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題名 關於公司借款成本及零負債經營的兩篇論文
Two Essays on Corporate Financing Costs and Zero-debt Policy作者 石維中
Shi, Wei-Zhong貢獻者 張元晨
Chang, Yuan-Chen
石維中
Shi, Wei-Zhong關鍵詞 市場利率
資本結構
零負債公司
借貸關係
Hold-up effects
Bank-dependent borrowers
Non-bank dependent borrowers
Loan spreads日期 2018 上傳時間 23-Jul-2018 16:50:15 (UTC+8) 摘要 第一篇論文本文利用跨國資料研究Hold-up效果，實證結果發現這個效果不是只有存在於美國市場。在許多國家我們發現曾經發債的借款公司會比沒發債的公司有更低的借款成本。而且我們發現Hold-up效果在銀行管制強的國家有更顯著的效果。在蕭條期間，有顯著的Hold-up效果，但是在銀行危機期間及2007_2008年金融風暴期間，沒有顯著的Hold-up效果。第二篇論文本文利用1987年至2012年的美國上市公司做為樣本，研究市場利率是否會影響公司以零負債經營的可能性。實證結果顯示，市場利率與公司零負債經營是呈現顯著的負向關係，亦即當市場利率越低時，則公司以零負債經營的機率越高。本論文更進一步發現，只有當公司過去與銀行借貸關係程度越高時，市場利率與公司零負債機率是呈現顯著的正向關係。以上結果，當控制需求面因子、財務限制及潛在的內生性後都得到一致性的結果。
First paperWe examine whether hold-up effects are confined to the U.S. market. Specifically, using an international sample, we investigate whether firms with access to the public debt market pay lower loan spreads. We hypothesize that when firms issue public bonds they reveal private information of their credit risk, and thus the monopoly power of inside banks decreases, resulting in lower loan spreads. We find extensive evidence to support this conjecture. We also find that hold-up effects are stronger during recessions and more significant in countries with stringent bank regulations, but insignificant during banking crises and the 2007–2008 financial crisis.Second paperIn this paper, we investigate whether market interest rates will affect the company’s possibility of operating with zero leverage in U.S. from 1987 to 2012. The empirical results show that the interest rate and zero-debt operation will to be a significant negative relationship. This paper further finds that only when the company has a higher degree of relationship with bank lending, the interest rate and the company`s zero debt probability are significantly positive.參考文獻 第一篇論文Acharya, V.V., Wachtel, P., Walter, I., 2009. International alignment of financial sector regulation. In: V.V. Acharya and M. Richardson (Eds.), Restoring Financial Stability: How to Repair a Failed System. Wiley, Hoboken, NJ.Barth, J.R., Caprio, G., Levine, R., 2004. Bank regulation and supervision: What works best? Journal of Financial Intermediation 13, 205–248.Barth, J.R., Caprio, G., Levine, R., 2006. Rethinking Bank Regulation: Till Angels Govern. Cambridge University Press, Cambridge, UK.Barth, J.R., Caprio, G., Levine, R., 2008. Bank regulations are changing: For better or worse? World Bank Policy Research Working Paper 4646.Barth, J.R., Caprio, G., Levine, R., 2013. Bank regulation and supervision in 180 countries from 1999 to 2011. NBER working paper no. 18733.Bedendo, M., Cathcart, L., El-Jahel, L., Evans, L., 2013. The credit rating crisis and the informational content of corproate credit ratings. Working paper, Universita’ Bocconi.Beltratti, A., Stulz, R., 2012. The Credit crisis around the globe: Why did some banks perform better? Journal of Financial Economics 105, 1–17.Braun, M., Larrain, B., 2005. Finance and the business cycle: International, inter-industry evidence. Journal of Finance 60, 1097–1128.Carey, M., Nini, G., 2007. Is the corporate loan market globally integrated? A pricing puzzle. Journal of Finance 62, 2969–3007.Chava, S., Roberts, M.R., 2008. How does financing impact investment? The role of debt covenants. Journal of Finance 63, 2085–2121.Chava, S., Purnanandam, A., 2011. The effect of banking crisis on bank-dependent borrowers. Journal of Financial Economics 99, 116–135.Chodorow-Reich, G., 2014. 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國立政治大學
財務管理學系
1003575011資料來源 http://thesis.lib.nccu.edu.tw/record/#G1003575011 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan-Chen en_US dc.contributor.author (Authors) 石維中 zh_TW dc.contributor.author (Authors) Shi, Wei-Zhong en_US dc.creator (作者) 石維中 zh_TW dc.creator (作者) Shi, Wei-Zhong en_US dc.date (日期) 2018 en_US dc.date.accessioned 23-Jul-2018 16:50:15 (UTC+8) - dc.date.available 23-Jul-2018 16:50:15 (UTC+8) - dc.date.issued (上傳時間) 23-Jul-2018 16:50:15 (UTC+8) - dc.identifier (Other Identifiers) G1003575011 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118804 - dc.description (描述) 博士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 1003575011 zh_TW dc.description.abstract (摘要) 第一篇論文本文利用跨國資料研究Hold-up效果，實證結果發現這個效果不是只有存在於美國市場。