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題名 雙重股權結構對公司聯合貸款條件之影響－以美國公司為例
The Impact of Dual-Class Structure on the Contract Terms of Syndicated Loans – Evidence from US Firms
作者 邱怡靜
貢獻者 張元晨
邱怡靜
關鍵詞 雙重股權
公司治理
權利分離
聯合貸款
dual-class
corporate governance
rights divergence
syndicated loan
日期 2016
上傳時間 11-Jul-2016 16:59:00 (UTC+8)
摘要 雙重股權結構現今於美國公司治理上的應用越來越普遍，在此股權結構下的公司透過具不同投票權的股票達到控制權與盈餘分配權分離，使內部經理人可以掌握公司的控制權，但相應而生的可能是經理人與股東間的代理問題，且並非所有等級的股票皆公開在市場上交易，這也使得公司資訊透明度降低，進而影響股票的流動性和公司價值，然而，對於雙重股權結構亦有研究持正面看法，如公司可藉控制權集中提升經營效率等。本研究由此為出發點，欲以聯貸市場的角度來檢驗雙重股權結構公司在進行聯貸時，是否會對聯貸條件產生影響，而貸款銀行面對公司的雙重股權結構又將採取何種風險評估角度。
本研究利用1991至2012年間美國公司的資料，研究結果顯示公司在雙重股權結構下，所獲得之聯貸條件並未呈現負面影響，其中原因可能存在於雙重股權結構的公司特性與其可能為公司創造的價值。
參考文獻 Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial economics, 68(2), 263-285.
Aslan, H., & Kumar, P. (2009). Controlling shareholders and the agency cost of debt: Evidence from syndicated loans. FIRS Prague Meetings and EFA 2009 Bergen Meetings.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57(6), 2741-2771.
DeAngelo, H., & DeAngelo, L. (1985). Managerial ownership of voting rights: A study of public corporations with dual classes of common stock. Journal of Financial economics, 14(1), 33-69.
Dimitrov, V., & Jain, P. C. (2006). Recapitalization of one class of common stock into dual-class: Growth and long-run stock returns. Journal of Corporate Finance, 12(2), 342-366.
Dyck, A., & Zingales, L. (2004). Private benefits of control: An international comparison. The Journal of Finance, 59(2), 537-600.
Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of financial Economics, 94(1), 150-169.
Fischel, D. R. (1987). Organized exchanges and the regulation of dual class common stock. The University of Chicago Law Review, 54(1), 119-152.
Gale, D., & Hellwig, M. (1985). Incentive-compatible debt contracts: The one-period problem. The Review of Economic Studies, 52(4), 647-663.
Gilson, R. J. (1987). Evaluating dual class common stock: The relevance of substitutes. Virginia Law Review, 807-844.
Gompers, P. A., Ishii, J., & Metrick, A. (2010). Extreme governance: An analysis of dual-class firms in the United States. Review of Financial Studies, 23(3), 1051-1088.
Hart, O., & Moore, J. (1998). Cooperatives vs. outside ownership (No. w6421). National Bureau of Economic Research.
Hoi, C. K., & Robin, A. (2010). Agency Conflicts, Controlling Owner Proximity, and Firm Value: An Analysis of Dual‐Class Firms in the United States. Corporate Governance: An International Review, 18(2), 124-135.
Howell, J. W. (2010). The Dual Class Stock Structure in the United States: A New Dataset and An Examination of Firms who Leave the Structure.
Lehn, K., Netter, J., & Poulsen, A. (1990). Consolidating corporate control: Dual-class recapitalizations versus leveraged buyouts. Journal of Financial Economics, 27(2), 557-580.
Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The journal of finance, 58(4), 1445-1468.
Lin, C., Ma, Y., Malatesta, P., & Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics, 100(1), 1-23.
Lins, K. V. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative analysis, 38(01), 159-184.
Masulis, R. W., Wang, C., & Xie, F. (2009). Agency problems at dual‐class companies. The Journal of Finance, 64(4), 1697-1727.
Mikkelson, W. H., & Partch, M. M. (1994). The consequences of unbundling managers` voting rights and equity claims. Journal of Corporate Finance, 1(2), 175-199.
Nenova, T. (2003). The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, 68(3), 325-351.
Nini, G., Smith, D. C., & Sufi, A. (2012). Creditor control rights, corporate governance, and firm value. Review of Financial Studies, 25(6), 1713-1761.
Partch, M. M. (1987). The creation of a class of limited voting common stock and shareholder wealth. Journal of Financial Economics, 18(2), 313-339.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Tinaikar, S. (2007). The disclosure effects of dual class ownership structures. ProQuest.
Zhang, Y. (2007). Dual-class stocks and the benefits of control. Applied Economics Letters, 14(4), 293-297.
Zingales, L. (1995). Insider ownership and the decision to go public. The Review of Economic Studies, 62(3), 425-448.
