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題名 管理者持股比例對公司資本結構與負債期限之影響
作者 洪琬瑜
貢獻者 盧秋玲
洪琬瑜
關鍵詞 管理者持股比例
負債期限
資本結構
成長機會
日期 2008
上傳時間 11-Sep-2009 16:51:51 (UTC+8)
摘要 本次研究將以台灣地區1988年至2008年的上市櫃公司,再扣除金融保險業後作為研究對象。本文使用混合資料的兩階段式迴歸模型來進行實證分析,欲了解在實際經營情況下,當公司有其管理者與股東、股東與債權人的代理問題時,管理者持有公司股份的多寡,是否會對公司的融資決策,如資本結構與負債期限,產生影響。實證結果發現如下:
     1. 管理者持股比例與公司負債比例呈現不顯著負向關係。
     2. 固定資產、公司規模與公司負債比例呈現顯著正向關係。
     3. 獲利能力、營運風險與公司負債比例呈現顯著負向關係。
     4. 公司成長機會與營運風險皆與公司負債期限呈現顯著負向關係。
     5. 傳統產業、航運產業、觀光產業等三種產業與負債期限呈現顯著相關。
     6. 在公司成長機會高時,管理者持股比例與公司負債期限為顯著負向關係。
     7. 在公司成長機會低時,管理者持股比例與公司負債期限為顯著正向關係。
     8. 在公司營運風險高時,管理者持股比例與公司負債期限為不顯著正向關係。
     9. 在公司營運風險低時,管理者持股比例與公司負債期限為不顯著負向關係。
參考文獻 一、 中文文獻:
1.陳淑萍,”從代理理論的觀點探討所有權結構與資本結構之關係”,國立中央大學企業管理研究所未出版碩士論文,民國87 年。
2.張瀞,”企業主要經理人持股與資本結構之相關性研究-以台灣上市企業為例”,東吳大學企業管理研究所,碩士論文,民91年。
3.李詩將,“台灣上市公司所有權結構、資本結構與公司績效間相關性研究”,高雄第一科技大學金融營運系碩士班,碩士論文,民90年。
4.吳雅茹,”成長機會與負債期限對公司資本結構之影響”, 高雄第一科技大學金融營運系碩士班,碩士論文,民93年。
二、 英文文獻:
1.Agrawal, A. and G. Mandelker, 1987, “ Executiveial Incentives and Corporate Investment and Financing Deccisions”, Journal of Finance 42,4, 823-837
2.Barclay, Michael J., Clifford W. Smith Jr., 1995, “The maturity structure of corporate debt”, Journal of Finance 50, 609–631
3.Baskin, J., 1989,”An empirical investigation of pecking order hypothesis”, Financial Management (spring), 26-35
4.Bathala, C. T., K. P. Moon, and R. P. Rao,1994, “Mangerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective”, Financial Management 3,38-50
5.Brealey, R., and Stewart C. Myers, 1984, “Principles of Corporate Finance”, New York: McGraw-Hill
6.Berle, Adolph A. and G. C. Means, 1932, “The Modern Corporate and Private Property”, New York: Macmillan
7.Chen, C. R. and T. L. Steiner,1999, “Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy, and Dividend Policy”, The Financial Review 34,119-136
8.Cruthley, Claire E., and Robert S. Hansen, 1989, “A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends”, Financial Management, 36-46
9.Diamond, Douglas, 1991, “Debt maturity structure and liquidity risk”, Quarterly Journal of Economics 106, 709–737
10.Donaldson, G., 1961, “Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity”, Harvard Graduate School of Business Administration
11.Fama, E. R. and M. C. Jensen, 1983, “Separation of Ownership and Control.” Journal of Law and Economics 26, 301-325
12.Friend, I. and Larry H. P. Lang, 1988, “An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure”, Journal of Finance 53, No.2, 271-281
13.Guedes, Jose, Tim Opler, 1996, “The determinants of the maturity of corporate debt issues”, Journal of Finance 51, 1809–1833
14.Harris, M., and A. Raviv, 1990, “Capital Structure and the Information Role of Debt,” Journal of Finance, 45, 321-349
15.Haugen, R. A. and L. W. Senbet, 1981, “Resolving the agency problems of external capital through option. ”, Journal of Finance 36, 629-647
16.J. A. Hausman, 1978, “Specification Tests In Econometrics”, Econometrica 46, 6, 1251-1272
17.Jensen, G. R., D. P. Solberg, and T. S. Zorn, 1992, “Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies”, Journal of Financial & Quantitative Analysis 27, 247-263
18.Jensen, M. and W. Meckling, 1976, “ Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3, 305-360.
