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題名 負債比率及股利政策資訊內涵之研究 作者 鄭華清 貢獻者 劉維琪<br>陳隆麒
Jiang, Yong-Min
鄭華清日期 1993 上傳時間 10-May-2016 18:52:30 (UTC+8) 摘要 本研究主要目的有三個；一是從理論上探討負債及股利的訊號放射；二是修正Ravid & Sarig (1991)的模式，加入代理成本的探討；三是以國內上市公司為樣本，驗證Ravid & Sarig(1991)修正後的模式，瞭解負債及股利當成訊號放射的意義。 參考文獻 參考書目中文部份呂永正，由代理成本的觀點驗證台灣上市公司所有權變動與融資決策之關係，東海大學企管研究所未出版碩士論文，民國77 年6 月張明峰，所有權結構對公司績效影響之研究，國立政治大學企管所未出版碩士論文，民國80 年6 月翁霓，雜訊交易對股價行為影響之研究，國立政治大學未出版之博士論文，民國82 年6 月黃英陶，代理問題對公司資本結構影響之研究，國立成功大學工管所未出版之碩士論文，民國77 年6 月黃德舜，負債契約與代理問題之研究，國立政治大學企管所未出版之博士論文，民國82 年1 月葉銀華，國內上市公司代理問題之理論與實證研究國立台灣大學商研究所未出版之博士論文，民國82 年6 月楊蕉霙，所有權結構與公司價值間關係之研究，國立中山大學企管所未出版碩士論文，民國79 年6 月楊淑華，從代理理論觀點探究上市公司股權集中度與經營績效及市場評價的關係，淡江大學金融研究所未出版碩士論文，民國81年6 月劉維琪，詹珍禎"資訊不對稱時主管認股模型之建立一極優法"管理科學學報第二卷，第一期， 75 年5 月， 11 ~22 頁。賴汝鑑，我國民營企業高階層主管變動對公司價值的影響，私立東海大學企管研究所未出版碩士論文，民國75 年6 月。戴明淵，公司控制型態與其經營績效關係之研究一台灣地區上市公司之實證分析，中興大學企管所未出版碩士論文，民國75 年6 月證券管理，證券管理雜誌社編印，第十卷，第二期，民國81 年2 月16日出版，第59~7 5 頁。英文部份Agrawal, A., and G. N, Mandlker "Managerial Incentives andCorporate Investment and Financial Decision,"Journal of Finance, Vol. XLII, No.4, September, 1987, 823-837.-------------------, and N.J. Nagarajan, "Corporate Capital Structure, Agency Cost, and Ownership Control: the Case of All-EquityFirms," The Journal of Finance, Vol.XLV, No.4, September, 1990, 1325-1331.Aharony, 1., and 1. Swary, "Quarterly Divedend and EarningsAnnouncements and Stockolders` Return : An Emprical Analysis," Journal of Finance, 35, 1980, 1-12.Asquith, P., and D. W. Mullins, Jr., "Equity Issues and offering Dilution," Journal of Financial Economics, 15, 1986, 61-89.AItman, E. 1., "A Further Empircal Invertigation of the Bankruptcy Cost Qustion," Journal of Finance, 39, September, 1984, 1067-1089.Ambarish, R., K. John, and 1. Williams, "Efficient Signalling with Dividends and Investment, " Journal of Finance, Vol. XLII, June 1987, 321-343.Barnea, A., R. A. Haugen & L. W. Senbet, Agency Problems andFinancial Contracting, Prenticve-Hall, Inc., England Cliffs, N. J. 1985.Berle, A., and C. G. Means, The Modern Corporation and Private Property New York: Commerce Clearing House, 1932.Bhattacharya, S., "Nondissipative Signaling Structures & Divedend Policy," The Quarterly Journal of Economics, Vol.XCV, August 1980, 1-24.Bradley, M., G. Jarrell, and E. H. Kim, "On the Existence of Optimal Capital Structure: Theory and Evidence," Jouranl of Finance, July 1984, 857-878Copeland, T. E., and J. F. Weston, Financial Theory and Corporate Policy, Addison-Wesley Publishing Co., Mass., 1984, 450-451.Crutchley, C. E., and R. S. Hansen, "A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends," Financial Management, 18, Winter 1989, 36-46.DeAngelo, H., and R. Mas ulis, "Op tim al Capi tal Str uc ture under Corporate and Personal Taxation, " Journal of Financial Economics, 8, March 1980, 3-29.Demsetz, H., and K. Lehn, "The Structure of Corporate