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題名 影響債務期限與債務專一化之因素
The Determinants of Debt Maturity and Debt Concentration
作者 朱庭萱
Zhu, Ting-Xuan
貢獻者 張元晨
Chang, Yuan-Chen
朱庭萱
Zhu, Ting-Xuan
關鍵詞 債務結構
債務專一化
債務期限
資產專一化
資產期限
匹配管理
Debt structure
Debt specificity
Debt maturity
Asset specificity
Asset maturity
Matching management
日期 2023
上傳時間 2-Aug-2023 12:57:18 (UTC+8)
摘要 本研究深入探討企業債務專一化和債務期限之決定因素，並以1980至2020年間的Capital IQ和Compustat資料庫為分析樣本。實證結果支持了資產負債匹配理論、破產成本理論，以及資訊不對稱對於債務結構的影響。更重要的是，本研究初步揭示出企業債務專一化與資產專一化間的正相關性，這可能源自企業為了滿足特定業務需求或風險管理策略，而選擇與其主要資產類型相匹配的債務工具。此外，我們也發現債務期限與債務專一化、資產期限以及資產專一化之間存在相互關聯，且有進行資產負債匹配之公司，其資產波動度降低，顯示企業在制定資本結構策略時應綜合考慮以上因素並作匹配管理，以提高風險管理能力並適應商業環境的變化。
This study delves into the determinants of corporate debt specificity and maturity, utilizing data from the Capital IQ and Compustat databases from 1980 to 2020. Empirical results support the influence of asset-liability matching principle, bankruptcy cost theory and information asymmetry on debt structure. Importantly, our research initially revealed the positive correlation between corporate debt specificity and asset specificity. This might be due to the company`s choice of debt instruments matching its main asset types to meet specific business requirements or risk management strategies.
In addition, we found the relationship among debt maturity, debt specificity, asset maturity and asset specificity. Companies that engage in asset-liability matching principle demonstrate reduced asset volatility, suggesting that when formulating capital structure strategies, businesses should comprehensively consider these factors and perform matching management to enhance their risk management capabilities and adapt to changes in the business environment.
參考文獻 Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. Journal of Finance, 55(6), 2747-2766.
Aldubhani, Maad A. Q., Jitian Wang, Tingting Gong, and Ramzi Ali Maudhah. (2022). Impact of working capital management on profitability: Evidence from listed companies in Qatar. Journal of Money and Business, 2, 70–81.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
Barnea, A., Haugen, R. A., & Senbet, L. W. (1980). A rationale for debt maturity structure and call provisions in the agency theoretic framework. The Journal of Finance, 35(5), 1223-1234.
Barnea, A., Haugen, R. A., & Senbet, L. W. (1985). Agency problems and financial contracting. Englewood Cliffs, N.J.: Prentice-Hall.
Bolton, P., & Freixas, X. (2000). Equity, bonds and bank debt: Capital structure and financial market equilibrium under asymmetric information. Journal of Political Economy, 108, 324-351.
Bris, A., & Welch, I. (2005). The optimal concentration of creditors. Journal of Finance, 60, 2193-2212.
Burkart, M., Gromb, D., & Panunzi, F. (1997). Large shareholders, monitoring, and the value of the firm. Quarterly Journal of Economics, 112, 693-728.
Chang, C. (1989). Debt maturity structure and bankruptcy. Working paper. Minneapolis: University of Minnesota.
Chen, X., Harford, J., & Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics, 86, 279-305.
Colla, P., Ippolito, F., & Li, K. (2013). Debt specialization. Journal of Finance, 68(5), 2117-2141.
Colla, P., Ippolito, F., & Li, K. (2020). Debt structure. Annual Review of Financial Economics, 12(1), 193-215.
Cronqvist, H., & Fahlenbrach, R. (2009). Large shareholders and corporate policies, Review of Financial Studies, 22, 3941-3976.
Cust ́odio, C., Ferreira, M. A., & Laureano, L. (2013). Why are US firms using more short-term debt? Journal of Financial Economics, 108(1), 182-212.
DeMarzo, P. M., & Fishman, M. J. (2007). Optimal long-term financial contracting. Review of Financial Studies, 20, 2079-2128.
Diamond, D. W. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99(4), 689-721.