描述 碩士
國立政治大學
財務管理研究所
103357010
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357010
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.author (Authors) 邱怡靜zh_TW
dc.creator (作者) 邱怡靜zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 11-Jul-2016 16:59:00 (UTC+8)-
dc.date.available 11-Jul-2016 16:59:00 (UTC+8)-
dc.date.issued (上傳時間) 11-Jul-2016 16:59:00 (UTC+8)-
dc.identifier (Other Identifiers) G0103357010en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98849-
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) 103357010zh_TW
dc.description.abstract (摘要) 雙重股權結構現今於美國公司治理上的應用越來越普遍，在此股權結構下的公司透過具不同投票權的股票達到控制權與盈餘分配權分離，使內部經理人可以掌握公司的控制權，但相應而生的可能是經理人與股東間的代理問題，且並非所有等級的股票皆公開在市場上交易，這也使得公司資訊透明度降低，進而影響股票的流動性和公司價值，然而，對於雙重股權結構亦有研究持正面看法，如公司可藉控制權集中提升經營效率等。本研究由此為出發點，欲以聯貸市場的角度來檢驗雙重股權結構公司在進行聯貸時，是否會對聯貸條件產生影響，而貸款銀行面對公司的雙重股權結構又將採取何種風險評估角度。
本研究利用1991至2012年間美國公司的資料，研究結果顯示公司在雙重股權結構下，所獲得之聯貸條件並未呈現負面影響，其中原因可能存在於雙重股權結構的公司特性與其可能為公司創造的價值。		zh_TW
dc.description.tableofcontents 第一章　緒論 1
第一節　研究主題 1
第二節　研究動機與目的 4
第三節　研究架構 4
第二章　文獻探討 5
第一節　雙重股權結構 5
第二節　研究假說 8
第三章　研究方法 10
第一節　樣本篩選標準與資料來源 10
第二節　樣本說明 12
第三節　變數說明 16
第四節 研究方法 17
第四章　實證結果 19
第一節　樣本敘述統計 19
第二節　配對T檢定 20
第三節　聯貸條件之複迴歸分析 25
第五章　結論與建議 30
第一節　研究結論 30
第二節　未來研究建議 31
參考文獻 33
附錄 35		zh_TW
dc.format.extent 816352 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357010en_US
dc.subject (關鍵詞) 雙重股權zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 權利分離zh_TW
dc.subject (關鍵詞) 聯合貸款zh_TW
dc.subject (關鍵詞) dual-classen_US
dc.subject (關鍵詞) corporate governanceen_US
dc.subject (關鍵詞) rights divergenceen_US
dc.subject (關鍵詞) syndicated loanen_US
dc.title (題名) 雙重股權結構對公司聯合貸款條件之影響－以美國公司為例zh_TW
dc.title (題名) The Impact of Dual-Class Structure on the Contract Terms of Syndicated Loans – Evidence from US Firmsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial economics, 68(2), 263-285.
Aslan, H., & Kumar, P. (2009). Controlling shareholders and the agency cost of debt: Evidence from syndicated loans. FIRS Prague Meetings and EFA 2009 Bergen Meetings.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57(6), 2741-2771.
DeAngelo, H., & DeAngelo, L. (1985). Managerial ownership of voting rights: A study of public corporations with dual classes of common stock. Journal of Financial economics, 14(1), 33-69.
Dimitrov, V., & Jain, P. C. (2006). Recapitalization of one class of common stock into dual-class: Growth and long-run stock returns. Journal of Corporate Finance, 12(2), 342-366.
Dyck, A., & Zingales, L. (2004). Private benefits of control: An international comparison. The Journal of Finance, 59(2), 537-600.
Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of financial Economics, 94(1), 150-169.
Fischel, D. R. (1987). Organized exchanges and the regulation of dual class common stock. The University of Chicago Law Review, 54(1), 119-152.
Gale, D., & Hellwig, M. (1985). Incentive-compatible debt contracts: The one-period problem. The Review of Economic Studies, 52(4), 647-663.
Gilson, R. J. (1987). Evaluating dual class common stock: The relevance of substitutes. Virginia Law Review, 807-844.
Gompers, P. A., Ishii, J., & Metrick, A. (2010). Extreme governance: An analysis of dual-class firms in the United States. Review of Financial Studies, 23(3), 1051-1088.
Hart, O., & Moore, J. (1998). Cooperatives vs. outside ownership (No. w6421). National Bureau of Economic Research.
Hoi, C. K., & Robin, A. (2010). Agency Conflicts, Controlling Owner Proximity, and Firm Value: An Analysis of Dual‐Class Firms in the United States. Corporate Governance: An International Review, 18(2), 124-135.
Howell, J. W. (2010). The Dual Class Stock Structure in the United States: A New Dataset and An Examination of Firms who Leave the Structure.
Lehn, K., Netter, J., & Poulsen, A. (1990). Consolidating corporate control: Dual-class recapitalizations versus leveraged buyouts. Journal of Financial Economics, 27(2), 557-580.
Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The journal of finance, 58(4), 1445-1468.
Lin, C., Ma, Y., Malatesta, P., & Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics, 100(1), 1-23.
Lins, K. V. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative analysis, 38(01), 159-184.
Masulis, R. W., Wang, C., & Xie, F. (2009). Agency problems at dual‐class companies. The Journal of Finance, 64(4), 1697-1727.
Mikkelson, W. H., & Partch, M. M. (1994). The consequences of unbundling managers` voting rights and equity claims. Journal of Corporate Finance, 1(2), 175-199.
Nenova, T. (2003). The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, 68(3), 325-351.
Nini, G., Smith, D. C., & Sufi, A. (2012). Creditor control rights, corporate governance, and firm value. Review of Financial Studies, 25(6), 1713-1761.
Partch, M. M. (1987). The creation of a class of limited voting common stock and shareholder wealth. Journal of Financial Economics, 18(2), 313-339.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Tinaikar, S. (2007). The disclosure effects of dual class ownership structures. ProQuest.
Zhang, Y. (2007). Dual-class stocks and the benefits of control. Applied Economics Letters, 14(4), 293-297.
Zingales, L. (1995). Insider ownership and the decision to go public. The Review of Economic Studies, 62(3), 425-448.		zh_TW