Ownership: Causes and Consequences, " Journal of Political Economy, Co1.93, No.6, 1985, 1155-1177.Dotan, A., and S. A. Ravid, "On the Interation of the Real and Financial Decisoins of Firms under Uncertainty," Journal of Finance, 40, June 1985, 501-517.Easterbrook, F., "Two Agency-Cost Explanations of Dividends," America Economic Review, September, 1984, 288-307.Fama, E. F., "Agency Problems and the Theory of the Firm, " Journal of Political Economy, Vo1.88, April 1980, 288-307.-------------------, and M. C. Jensen, "Separation of Ownership and Control," Journal of Law and Economy, Vol. XXVI, June 1983, a.301-32S.-------------------, and M. C. Jensen, "Agency Problems and Residual Cliams," Journal of Law and Economy, Vol.XXVI, June 1983, 327-349.Friend, 1., and L. H. P. Land, "An Empirical Test of the Impact of Managenial Self-Interest on Corporate Capital Structure," Journal of Finance. Vol. XLIII , No .2, June 1988, 271-281.Grier, P., and e. J. Zychowicz, "Institutional Investors, Corporate Discipline, and the Role of Debt," Journal of Economics and Business, 1994, 1-11.Haugen R., and L. Senbet, "The Insignificance of Bankruptcy Cost to the Theory of Optimal Cpaital Structure," Journal of Finance, 33, May 1978, 383-394.Barris, M., and A. Raviv, "The Theory of Capital Structure, " Journal of Finance, Vol. XLVI, March 1991, 297-355.Birshleifer, D. and A. V. Thakor, "Managerial Reputation Project Choice and Debt," Review of Financial Studies, 5, 1992, 437-470.Israel, R., "Capital Structure and the Market for Corporate Control: the Defensive Role of Debt Financing," Journal of Finance, VoL, XLVI, September, 1991, 1391-1409.Jensen, M. C., and W. H. Meckling, "Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure," Jouranl of Financial Economics, Vol.3, 1976, 305-360.-------------------and K. 1. Murphy, "Performance Pay and Top Management Incentives, " Journal of Political Economy. Vo 1. 98, No.2, 1990, 225-264.-------------------, & C. W. Smith, Jr., "Stockholder, Manager, and Creditor Interest: Applications of Agency Theory." 1& El Recent Advances in Corporate Finance, f!=~E. 1. Altman & M. G.Subrachmanyam, Richard D. rwin, Homewood, Illinois, 1985,Chapter4, 93-133. "Agency Costs of Free Cash Flow, CorporateFinance, and Takeovers," America Economic Review, 76, May1986, 323-335.Jensen, G. R., D. P. Solberg, and T. S. Zorn, "SimultaneousDetermination of Insider Ownership, Debt, and Dividend Policies," Journal of Financial and Quantative Analysis, June 1992, 247-263.Jensen, M. c., and J. B. Warner, "The Distribiution of Power Among Corporate Managers, Shareholders, and Directors," Jouranl of Financial Economics, ~O, 1988, 3 -24.John, K., and J. Williams, "Dividend, Dilution and Taxes: A Signalling Equilibrium," Jourri~ll of Finance, 35, Septem ber, 1985, 1053 -1070.