在許多國家我們發現曾經發債的借款公司會比沒發債的公司有更低的借款成本。而且我們發現Hold-up效果在銀行管制強的國家有更顯著的效果。在蕭條期間，有顯著的Hold-up效果，但是在銀行危機期間及2007_2008年金融風暴期間，沒有顯著的Hold-up效果。第二篇論文本文利用1987年至2012年的美國上市公司做為樣本，研究市場利率是否會影響公司以零負債經營的可能性。實證結果顯示，市場利率與公司零負債經營是呈現顯著的負向關係，亦即當市場利率越低時，則公司以零負債經營的機率越高。本論文更進一步發現，只有當公司過去與銀行借貸關係程度越高時，市場利率與公司零負債機率是呈現顯著的正向關係。以上結果，當控制需求面因子、財務限制及潛在的內生性後都得到一致性的結果。 zh_TW dc.description.abstract (摘要) First paperWe examine whether hold-up effects are confined to the U.S. market. Specifically, using an international sample, we investigate whether firms with access to the public debt market pay lower loan spreads. We hypothesize that when firms issue public bonds they reveal private information of their credit risk, and thus the monopoly power of inside banks decreases, resulting in lower loan spreads. We find extensive evidence to support this conjecture. We also find that hold-up effects are stronger during recessions and more significant in countries with stringent bank regulations, but insignificant during banking crises and the 2007–2008 financial crisis.Second paperIn this paper, we investigate whether market interest rates will affect the company’s possibility of operating with zero leverage in U.S. from 1987 to 2012. The empirical results show that the interest rate and zero-debt operation will to be a significant negative relationship. This paper further finds that only when the company has a higher degree of relationship with bank lending, the interest rate and the company`s zero debt probability are significantly positive. en_US dc.description.tableofcontents 目錄目錄 I表目錄 III圖目錄 VChapter I 1Introduction 1Chapter II 3Bank Information Monopolies and Hold-Up Effects: International Evidence 3Abstract 31. Introduction 42. Source of Data and Sample Analysis 102.1 Data 102.2. Trend analysis 142.3. Cross-section analysis 153. Hypotheses and Empirical Models 193.1 Cross-country differences in banks’ hold-up effects 193.2. Business cycles, banking crises, and the 2007–2008 financial crisis 214. Empirical Results 264.1. Banks’ hold-up effects 264.2. Bank regulations: Cross-country differences 294.3. Business cycles, banking crises, the 2007–2008 financial crisis 315. Robustness Check 365.1 Endogenous access to public bond markets 365.2. Alternative specifications 386. Conclusion 41References 43Chapter III 84探究美國公司無負債經營的迷思：供給面因素的影響 84摘要 841. 緒論 852. 文獻回顧 882.1 零負債公司 882.2 利率與資本結構 893. 變數定義與敘述性統計 923.1 資料來源 923.2 零負債的定義 933.3 借貸關係衡量指標 943.4 樣本分配 963.5 敘述性統計分析 993.6 實證模型 1004. 實證結果 1024.1 單變量迴歸分析 1024.2 多變量迴歸分析 1044.3銀行危機期間(Banking crisis)與非銀行危機期間 1095. 穩健性測試 1115.1 主成分分析法 1115.2 替代的應變數：近似零負債公司(ZLTD) 1125.3 公司信用評等的差異 1135.4 同步性的內生性問題。 1146. 結論 115參考文獻 116附錄 123 zh_TW dc.format.extent 14041846 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1003575011 en_US dc.subject (關鍵詞) 市場利率 zh_TW dc.subject (關鍵詞) 資本結構 zh_TW dc.subject (關鍵詞) 零負債公司 zh_TW dc.subject (關鍵詞) 借貸關係 zh_TW dc.subject (關鍵詞) Hold-up effects en_US dc.subject (關鍵詞) Bank-dependent borrowers en_US dc.subject (關鍵詞) Non-bank dependent borrowers en_US dc.subject (關鍵詞) Loan spreads en_US dc.title (題名) 關於公司借款成本及零負債經營的兩篇論文 zh_TW dc.title (題名) Two Essays on Corporate Financing Costs and Zero-debt Policy en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 第一篇論文Acharya, V.V., Wachtel, P., Walter, I., 2009. International alignment of financial sector regulation. In: V.V. Acharya and M. Richardson (Eds.), Restoring Financial Stability: How to Repair a Failed System. Wiley, Hoboken, NJ.Barth, J.R., Caprio, G., Levine, R., 2004. Bank regulation and supervision: What works best? Journal of Financial Intermediation 13, 205–248.Barth, J.R., Caprio, G., Levine, R., 2006. Rethinking Bank Regulation: Till Angels Govern. Cambridge University Press, Cambridge, UK.Barth, J.R., Caprio, G., Levine, R., 2008. Bank regulations are changing: For better or worse? World Bank Policy Research Working Paper 4646.Barth, J.R., Caprio, G., Levine, R., 2013. Bank regulation and supervision in 180 countries from 1999 to 2011. NBER working paper no. 18733.Bedendo, M., Cathcart, L., El-Jahel, L., Evans, L., 2013. The credit rating crisis and the informational content of corproate credit ratings. Working paper, Universita’ Bocconi.Beltratti, A., Stulz, R., 2012. 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