19.Jensen, Michael C., 1986, “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review 76, 323–329
20.Johnson, Shane A., 2003, “Debt maturity and the effects of growth opportunities and liquidity risk on leverage”, Review of Financial Studies 16, 209–236
21.Jung, Kooyul, Kim, Yong-Cheol, Stulz, Rene M., 1996, “Timing, investment opportunities, managerial discretion, and the security issue decision”, Journal of Financial Economics 42, 2, 159-186
22.Mehran, Hamid, 1992, “Executive Incentive Plans, Corporate Control, and Capital Structure”, Journal of Financial and Quantitative Analysis, 27, 539-560
23.Miller, M. H., 1977, “Debt and Taxes”, Journal of Finance, 261-275
24.Modigliani, F. and M. H. Miller, 1958, “The Cost of Capital, Corporation Finance, and the Theory of Investment”, American Economic Review 48, 261-929
25.Modigliani, F. and M. H. Miller, 1963, “Corporate Income Taxes and the Cost of Capital”, American Economic Review 53, 433-443
26.Mohd, M. A., L. G. Perry, and J. N. Rimbey,1998, “The Impact of Ownership Structure On Corporate Debt Policy: a Time-Series Cross-Sectional Analysis”, The Financial Review 33,85-98
27.Morck, R., A. Shleifer and R. W. Vishny, 1988, “Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics, 20,293-315
28.Myers, Stewart C., 1977, “Determinants of corporate borrowing”, Journal of Financial Economics, 5, 147-176
29.Myers, Stewart C., 1984, “The Capital Structure puzzle”, Journal of Finance l39, 575-592.
30.Rajan, Raghuram, Andrew Winton, 1995, “Covenants and collateral as incentives to monitor”, Journal of Finance 50, 1113–1146
31.Scott, J., 1977, “Bankruptcy, Secured Debt and Optimal Capital Structure”, Journal of Finance 32, 1-20
32.Skinner, D.J., 1993, “The Investment Opportunity Sets and Accounting Procedure Choice,” Journal of Accounting and Economics, 16,407-443
33.Smith, Clifford, Ross Watts, 1992, “The investment opportunity set and corporate financing, dividend, and compensation policies”, Journal of Financial Economics 32, 263–292
34.Stulz, René, 2000, “Does financial structure matter for economic growth? A corporate finance perspective”, Working paper, Ohio State University
35.Sudip Datta, Mai Iskandar-Datta, Kartik Datta, 2005, “Managerial Stock Ownership and the Maturity Structure of Corporate Debt”, Journal of Finance 60, 5, 2333-2350
36.Williamson, o., 1988, “Corporate Finance and Corporate Governance,” Journal of Finance, 43, 567-591
37.Zwiebel, J., 1996, “Dynamic Capital Structure under Managerial Entrenchment”, The American Economic Review 86, 1197-1215
描述 碩士
國立政治大學
企業管理研究所
96355010
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096355010
資料類型 thesis
dc.contributor.advisor 盧秋玲zh_TW
dc.contributor.author (Authors) 洪琬瑜zh_TW
dc.creator (作者) 洪琬瑜zh_TW
dc.date (日期) 2008en_US
dc.date.accessioned 11-Sep-2009 16:51:51 (UTC+8)-
dc.date.available 11-Sep-2009 16:51:51 (UTC+8)-
dc.date.issued (上傳時間) 11-Sep-2009 16:51:51 (UTC+8)-
dc.identifier (Other Identifiers) G0096355010en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/29919-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所zh_TW
dc.description (描述) 96355010zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) 本次研究將以台灣地區1988年至2008年的上市櫃公司,再扣除金融保險業後作為研究對象。本文使用混合資料的兩階段式迴歸模型來進行實證分析,欲了解在實際經營情況下,當公司有其管理者與股東、股東與債權人的代理問題時,管理者持有公司股份的多寡,是否會對公司的融資決策,如資本結構與負債期限,產生影響。實證結果發現如下:
     1. 管理者持股比例與公司負債比例呈現不顯著負向關係。
     2. 固定資產、公司規模與公司負債比例呈現顯著正向關係。
     3. 獲利能力、營運風險與公司負債比例呈現顯著負向關係。
     4. 公司成長機會與營運風險皆與公司負債期限呈現顯著負向關係。
     5. 傳統產業、航運產業、觀光產業等三種產業與負債期限呈現顯著相關。
     6. 在公司成長機會高時,管理者持股比例與公司負債期限為顯著負向關係。
     7. 在公司成長機會低時,管理者持股比例與公司負債期限為顯著正向關係。
     8. 在公司營運風險高時,管理者持股比例與公司負債期限為不顯著正向關係。
     9. 在公司營運風險低時,管理者持股比例與公司負債期限為不顯著負向關係。
