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題名 融資順位理論之各國比較
Pecking order theory around the world
作者 曾馨儀
貢獻者 屠美亞
曾馨儀
關鍵詞 融資順位理論
資金缺口
pecking order theory
deficit
日期 2006
上傳時間 6-May-2016 16:36:42 (UTC+8)
摘要 Pecking order theory is an important theory in explaining companies’ financing policies. Most previous research works focused on individual country. In our research, we compared the degree to which the pecking order theory is followed in countries worldwide and determined the main macro factors that cause the difference. We use the pecking order coefficient, an indicator meaning that how much of one dollar of external fund will be financed by issuing debt, to measure the degree how firms follow the pecking order in each country. The evidence shows that law enforcement and accounting quality are important determining factors. That is, firms in countries with a stricter law enforcement and higher accounting quality can use more equity because the problems of information asymmetry are less evident. Besides, development of stock market also determines firms’ financing decisions. The stock market serves as a source of fund and facilitates the obtaining of information. Thus, firms in a well-development stock market will use more equity and follow the pecking order to a lesser extent.
參考文獻 Asli Demirguc-Kunt and Vojislav Maksimovic, 1996, Stock market development and financing choices of firms, World Bank Economic Review, Vol. 10, No 2, pp. 341-369.
Asli Demirguc-Kunt and Vojislav Maksimovic, 1999, Institutions, financial markets and firm debt maturity, Journal of Financial Economics, pp. 295-336.
Bancel, F., and U.R. Mittoo, 2004, Cross-country determinants of capital structure
choice: A survey of European firms, Financial Management, pp. 103-132.
Brown Stephen and Stephen A. Hillegeist, 2003, Conference calls and information asymmetry, Journal of Accounting and Economics. Vol. 37, pp. 343-366.
Diamond, D.W., 1991, Debt maturity and liquidity risk, Quarterly Journal of Economics, Vol. 106, pp. 709-737.
Diamond, D.W., 1993, Seniority and maturity of debt contracts, Journal of Financial Economics, Vol. 106, pp. 709-737.
Diamond, D.W., and R.E. Verrecchia, 1991, Disclosure, liquidity, and the cost of capital, The Journal of Finance, Vol. 46, pp. 1325-1359.
Diamond P., 1987, Consumer differences and prices in a search model, Quarterly Journal of Economics, Vol. 102, pp. 429-436.
Donaldson, Gordon, 1961, Corporate debt capacity: a study of corporate debt policy and the determination of corporate debt capacity, Boston: Harvard Graduate School of Business Administration.
Faccio, M., L. H. P. Lang, and L. Young, 2001, Debt and corporate governance, Working paper, The Chinese University of Hong Kong.
Fama, Eugene F. and French Kenneth R., 1998, Taxes, financing decisions, and firm value, The Journal of Finance, Vol. 53, pp. 819-843.
Fama, E., French, K., 2002, Testing tradeoff and pecking order predictions about dividends anddebt, Review of Financial Studies, Vol. 15, pp. 1-33.
Francisco Sogorb-Mira, and Lopez-Gracia, Jose, 2003, Pecking order versus trade-off: an empirical approach to the small and medium enterprise capital structure, Working paper.
Frank Murray Z. and Vidhan K. Goyal, 2003, Testing the pecking order theory of capital structure, Journal of Financial Economics, Vol. 67, pp. 217-248.
Goyal, V.K., Lehn, K., Racic, S., 2002., Growth opportunities and corporate debt policy: the case of the U.S. defense industry. Journal of Financial Economics, Vol. 64, pp. 35-59.
Graham John and Cambell Harvey, 2001, The theory and practice of corporate finance: evidence from the field, Journal of Financial Economics, Vol. 60, pp. 187-243.
Gul, Ferdinand A. and Han Qiu, 2002, Legal protection, corporate governance and information asymmetry in emerging financial markets, Working Paper.
Javier Sánchez-Vidal, and Martín-Ugedo Juan, 2005, Financing preferences of Spanish firms: evidence on the pecking order theory, Review of Quantitative Finance and Accounting, Vol. 25, pp. 341-355.
La Porta Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny, 1998, Law and finance, Journal of Political Economy, Vol. 106, pp. 1113-1155.
MacKie-Mason, Jeffery K, 1990, Do taxes affect corporate financing decisions? Journal of Finance, Vol. 45, pp. 1471-1495.
MacKay, P., Phillips, G., 2001, Is there an optimal industry financial structure? Unpublished working paper., University of Maryland.
Mark Grinblatt, Sheridan Titman, 2004, Financial market and corporate strategy, Mc Graw Hill.
McConnell, J., and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics, Vol. 27, pp. 595-612.
Morck, Randall, Andrei Shleifer, and Robert W. Vishny, 1988, Management ownership and market valuation: an empirical analysis, Journal of Financial economics, Vol. 20, pp. 293-316.