Diamond, D. W. (1991a). Debt maturity structure and liquidity risk. The Quarterly Journal of Economics, 106(3), 709-737.
Diamond, D. W. (1993). Seniority and maturity of debt contracts. Journal of Financial Economics, 33, 341-368.
Farooq, U. (2016). Liquidity Risk, Performance and working capital relationship of cash conversion cycle: an empirical study of the firms in Pakistan. International Journal of Information Research and Review, Vol. 03, 1946–1951.
Flannery, M. J. (1986). Asymmetric information and risky debt maturity choice. The Journal of Finance, 41(1), 19-37.
Graham, J. R., & Leary, M. T. (2011). A review of empirical capital structure research and directions for the future. Annual Review of Financial Economics, 3, 309-345.
Hart, O., & Moore, J. (1994). A theory of debt based on the inalienability of human capital. Quarterly Journal of Economics, 109, 841-879.
Huang, K., & Shang, C. (2019). Leverage, debt maturity, and social capital. Journal of Corporate Finance, 54, 26-46.
Ivashina, V., Iverson, B., & Smith, D. C. (2016). The ownership and trading of debt claims in Chapter 11 restructurings. Journal of Financial Economics, 119(2), 316-335.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-306.
Johnson, S. A. (2003). Debt maturity and the effects of growth opportunities and liquidity risk on leverage. The Review of Financial Studies, 16(1), 209-236.
Kale, J. R., & Noe, T. H. (1990). Dividends, uncertainty, and underwriting costs under asymmetric information. The Journal of Financial Research, 13(4), 265-277.
Kane, A.; Marcus, A. J.; and McDonald, R. L. 1985. Debt policy and the rate of return premium to leverage. Journal of Financial and Quantitative Analysis 20 (December): 479-99.
Lewis, C. M. 1990. A multiperiod theory of corporate financial policy under taxation. Journal of Financial and Quantitative Analysis 25 (March): 25-43.
Li, N., Lou, Y., Otto, C. A., & Wittenberg-Moerman, R. (2020). Accounting Quality and Debt Concentration. The Accounting Review, 96(1), 377-400.
Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53, 433-443.
Morris, J. R. (1976). On corporate debt maturity strategies. The Journal of Finance, 31(1), 29-37.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Park, C. (2000). Monitoring and the structure of debt contracts. Journal of Finance, 55, 2157-2195.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure: Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
Rauh, J. D., & Sufi, A. (2010). Capital structure and debt structure. Review of Financial Studies, 23(12), 4242-4280.
Roberts, M. R., & Sufi, A. (2009). Financial contracting: A survey of empirical research and future directions. Annual Review of Financial Economics, 1, 207-226.
Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461-488.
Stohs, M. H., & Mauer, D. C. (1996). The determinants of corporate debt maturity structure. The Journal of Business, 69(3), 279-312.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1-19.
Turk Ariss, R. (2016). Legal systems, capital structure, and debt maturity in developing countries: Legal systems and financing in developing countries. Corporate Governance: An International Review, 24(2), 130-144.
Welch, I. (1997). Why is bank debt senior? A theory of asymmetry and claim priority based on influence costs. Review of Financial Studies, 10, 1203-1236.
Wu, J. Y., Opare, S., Bhuiyan, M. B. U., & Habib, A. (2022). Determinants and consequences of debt maturity structure: A systematic review of the international literature. International Review of Financial Analysis, 84, 102423.