zh_TW
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究動機 1
     第二節 研究範圍與研究目的 3
     第三節 論文架構與研究流程 4
     第二章 文獻探討 6
     第一節 資本結構的相關文獻探討 6
     第二節 代理問題的相關文獻探討 11
     第三節 相關實證文獻探討 17
     第四節 相關文獻總結 22
     第三章 研究設計 23
     第一節 研究架構 23
     第二節 研究假說 25
     第三節 資料來源與變數操作性定義 29
     第四節 研究方法 33
     第五節 實證模型 37
     第四章 實證結果與分析 39
     第一節 敘述性統計分析與相關性分析 40
     第二節 負債比例迴歸式之實證分析 42
     第三節 負債期限迴歸式之實證分析 46
     第五章 結論與建議 55
     第一節 結論 55
     第二節 研究限制 57
     第三節 後續研究方向建議 58
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096355010en_US
dc.subject (關鍵詞) 管理者持股比例zh_TW
dc.subject (關鍵詞) 負債期限zh_TW
dc.subject (關鍵詞) 資本結構zh_TW
dc.subject (關鍵詞) 成長機會zh_TW
dc.title (題名) 管理者持股比例對公司資本結構與負債期限之影響zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、 中文文獻:zh_TW
dc.relation.reference (參考文獻) 1.陳淑萍,”從代理理論的觀點探討所有權結構與資本結構之關係”,國立中央大學企業管理研究所未出版碩士論文,民國87 年。zh_TW
dc.relation.reference (參考文獻) 2.張瀞,”企業主要經理人持股與資本結構之相關性研究-以台灣上市企業為例”,東吳大學企業管理研究所,碩士論文,民91年。zh_TW
dc.relation.reference (參考文獻) 3.李詩將,“台灣上市公司所有權結構、資本結構與公司績效間相關性研究”,高雄第一科技大學金融營運系碩士班,碩士論文,民90年。zh_TW
dc.relation.reference (參考文獻) 4.吳雅茹,”成長機會與負債期限對公司資本結構之影響”, 高雄第一科技大學金融營運系碩士班,碩士論文,民93年。zh_TW
dc.relation.reference (參考文獻) 二、 英文文獻:zh_TW
dc.relation.reference (參考文獻) 1.Agrawal, A. and G. Mandelker, 1987, “ Executiveial Incentives and Corporate Investment and Financing Deccisions”, Journal of Finance 42,4, 823-837zh_TW
dc.relation.reference (參考文獻) 2.Barclay, Michael J., Clifford W. Smith Jr., 1995, “The maturity structure of corporate debt”, Journal of Finance 50, 609–631zh_TW
dc.relation.reference (參考文獻) 3.Baskin, J., 1989,”An empirical investigation of pecking order hypothesis”, Financial Management (spring), 26-35zh_TW
dc.relation.reference (參考文獻) 4.Bathala, C. T., K. P. Moon, and R. P. Rao,1994, “Mangerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective”, Financial Management 3,38-50zh_TW
dc.relation.reference (參考文獻) 5.Brealey, R., and Stewart C. Myers, 1984, “Principles of Corporate Finance”, New York: McGraw-Hillzh_TW
dc.relation.reference (參考文獻) 6.Berle, Adolph A. and G. C. Means, 1932, “The Modern Corporate and Private Property”, New York: Macmillanzh_TW
dc.relation.reference (參考文獻) 7.Chen, C. R. and T. L. Steiner,1999, “Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy, and Dividend Policy”, The Financial Review 34,119-136zh_TW
dc.relation.reference (參考文獻) 8.Cruthley, Claire E., and Robert S. Hansen, 1989, “A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends”, Financial Management, 36-46zh_TW
dc.relation.reference (參考文獻) 9.Diamond, Douglas, 1991, “Debt maturity structure and liquidity risk”, Quarterly Journal of Economics 106, 709–737zh_TW
dc.relation.reference (參考文獻) 10.Donaldson, G., 1961, “Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity”, Harvard Graduate School of Business Administrationzh_TW
dc.relation.reference (參考文獻) 11.Fama, E. R. and M. C. Jensen, 1983, “Separation of Ownership and Control.” Journal of Law and Economics 26, 301-325zh_TW
dc.relation.reference (參考文獻) 12.Friend, I. and Larry H. P. Lang, 1988, “An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure”, Journal of Finance 53, No.2, 271-281zh_TW
dc.relation.reference (參考文獻) 13.Guedes, Jose, Tim Opler, 1996, “The determinants of the maturity of corporate debt issues”, Journal of Finance 51, 1809–1833zh_TW
dc.relation.reference (參考文獻) 14.Harris, M., and A. Raviv, 1990, “Capital Structure and the Information Role of Debt,” Journal of Finance, 45, 321-349zh_TW
dc.relation.reference (參考文獻) 15.Haugen, R. A. and L. W. Senbet, 1981, “Resolving the agency problems of external capital through option. ”, Journal of Finance 36, 629-647zh_TW
