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題名 超額認購後公司資金後續運用之研究
The use of loans from international syndicated market作者 盧怡寧 貢獻者 張元晨
盧怡寧關鍵詞 聯合貸款市場
超額認購
貸款資金之運用
代理問題日期 2011 上傳時間 30-十月-2012 10:41:55 (UTC+8) 摘要 在日益競爭激烈的聯貸市場中，發生超額認購之情形越來越普遍。當公司發生超額認購後，通常會對貸款條件進行調整。本研究使用LPC資料庫與Compustat資料庫，並且依據「超額認購後公司的調整情形」作分類，分別研究其後續資金運用之決策上有何差異。實證結果指出，超額認購後調升貸款金額的公司中，投資機會較高之公司群後續將資金運用於資本支出上，投資機會較低之公司群則是將資金以現金形式保留在公司內部，且兩者均不會將資金發還給外部投資人。另外，此兩類公司之經理人薪資以及紅利均上升，但是卻伴隨著較差的盈餘表現，印證公司內部存在某種代理問題。尤以投資機會較高之公司群而言，前三大經理人持股反而在高額認購後下降，更加深股東與經理人之間存在代理問題的疑慮。 參考文獻 1. Bates, T. W.,2005," Asset sales, investment opportunities, and the use of proceeds. "Journal of Finance, 60, 105–135.2. Blanchard, O., F. Lopez de Silanes, and A. Shleifer, 1997, What do firms do with cash windfalls?, Journal of Financial Economics 36, 337-360.3. Fenn George W., and Nellie Liang, 2001, "Corporate payout policy and managerial stock incentives", Journal of Financial Economics 60, 45-72.4. Froot, K, Scharfstein D ,and J. Stein, 1993, "Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629-1648.5. Harford,J."Corporate Cash Reserves and Acquisitions." ,1999,Journal of Finance 54, 1969-1997 6. Harford, J., and D. Haushalter. ,2003, "Cash Flow Shocks, Investment, and Financial Constraint: Evidence from a Natural Experiment.` Unpibl. Paper. Univ. of Orefon 7. Hite, Gailen, James Owers, and Ronald Rogers, 1987, "The market for interfirm asset sales:Partial sell-offs and total liquidations", Journal of Financial Economics 18, 229-252.8. Ivashina, V. and Z. Sun, 2008, “Institutional Demand Pressure and the Cost of Leveraged Loans,” Harvard Business School Working Paper. 9. Jensen, Michael C., 1986, "Agency costs of free cash flow, corporate finance, and takeovers", American Economic Review 76, 323-329.10. Jensen, M., and W. Meckling, 1976, "Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.11. Lang, Larry H. P., and Robert H. Litzenberger, 1989, “Dividend Announcements: Cash Flow Signalling Vs. Free Cash Flow Hypothesis.” Journal of Financial Economics, September 24(1), pp.181-192.12. Mello, A., and J. Parsons, 2000, Hedging and Liquidity, Review of Financial Studies 13, 127-15313. Myers, S., and N. Majluf, 1984,"Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have", Journal of Financial Economics 13, 187-22014. Murphy, Kevin, 1985, "Corporate performance and managerial remuneration: An empirical analysis", Journal of Accounting and Economics 7, 11-4215. Opler, Tim, Lee Pinkowitz, Rene M. Stulz, and Rohan Williamson, 1999, "The determinants and implications of corporate cash holdings", Journal of Financial Economics 52, 3-4616. Shleifer, Andrei, and Robert W. Vishny, 1992, "Liquidity values and debt capacity: A market equilibrium approach", Journal of Finance 47, 1343-1367. 描述 碩士
國立政治大學
財務管理研究所
99357010
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099357010 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.author (作者) 盧怡寧 zh_TW dc.creator (作者) 盧怡寧 zh_TW dc.date (日期) 2011 en_US dc.date.accessioned 30-十月-2012 10:41:55 (UTC+8) - dc.date.available 30-十月-2012 10:41:55 (UTC+8) - dc.date.issued (上傳時間) 30-十月-2012 10:41:55 (UTC+8) - dc.identifier (其他 識別碼) G0099357010 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54306 - 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) 99357010 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 在日益競爭激烈的聯貸市場中，發生超額認購之情形越來越普遍。