-------------------, and A. Kalay, "Informational Content of Optimal Debt Contracts," 1& El E. 1. Altman and M. G. Subrahmanyam, Recent Advances in Corporate Finance, Richard D. Irwin, Homewood, Illinois, 1985, 133-161.-------------------, "Risk-Shifting Incentives and Signalling Through Corporate Capital Structure," Journal of Finance, Vol. XLII July 1987, 623-641.Kalay, A., "Signalling, Information Content, and the Reluctance to Cut Dicidends, " Journal of Financial and Quan titaitve Analysis, 15, December, 1980, 855-869.-------------------, "Stockholder-Bondholder Conflict and Dividend Constraints " Journal of Financial Economics, 10, 1982, 211-233.Kim, W. S., and E, H. Sorensen, "Evidence on the Impact of t}:le Agency Costs of Debt on Conrporate Debt Policy," Journal of Financial and Quantative Analysis, June 1986, 131-144.Leland, H. E., and D. H. Pyle, "Information Asymmetries, Financial Structure, and Financial Intermediatior, " Journal of Finance, 32, May 1977, 371-387.Litzenberger, R. H., and K. Ramasway "The Effects of Personal Taxes nd Dividends on Capital Asset Prices: Theory and EmpricalEvidence," Journal of Financial economics, 7, June 1979, 163-195.Long, M., and I Malitz, "The Investment Financing Nexus Someempirical Evidence," Midland Corporate Finance Journal, Fall1985, 53-59.Mailath, G. J., "Incentive Compatibility in Signalling Games With a Continuum of Types," Econometrica, 5, Nov. 1987, 1349-1365.Maksimovic, V., "Capital Structure in Repeated Oligopolies," Rand Journal of Economics, 19, Autumn 1988, 389-407.Masulis, R., "The Effect of Capital Structure change on Security Prices: A study of Exchange Offers," Journal of FinancialEconomics, 8, June 1980, 139-178.-------------------, and B. Trueman, "Corporate Investment and Divedend Decisions under Differential Personal Taxation," Journal ofFinancial and Quantitative Analysis, 23, December, 1988, 369-385.Mehran , H., "Execu ti ve Incen ti ve Plans, Co rp or a te Con tr 0 1, and Capital Structure," Journal of Financial and Quantitative Analysis, 27, December, 1992, 539-560.Miller, M. H, "Debt and Taxes," Journal of Finance, 32, May 1977, 261-275.Miller, M. H., and K. Rock, " Dividend Policy under Asymmetric Information," Journal of Finance, 40, September, 1985, 1031-1051.-------------------, and M. S. Scholes, "Dividends and Taxes," Journal of Financial Economics, 6, December, 1978, 333-364.Mello, A., and J. e. Parsons, "Measuring the Agency Cost of Debt," Journal of Finance, Vol. XLII, December, 1992, 1887-1904.Moyer, R. C., and R. E. Chtfield, and P. M. Sisneros, "Security Analyst MonItoring Activity: Agency Costs and Information Dem ands, 11 Journal of Financial and Qu an titati ve Analysis, 4, December, 1989, 503-512.Myers, S., "The Determinants of Corporate Borrowing," Journal of Financial Economics, 1977, 147-175.-------------------, "The Capital Puzzle," Journal of Finance, 39, July 1984, 3-59.