描述 碩士
國立政治大學
財務管理學系
109357003
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357003
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang, Yuan-Chenen_US
dc.contributor.author (Authors) 朱庭萱zh_TW
dc.contributor.author (Authors) Zhu, Ting-Xuanen_US
dc.creator (作者) 朱庭萱zh_TW
dc.creator (作者) Zhu, Ting-Xuanen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 12:57:18 (UTC+8)-
dc.date.available 2-Aug-2023 12:57:18 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 12:57:18 (UTC+8)-
dc.identifier (Other Identifiers) G0109357003en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146276-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 109357003zh_TW
dc.description.abstract (摘要) 本研究深入探討企業債務專一化和債務期限之決定因素，並以1980至2020年間的Capital IQ和Compustat資料庫為分析樣本。實證結果支持了資產負債匹配理論、破產成本理論，以及資訊不對稱對於債務結構的影響。更重要的是，本研究初步揭示出企業債務專一化與資產專一化間的正相關性，這可能源自企業為了滿足特定業務需求或風險管理策略，而選擇與其主要資產類型相匹配的債務工具。此外，我們也發現債務期限與債務專一化、資產期限以及資產專一化之間存在相互關聯，且有進行資產負債匹配之公司，其資產波動度降低，顯示企業在制定資本結構策略時應綜合考慮以上因素並作匹配管理，以提高風險管理能力並適應商業環境的變化。zh_TW
dc.description.abstract (摘要) This study delves into the determinants of corporate debt specificity and maturity, utilizing data from the Capital IQ and Compustat databases from 1980 to 2020. Empirical results support the influence of asset-liability matching principle, bankruptcy cost theory and information asymmetry on debt structure. Importantly, our research initially revealed the positive correlation between corporate debt specificity and asset specificity. This might be due to the company`s choice of debt instruments matching its main asset types to meet specific business requirements or risk management strategies.
In addition, we found the relationship among debt maturity, debt specificity, asset maturity and asset specificity. Companies that engage in asset-liability matching principle demonstrate reduced asset volatility, suggesting that when formulating capital structure strategies, businesses should comprehensively consider these factors and perform matching management to enhance their risk management capabilities and adapt to changes in the business environment.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 4
第二章 文獻回顧 5
第一節 債務期限結構理論 5
第二節 債務專一化 8
第三節 研究假說 10
第三章 研究方法 13
第一節 研究樣本與資料來源 13
第二節 變數定義 15
第三節 實證模型 19
第四章 實證結果 24
第一節 敘述性統計分析 24
第二節 相關係數分析 27
第三節 迴歸結果分析 30
第五章 結論與建議 40
第一節 研究結論 40
第二節 研究限制與未來研究建議 41
第六章 參考文獻 43		zh_TW
dc.format.extent 1100675 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357003en_US
dc.subject (關鍵詞) 債務結構zh_TW
dc.subject (關鍵詞) 債務專一化zh_TW
dc.subject (關鍵詞) 債務期限zh_TW
dc.subject (關鍵詞) 資產專一化zh_TW
dc.subject (關鍵詞) 資產期限zh_TW
dc.subject (關鍵詞) 匹配管理zh_TW
dc.subject (關鍵詞) Debt structureen_US
dc.subject (關鍵詞) Debt specificityen_US
dc.subject (關鍵詞) Debt maturityen_US
dc.subject (關鍵詞) Asset specificityen_US
dc.subject (關鍵詞) Asset maturityen_US
dc.subject (關鍵詞) Matching managementen_US
dc.title (題名) 影響債務期限與債務專一化之因素zh_TW
dc.title (題名) The Determinants of Debt Maturity and Debt Concentrationen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. Journal of Finance, 55(6), 2747-2766.
Aldubhani, Maad A. Q., Jitian Wang, Tingting Gong, and Ramzi Ali Maudhah. (2022). Impact of working capital management on profitability: Evidence from listed companies in Qatar. Journal of Money and Business, 2, 70–81.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
Barnea, A., Haugen, R. A., & Senbet, L. W. (1980). A rationale for debt maturity structure and call provisions in the agency theoretic framework. The Journal of Finance, 35(5), 1223-1234.
Barnea, A., Haugen, R. A., & Senbet, L. W. (1985). Agency problems and financial contracting. Englewood Cliffs, N.J.: Prentice-Hall.
Bolton, P., & Freixas, X. (2000). Equity, bonds and bank debt: Capital structure and financial market equilibrium under asymmetric information. Journal of Political Economy, 108, 324-351.
Bris, A., & Welch, I. (2005). The optimal concentration of creditors. Journal of Finance, 60, 2193-2212.
Burkart, M., Gromb, D., & Panunzi, F. (1997). Large shareholders, monitoring, and the value of the firm. Quarterly Journal of Economics, 112, 693-728.
Chang, C. (1989). Debt maturity structure and bankruptcy. Working paper. Minneapolis: University of Minnesota.
Chen, X., Harford, J., & Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics, 86, 279-305.