當公司發生超額認購後，通常會對貸款條件進行調整。本研究使用LPC資料庫與Compustat資料庫，並且依據「超額認購後公司的調整情形」作分類，分別研究其後續資金運用之決策上有何差異。實證結果指出，超額認購後調升貸款金額的公司中，投資機會較高之公司群後續將資金運用於資本支出上，投資機會較低之公司群則是將資金以現金形式保留在公司內部，且兩者均不會將資金發還給外部投資人。另外，此兩類公司之經理人薪資以及紅利均上升，但是卻伴隨著較差的盈餘表現，印證公司內部存在某種代理問題。尤以投資機會較高之公司群而言，前三大經理人持股反而在高額認購後下降，更加深股東與經理人之間存在代理問題的疑慮。 zh_TW dc.description.tableofcontents 中文摘要 1第一章、緒論 5第一節 研究背景及動機 5第二節 研究目的 7第三節 研究架構 8第二章、文獻回顧 9第一節 相關假說內容探討 9第二節 先前實證文獻 12第三章、研究方法 15第一節 資料來源與資料庫的合併 15第二節 資料之分類 15第三節 樣本敘述統計 17第四節、探討資金流向之變數 21第四章、實證結果 23第一節 檢視投資機會之變化 23第二節 檢視公司資金是否流向公司內部 25第三節 檢視公司資金是否流向公司外部 34第四節 超額認購後公司後續股價表現以及盈餘表現 38第五節 實證研究之闡述 41第五章、結論及後續研究 47第一節 結論 47第二節 研究限制 48第三節 後續研究建議 48參考文獻 49附錄 51 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099357010 en_US dc.subject (關鍵詞) 聯合貸款市場 zh_TW dc.subject (關鍵詞) 超額認購 zh_TW dc.subject (關鍵詞) 貸款資金之運用 zh_TW dc.subject (關鍵詞) 代理問題 zh_TW dc.title (題名) 超額認購後公司資金後續運用之研究 zh_TW dc.title (題名) The use of loans from international syndicated market en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 1. Bates, T. W.,2005," Asset sales, investment opportunities, and the use of proceeds. "Journal of Finance, 60, 105–135.2. Blanchard, O., F. Lopez de Silanes, and A. Shleifer, 1997, What do firms do with cash windfalls?, Journal of Financial Economics 36, 337-360.3. Fenn George W., and Nellie Liang, 2001, "Corporate payout policy and managerial stock incentives", Journal of Financial Economics 60, 45-72.4. Froot, K, Scharfstein D ,and J. Stein, 1993, "Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629-1648.5. Harford,J."Corporate Cash Reserves and Acquisitions." ,1999,Journal of Finance 54, 1969-1997 6. Harford, J., and D. Haushalter. ,2003, "Cash Flow Shocks, Investment, and Financial Constraint: Evidence from a Natural Experiment.` Unpibl. Paper. Univ. of Orefon 7. Hite, Gailen, James Owers, and Ronald Rogers, 1987, "The market for interfirm asset sales:Partial sell-offs and total liquidations", Journal of Financial Economics 18, 229-252.8. Ivashina, V. and Z. Sun, 2008, “Institutional Demand Pressure and the Cost of Leveraged Loans,” Harvard Business School Working Paper. 9. Jensen, Michael C., 1986, "Agency costs of free cash flow, corporate finance, and takeovers", American Economic Review 76, 323-329.10. Jensen, M., and W. Meckling, 1976, "Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.11. Lang, Larry H. P., and Robert H. Litzenberger, 1989, “Dividend Announcements: Cash Flow Signalling Vs. Free Cash Flow Hypothesis.” Journal of Financial Economics, September 24(1), pp.181-192.12. Mello, A., and J. Parsons, 2000, Hedging and Liquidity, Review of Financial Studies 13, 127-15313. Myers, S., and N. Majluf, 1984,"Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have", Journal of Financial Economics 13, 187-22014. Murphy, Kevin, 1985, "Corporate performance and managerial remuneration: An empirical analysis", Journal of Accounting and Economics 7, 11-4215. Opler, Tim, Lee Pinkowitz, Rene M. Stulz, and Rohan Williamson, 1999, "The determinants and implications of corporate cash holdings", Journal of Financial Economics 52, 3-4616. Shleifer, Andrei, and Robert W. Vishny, 1992, "Liquidity values and debt capacity: A market equilibrium approach", Journal of Finance 47, 1343-1367. zh_TW