Michael Welker, 1995, Disclosure policy, information asymmetry and liquidity in equity markets, Contemporary Accounting Research, pp. 801-827.
Myers, Stewart and Nicholal S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, Vol. 13, pp. 187-221.
Pound, John, 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics, Vol. 20, pp. 237-265.
Rajan, R.G., Zingales, L., 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance, Vol. 50, pp. 1421-1460.
Ross, S., 1977. The determination of financial structure: the incentive signaling approach, The Bell Journal of Economics Vol. 8, pp. 23-40.
Shleifer Andrei and Robert W. Vishny, 1986, Larger shareholders and corporate control, Journal of Political Economy, Vol. 94, pp. 461-468.
Shyam-Sunder, L., Myers, S.C., 1999, Testing static tradeoff against pecking order models of capital structure, Journal of Financial Economics, Vol. 51, pp. 219-244.
Titman, S., Wessels, R., 1988, The determinants of capital structure choice, Journal of Finance Vol. 43, pp. 1-21.
Verrecchia, R. E., 1982, The use of mathematical models in financial accounting discussions, Journal of Accounting Research, pp. 20-55.
描述 碩士
國立政治大學
財務管理研究所
93357014
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093357014
資料類型 thesis
dc.contributor.advisor 屠美亞zh_TW
dc.contributor.author (Authors) 曾馨儀zh_TW
dc.creator (作者) 曾馨儀zh_TW
dc.date (日期) 2006en_US
dc.date.accessioned 6-May-2016 16:36:42 (UTC+8)-
dc.date.available 6-May-2016 16:36:42 (UTC+8)-
dc.date.issued (上傳時間) 6-May-2016 16:36:42 (UTC+8)-
dc.identifier (Other Identifiers) G0093357014en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/94423-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 93357014zh_TW
dc.description.abstract (摘要) Pecking order theory is an important theory in explaining companies’ financing policies. Most previous research works focused on individual country. In our research, we compared the degree to which the pecking order theory is followed in countries worldwide and determined the main macro factors that cause the difference. We use the pecking order coefficient, an indicator meaning that how much of one dollar of external fund will be financed by issuing debt, to measure the degree how firms follow the pecking order in each country. The evidence shows that law enforcement and accounting quality are important determining factors. That is, firms in countries with a stricter law enforcement and higher accounting quality can use more equity because the problems of information asymmetry are less evident. Besides, development of stock market also determines firms’ financing decisions. The stock market serves as a source of fund and facilitates the obtaining of information. Thus, firms in a well-development stock market will use more equity and follow the pecking order to a lesser extent.zh_TW
dc.description.tableofcontents 1.Introduction 3
2.Literature review 6
2.1 Pecking order of financing choices 6
2.2 Legal protection and law enforcement 10
2.3 Accounting quality 12
2.4 Ownership concentration 14
2.5 Capital market development 15
3.Data and methodology 17
3.1 Data sources and sample 17
3.2 Methodology and variable definition 18
3.3 Hypothesis 25
4.Empirical results 29
4.1 Descriptive statistics 29
4.2 Pecking order coefficient--panel data regression approach 32
4.3 Relation between country--level variables and pecking order coefficient 35
4.4 Pecking order coefficient—regression approach 41
5.Conclusion 44
5.1 Results 44
5.2Limitation and further research 45
Reference 46
Appendix 49
Table Contents
Table 3.2.1 Variable definitions and sources 22
Table 3.3.1 Expected effect of each variable 28
Table 4.1.1 The countries and firms included in the study 30
Table 4.1.2 Firms’ characteristics 31
Table 4.2.1 Wilconxon rank sum test and t test of the pecking order coefficients 34
Table 4.3.1 Correlation matrix—panel data approach 36
Table 4.3.2 Relation between pecking order coefficient and country-level factors 40
Table 4.4.1 Correlation matrix—regression approach 42
Table 4.4.2 Relation between pecking order coefficient and country-level factors 43
Table A.1 Legal protection of countries 49
Table A.2 Law enforcement 50
Table A.3 Accounting quality and ownership 51
Table A.4 Capital market development 52
Table A.5 Pecking order coefficient—the panel data regression approach 53
Table A.6 Pecking order coefficient—the regression approach 54		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093357014en_US
dc.subject (關鍵詞) 融資順位理論zh_TW
dc.subject (關鍵詞) 資金缺口zh_TW
dc.subject (關鍵詞) pecking order theoryen_US
dc.subject (關鍵詞) deficiten_US
dc.title (題名) 融資順位理論之各國比較zh_TW
dc.title (題名) Pecking order theory around the worlden_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Asli Demirguc-Kunt and Vojislav Maksimovic, 1996, Stock market development and financing choices of firms, World Bank Economic Review, Vol. 10, No 2, pp. 341-369.