dc.relation.reference (參考文獻) 16.J. A. Hausman, 1978, “Specification Tests In Econometrics”, Econometrica 46, 6, 1251-1272zh_TW
dc.relation.reference (參考文獻) 17.Jensen, G. R., D. P. Solberg, and T. S. Zorn, 1992, “Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies”, Journal of Financial & Quantitative Analysis 27, 247-263zh_TW
dc.relation.reference (參考文獻) 18.Jensen, M. and W. Meckling, 1976, “ Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3, 305-360.zh_TW
dc.relation.reference (參考文獻) 19.Jensen, Michael C., 1986, “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review 76, 323–329zh_TW
dc.relation.reference (參考文獻) 20.Johnson, Shane A., 2003, “Debt maturity and the effects of growth opportunities and liquidity risk on leverage”, Review of Financial Studies 16, 209–236zh_TW
dc.relation.reference (參考文獻) 21.Jung, Kooyul, Kim, Yong-Cheol, Stulz, Rene M., 1996, “Timing, investment opportunities, managerial discretion, and the security issue decision”, Journal of Financial Economics 42, 2, 159-186zh_TW
dc.relation.reference (參考文獻) 22.Mehran, Hamid, 1992, “Executive Incentive Plans, Corporate Control, and Capital Structure”, Journal of Financial and Quantitative Analysis, 27, 539-560zh_TW
dc.relation.reference (參考文獻) 23.Miller, M. H., 1977, “Debt and Taxes”, Journal of Finance, 261-275zh_TW
dc.relation.reference (參考文獻) 24.Modigliani, F. and M. H. Miller, 1958, “The Cost of Capital, Corporation Finance, and the Theory of Investment”, American Economic Review 48, 261-929zh_TW
dc.relation.reference (參考文獻) 25.Modigliani, F. and M. H. Miller, 1963, “Corporate Income Taxes and the Cost of Capital”, American Economic Review 53, 433-443zh_TW
dc.relation.reference (參考文獻) 26.Mohd, M. A., L. G. Perry, and J. N. Rimbey,1998, “The Impact of Ownership Structure On Corporate Debt Policy: a Time-Series Cross-Sectional Analysis”, The Financial Review 33,85-98zh_TW
dc.relation.reference (參考文獻) 27.Morck, R., A. Shleifer and R. W. Vishny, 1988, “Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics, 20,293-315zh_TW
dc.relation.reference (參考文獻) 28.Myers, Stewart C., 1977, “Determinants of corporate borrowing”, Journal of Financial Economics, 5, 147-176zh_TW
dc.relation.reference (參考文獻) 29.Myers, Stewart C., 1984, “The Capital Structure puzzle”, Journal of Finance l39, 575-592.zh_TW
dc.relation.reference (參考文獻) 30.Rajan, Raghuram, Andrew Winton, 1995, “Covenants and collateral as incentives to monitor”, Journal of Finance 50, 1113–1146zh_TW
dc.relation.reference (參考文獻) 31.Scott, J., 1977, “Bankruptcy, Secured Debt and Optimal Capital Structure”, Journal of Finance 32, 1-20zh_TW
dc.relation.reference (參考文獻) 32.Skinner, D.J., 1993, “The Investment Opportunity Sets and Accounting Procedure Choice,” Journal of Accounting and Economics, 16,407-443zh_TW
dc.relation.reference (參考文獻) 33.Smith, Clifford, Ross Watts, 1992, “The investment opportunity set and corporate financing, dividend, and compensation policies”, Journal of Financial Economics 32, 263–292zh_TW
dc.relation.reference (參考文獻) 34.Stulz, René, 2000, “Does financial structure matter for economic growth? A corporate finance perspective”, Working paper, Ohio State Universityzh_TW
dc.relation.reference (參考文獻) 35.Sudip Datta, Mai Iskandar-Datta, Kartik Datta, 2005, “Managerial Stock Ownership and the Maturity Structure of Corporate Debt”, Journal of Finance 60, 5, 2333-2350zh_TW
dc.relation.reference (參考文獻) 36.Williamson, o., 1988, “Corporate Finance and Corporate Governance,” Journal of Finance, 43, 567-591zh_TW
dc.relation.reference (參考文獻) 37.Zwiebel, J., 1996, “Dynamic Capital Structure under Managerial Entrenchment”, The American Economic Review 86, 1197-1215zh_TW