及運用縱橫資料迴歸分析（Panel Regression）做為分析方法，以了解影響國內上市、上櫃公司資本結構的相關因素。以HHI作為銀行集中度的衡量指標，研究期間自1990至2011年，總計樣本資料共計17,089筆。實證結果發現：銀行集中度對公司的資本結構具有影響性，說明台灣銀行業在開放設立前市場結構趨向於寡占，競爭性低，導致銀行集中度高，而公司的舉債較少，偏好使用內部資金，符合融資順位理論，其餘各變數對負債比率之相關性為:負債比率與成長機會、公司規模、資產抵押價值呈顯著正相關，與獲利率、有形資產、非負債稅盾、股權結構、銀行集中度呈顯著負相關。

關鍵字

結構行為績效 ； 銀行集中度 ； 資本結構

並列摘要

This study was to investigate the impact of bank concentration on firm’s capital structure by using dynamic model of capital structure and panel data regression analysis. We analyze the impact of relevant factors of the domestic listed company and over-the- counter firms. Herewith, the HHI was used as a measuring indicator of the bank concentration ratio. The coverage of sample data retrieved in this study was from 1990 to 2011 comprising total number of 17,089. The empirical finding shows that bank concentration has an impact on the firm's capital structure. Before the commencement of opening market, the banking industry in Taiwan was of oligopoly and indistinct competitiveness which resulted in the high bank concentration and low financial indebtedness for the companies which inclined towards deployment of their own capital and this was coincided with the pecking order theory.
The positive correlation was significantly prevailed between the firm’s leverage ratio and other hypothetical variables including the firm’s growth opportunity, firm size, and collateralized asset value. Nevertheless, the negative correlation was apparently existed between the leverage ratio and other variables which in corporated the profitability, tangibility of assets, non-debt tax shield, ownership structure, and bank concentration.

並列關鍵字

Capital Structure ； Structure – Conduct – Performance ； Bank Concentration

參考文獻

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