Asli Demirguc-Kunt and Vojislav Maksimovic, 1999, Institutions, financial markets and firm debt maturity, Journal of Financial Economics, pp. 295-336.
Bancel, F., and U.R. Mittoo, 2004, Cross-country determinants of capital structure
choice: A survey of European firms, Financial Management, pp. 103-132.
Brown Stephen and Stephen A. Hillegeist, 2003, Conference calls and information asymmetry, Journal of Accounting and Economics. Vol. 37, pp. 343-366.
Diamond, D.W., 1991, Debt maturity and liquidity risk, Quarterly Journal of Economics, Vol. 106, pp. 709-737.
Diamond, D.W., 1993, Seniority and maturity of debt contracts, Journal of Financial Economics, Vol. 106, pp. 709-737.
Diamond, D.W., and R.E. Verrecchia, 1991, Disclosure, liquidity, and the cost of capital, The Journal of Finance, Vol. 46, pp. 1325-1359.
Diamond P., 1987, Consumer differences and prices in a search model, Quarterly Journal of Economics, Vol. 102, pp. 429-436.
Donaldson, Gordon, 1961, Corporate debt capacity: a study of corporate debt policy and the determination of corporate debt capacity, Boston: Harvard Graduate School of Business Administration.
Faccio, M., L. H. P. Lang, and L. Young, 2001, Debt and corporate governance, Working paper, The Chinese University of Hong Kong.
Fama, Eugene F. and French Kenneth R., 1998, Taxes, financing decisions, and firm value, The Journal of Finance, Vol. 53, pp. 819-843.
Fama, E., French, K., 2002, Testing tradeoff and pecking order predictions about dividends anddebt, Review of Financial Studies, Vol. 15, pp. 1-33.
Francisco Sogorb-Mira, and Lopez-Gracia, Jose, 2003, Pecking order versus trade-off: an empirical approach to the small and medium enterprise capital structure, Working paper.
Frank Murray Z. and Vidhan K. Goyal, 2003, Testing the pecking order theory of capital structure, Journal of Financial Economics, Vol. 67, pp. 217-248.
Goyal, V.K., Lehn, K., Racic, S., 2002., Growth opportunities and corporate debt policy: the case of the U.S. defense industry. Journal of Financial Economics, Vol. 64, pp. 35-59.
Graham John and Cambell Harvey, 2001, The theory and practice of corporate finance: evidence from the field, Journal of Financial Economics, Vol. 60, pp. 187-243.
Gul, Ferdinand A. and Han Qiu, 2002, Legal protection, corporate governance and information asymmetry in emerging financial markets, Working Paper.
Javier Sánchez-Vidal, and Martín-Ugedo Juan, 2005, Financing preferences of Spanish firms: evidence on the pecking order theory, Review of Quantitative Finance and Accounting, Vol. 25, pp. 341-355.
La Porta Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny, 1998, Law and finance, Journal of Political Economy, Vol. 106, pp. 1113-1155.
MacKie-Mason, Jeffery K, 1990, Do taxes affect corporate financing decisions? Journal of Finance, Vol. 45, pp. 1471-1495.
MacKay, P., Phillips, G., 2001, Is there an optimal industry financial structure? Unpublished working paper., University of Maryland.
Mark Grinblatt, Sheridan Titman, 2004, Financial market and corporate strategy, Mc Graw Hill.
McConnell, J., and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics, Vol. 27, pp. 595-612.
Morck, Randall, Andrei Shleifer, and Robert W. Vishny, 1988, Management ownership and market valuation: an empirical analysis, Journal of Financial economics, Vol. 20, pp. 293-316.
Michael Welker, 1995, Disclosure policy, information asymmetry and liquidity in equity markets, Contemporary Accounting Research, pp. 801-827.
Myers, Stewart and Nicholal S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, Vol. 13, pp. 187-221.
Pound, John, 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics, Vol. 20, pp. 237-265.
Rajan, R.G., Zingales, L., 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance, Vol. 50, pp. 1421-1460.
Ross, S., 1977. The determination of financial structure: the incentive signaling approach, The Bell Journal of Economics Vol. 8, pp. 23-40.
Shleifer Andrei and Robert W. Vishny, 1986, Larger shareholders and corporate control, Journal of Political Economy, Vol. 94, pp. 461-468.
Shyam-Sunder, L., Myers, S.C., 1999, Testing static tradeoff against pecking order models of capital structure, Journal of Financial Economics, Vol. 51, pp. 219-244.
Titman, S., Wessels, R., 1988, The determinants of capital structure choice, Journal of Finance Vol. 43, pp. 1-21.
Verrecchia, R. E., 1982, The use of mathematical models in financial accounting discussions, Journal of Accounting Research, pp. 20-55.		zh_TW