Colla, P., Ippolito, F., & Li, K. (2013). Debt specialization. Journal of Finance, 68(5), 2117-2141.
Colla, P., Ippolito, F., & Li, K. (2020). Debt structure. Annual Review of Financial Economics, 12(1), 193-215.
Cronqvist, H., & Fahlenbrach, R. (2009). Large shareholders and corporate policies, Review of Financial Studies, 22, 3941-3976.
Cust ́odio, C., Ferreira, M. A., & Laureano, L. (2013). Why are US firms using more short-term debt? Journal of Financial Economics, 108(1), 182-212.
DeMarzo, P. M., & Fishman, M. J. (2007). Optimal long-term financial contracting. Review of Financial Studies, 20, 2079-2128.
Diamond, D. W. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99(4), 689-721.
Diamond, D. W. (1991a). Debt maturity structure and liquidity risk. The Quarterly Journal of Economics, 106(3), 709-737.
Diamond, D. W. (1993). Seniority and maturity of debt contracts. Journal of Financial Economics, 33, 341-368.
Farooq, U. (2016). Liquidity Risk, Performance and working capital relationship of cash conversion cycle: an empirical study of the firms in Pakistan. International Journal of Information Research and Review, Vol. 03, 1946–1951.
Flannery, M. J. (1986). Asymmetric information and risky debt maturity choice. The Journal of Finance, 41(1), 19-37.
Graham, J. R., & Leary, M. T. (2011). A review of empirical capital structure research and directions for the future. Annual Review of Financial Economics, 3, 309-345.
Hart, O., & Moore, J. (1994). A theory of debt based on the inalienability of human capital. Quarterly Journal of Economics, 109, 841-879.
Huang, K., & Shang, C. (2019). Leverage, debt maturity, and social capital. Journal of Corporate Finance, 54, 26-46.
Ivashina, V., Iverson, B., & Smith, D. C. (2016). The ownership and trading of debt claims in Chapter 11 restructurings. Journal of Financial Economics, 119(2), 316-335.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-306.
Johnson, S. A. (2003). Debt maturity and the effects of growth opportunities and liquidity risk on leverage. The Review of Financial Studies, 16(1), 209-236.
Kale, J. R., & Noe, T. H. (1990). Dividends, uncertainty, and underwriting costs under asymmetric information. The Journal of Financial Research, 13(4), 265-277.
Kane, A.; Marcus, A. J.; and McDonald, R. L. 1985. Debt policy and the rate of return premium to leverage. Journal of Financial and Quantitative Analysis 20 (December): 479-99.
Lewis, C. M. 1990. A multiperiod theory of corporate financial policy under taxation. Journal of Financial and Quantitative Analysis 25 (March): 25-43.
Li, N., Lou, Y., Otto, C. A., & Wittenberg-Moerman, R. (2020). Accounting Quality and Debt Concentration. The Accounting Review, 96(1), 377-400.
Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53, 433-443.
Morris, J. R. (1976). On corporate debt maturity strategies. The Journal of Finance, 31(1), 29-37.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Park, C. (2000). Monitoring and the structure of debt contracts. Journal of Finance, 55, 2157-2195.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure: Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
Rauh, J. D., & Sufi, A. (2010). Capital structure and debt structure. Review of Financial Studies, 23(12), 4242-4280.
Roberts, M. R., & Sufi, A. (2009). Financial contracting: A survey of empirical research and future directions. Annual Review of Financial Economics, 1, 207-226.
Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461-488.
Stohs, M. H., & Mauer, D. C. (1996). The determinants of corporate debt maturity structure. The Journal of Business, 69(3), 279-312.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1-19.
Turk Ariss, R. (2016). Legal systems, capital structure, and debt maturity in developing countries: Legal systems and financing in developing countries. Corporate Governance: An International Review, 24(2), 130-144.
Welch, I. (1997). Why is bank debt senior? A theory of asymmetry and claim priority based on influence costs. Review of Financial Studies, 10, 1203-1236.
Wu, J. Y., Opare, S., Bhuiyan, M. B. U., & Habib, A. (2022). Determinants and consequences of debt maturity structure: A systematic review of the international literature. International Review of Financial Analysis, 84, 102423.		zh_TW