-------------------, and N. N ajluf, "Corpora te Fina n cing an d Investment Decision When Firm Have Information That Investors Do NotHave," Journal of Financial Economics, June 1984, 187-222.Of er , A. R., and A. V. Thakor, "A Theory of Stock Price Responses to Alternative Corporat Cash Disbursement Method," Journal of Finance, 42, June 1987, 365-396.Prowse, S., "The Structure of Corporate Ownership in Japan, " Journal of Finance, Vol. XLVII, July 1992, 1121-1140.Ravid, S. A., " On Interactions of Production and Financial Decision," Financial Management, Autumn 1988, 87-99.-------------------. , and O. H. Sarig, "Financial Signalling by Committingto Cash Outflows," Journal of Financial and Quantitative Analysis, 26, June. 1991, 165-180.Ree, R., "The Theory of Principal and Agent," Working Paper #627,Kellogg School, Northwestern University, October, 1984.Riley, J., "Informational Equilibrium, 11 Econometrica, 47, March 1979, 331-359.Ross, S.A., "The Determination of Financial Structure: the Incentive Signaling Approach," Bell Journal fo Economics, 8, Spring 1977, 23 -40.Rozeff, M., "Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios," Journal of Financial Research, 3, Fall 1982, 249-259.Smith, c., and J. B. Warner, "On Financial Contration An Analysis of Bond Covenants," Journal of Financial Economics, June 1979,117-161.Stulz, R. M., "Managerial Control of Voting Rights-Financial Policies and the Market for Corporate Control," Journal of Financial economics E4conomics. 20, 1988, 25-54.-------------------, "Managerial Discretion and Optimal Financial Policies,"Journal of Financial Economics, 26, 1990, 3-27.Taggart, R. A., "Taxes and Corporate Capital Structure in anIncomplete Market," Journal of Finance, 35, June 1980, 645-660.Talmor, e., "Asymmetric Information, Signalling, and Optimal Financial Decisions," Journal of Financial and Quantitative Analysis, 16, November, 1982, 413-435.Titman, S., and R. Wessels, "The Determinants of Capital Structure choice," Journal of Finance, Vol. XLIII, March 1988, 1-19.Williamson, O. E., "Organization Form, Residual Claims, and Corporate Control," Journal of Law & Economics, Vol. XXVI, June 1983,351-366.Wilson, R., "Multi-Dimensional Signalling," Economics Letters 19, 1985, 17-21. 描述 博士
國立政治大學
企業管理學系資料來源 http://thesis.lib.nccu.edu.tw/record/#G91NCCW0322012 資料類型 thesis dc.contributor.advisor 劉維琪<br>陳隆麒 zh_TW dc.contributor.advisor Jiang, Yong-Min en_US dc.contributor.author (Authors) 鄭華清 zh_TW dc.creator (作者) 鄭華清 zh_TW dc.date (日期) 1993 en_US dc.date.accessioned 10-May-2016 18:52:30 (UTC+8) - dc.date.available 10-May-2016 18:52:30 (UTC+8) - dc.date.issued (上傳時間) 10-May-2016 18:52:30 (UTC+8) - dc.identifier (Other Identifiers) G91NCCW0322012 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/96264 - dc.description (描述) 博士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理學系 zh_TW dc.description.abstract (摘要) 本研究主要目的有三個；一是從理論上探討負債及股利的訊號放射；二是修正Ravid & Sarig (1991)的模式，加入代理成本的探討；三是以國內上市公司為樣本，驗證Ravid & Sarig(1991)修正後的模式，瞭解負債及股利當成訊號放射的意義。 zh_TW dc.description.tableofcontents 圖表目錄緒論．．．．．．．．．．1研究動機與目的．．．．．．．．．．1研究範圍．．．．．．．．．．5研究限制．．．．．．．．．．8論文架構．．．．．．．．．．9註釋．．．．．．．．．．12文獻探討．．．．．．．．．．13負債及股利訊號放射觀點的探討．．．．．．．．．．14負債及股利代理觀點的探討．．．．．．．．．．21稅及財務危機的探討．．．．．．．．．．25負債及股利相關的實證研究．．．．．．．．．．28公司品質特性的探討．．．．．．．．．．35註釋．．．．．．．．．．42模式建立．．．．．．．．．．44模式假設前提及符號說明．．．．．．．．．．46資訊對稱下的模式推導．．．．．．．．．．48資訊不對稱下財務承諾的訊號均衡．．．．．．．．．．51命題建立．．．．．．．．．．53註釋．．．．．．．．．．58研究設計．．．．．．．．．．60觀念性架構說明．．．．．．．．．．64研究假說．．．．．．．．．．66研究變數操作性定義．．．．．．．．．．71資料來源，研究期間及樣本．．．．．．．．．．78實證步驟及分析方法．．．．．．．．．．81註釋．．．．．．．．．．83第伍章 實證結分析．．．．．．．．．．88第一節 樣本資料說明．．．．．．．．．．89第二節 現金流量及稅負觀點的實證結果分析．．．．．．．．．．101第三節 公司品質特性實證結果分析．．．．．．．．．．125註釋．．．．．．．．．．132結論與建議．．．．．．．．．．137結論．．．．．．．．．．137建議．．．．．．．．．．141附錄一：個案說明．．．．．．．．．．144個案一：南僑化工股份有限公司．．．．．．．．．．144個案二：尚德實業股份有限公司．．．．．．．．．．148個案三：大成長城企業股份有限公司．．．．．．．．．．151附錄二．．．．．．．．．．155參考書目．．．．．．．．．．156中文部分．．．．．．．．．．156英文部分．．．．．．．．．．158 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G91NCCW0322012 en_US dc.title (題名) 負債比率及股利政策資訊內涵之研究 zh_TW dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 參考書目中文部份呂永正，由代理成本的觀點驗證台灣上市公司所有權變動與融資決策之關係，東海大學企管研究所未出版碩士論文，民國77 年6 月張明峰，所有權結構對公司績效影響之研究，國立政治大學企管所未出版碩士論文，民國80 年6 月翁霓，雜訊交易對股價行為影響之研究，國立政治大學未出版之博士論文，民國82 年6 月黃英陶，代理問題對公司資本結構影響之研究，國立成功大學工管所未出版之碩士論文，民國77 年6 月黃德舜，負債契約與代理問題之研究，國立政治大學企管所未出版之博士論文，民國82 年1 月葉銀華，國內上市公司代理問題之理論與實證研究國立台灣大學商研究所未出版之博士論文，民國82 年6 月楊蕉霙，所有權結構與公司價值間關係之研究，國立中山大學企管所未出版碩士論文，民國79 年6 月楊淑華，從代理理論觀點探究上市公司股權集中度與經營績效及市場評價的關係，淡江大學金融研究所未出版碩士論文，民國81年6 月劉維琪，詹珍禎"資訊不對稱時主管認股模型之建立一極優法"管理科學學報第二卷，第一期， 75 年5 月， 11 ~22 頁。賴汝鑑，我國民營企業高階層主管變動對公司價值的影響，私立東海大學企管研究所未出版碩士論文，民國75 年6 月。戴明淵，公司控制型態與其經營績效關係之研究一台灣地區上市公司之實證分析，中興大學企管所未出版碩士論文，民國75 年6 月證券管理，證券管理雜誌社編印，第十卷，第二期，民國81 年2 月16日出版，第59~7 5 頁。英文部份Agrawal, A., and G. N, Mandlker "Managerial Incentives andCorporate Investment and Financial Decision,"Journal of Finance, Vol. XLII, No.4, September, 1987, 823-837.-------------------, and N.J. Nagarajan, "Corporate Capital Structure, Agency Cost, and Ownership Control: the Case of All-EquityFirms," The Journal of Finance, Vol.XLV, No.4, September, 1990, 1325-1331.Aharony, 1., and 1. Swary, "Quarterly Divedend and EarningsAnnouncements and Stockolders` Return : An Emprical Analysis," Journal of Finance, 35, 1980, 1-12.Asquith, P., and D. W. Mullins, Jr., "Equity Issues and offering Dilution," Journal of Financial Economics, 15, 1986, 61-89.AItman, E. 1., "A Further Empircal Invertigation of the Bankruptcy Cost Qustion," Journal of Finance, 39, September, 1984, 1067-1089.Ambarish, R., K. John, and 1. Williams, "Efficient Signalling with Dividends and Investment, " Journal of Finance, Vol. XLII, June 1987, 321-343.Barnea, A., R. A. Haugen & L. W. 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