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題名 影響跨國債券發行者選擇發行地的因素-以投資者保護探討
How do Bond Issuers Choose their Target Market: From the perspective of Investor Protection
作者 葉宗浩
貢獻者 岳夢蘭
葉宗浩
關鍵詞 跨國發行
債券
股東保護
債權人保護
日期 2012
上傳時間 22-Jul-2013 11:13:04 (UTC+8)
摘要 本篇論文利用1994年至2012年全球債券的跨國發行資料，結合La Porta et al.(1998)中對49個國家所進行的投資者保護程度調查的資料。研究法律給予股權投資者及債權投資者的保護對於跨國債券發行的影響。實證發現，股權投資者保護越好的國家，對於債券發行者越有吸引力，造成國外發債比例較低、國內債券市場由較多外國發行者組成，以及吸引較多來自股東保護差地區的發行者；相反地，較佳的債權投資者保護，會對債券發行者產生排斥的作用，造成國外發債比例較高、國內債券市場由較少外國發行者組成，以及吸引較少來自債權人保護差地區的發行者。
A sample of global bond issue data from 1994 to 2012 is employed in this paper. Following La Porta et al.(1998) which investigated investor protection in 49 main countries, this paper investigates the impact of shareholder and creditor protection on the choice of the location where cross-border bonds will be issued. The result shows locations with better shareholder protection are more attractive to bond issuers. The evidence discovers that countries with better shareholder protection have less bonds issued outside of their countries and their bond markets consist of more foreign bond issuers from countries with worse protection. On the other hand, creditor protection has the opposite effect. Evidence shows that countries with better creditor protection have more bonds issued outside of their countries and consisting of less foreign bond issuers from countries with worse protection in their bond markets.
參考文獻 1. K.H. Bae and V.K. Goyal, 2009. Creditor Rights, Enforcement, and Bank Loans. Journal of Finance Vol.XIV, NO. 2, 823-858.
2. N. Boubakri and H. Ghouma, 2010. Control/ownership structure, creditor rights protection, and the cost of debt financing: International evidence. Journal of Banking and finance Vol.34, 2481-2499.
3. A. Bris and C. Cabolis, 2008. The value of investor protection: firm evidence from cross-border mergers. The Review of Financial Studies v2/n2.
4. P. Brockman and E. Unlu, 2009. Dividend policy, creditor rights, and the agency costs of debt. Journal of Financial Economics Vol.92, 276–299.
5. S. Chava, D. Livdan and A. Purnanandam, 2009. Do Shareholder Rights Affect the Cost of Bank Loans? Review of Financial Studies Vol.22, 2973–3004.
6. H. Chung, 2006. Investor protection and the liquidity of cross-listed securities: Evidence from the ADR market. Journal of Banking & Finance Vol.30, 1485–1505.
7. K.J.M. Cremers, V.B. Nair and C. Wei, 2007. Governance Mechanisms and Bond Prices. Review of Financial Studies Vol.20, NO.5, 1359-1388
8. B.C. Esty and W.L. Megginson, 2003. Creditor rights, enforcement, and debt ownership structure: Evidence from the global syndicated loan market. Journal of Financial and Quantitative Analysis, Vol.38, No.1, 37-59.
9. A. Goyal and C. Muckley, 2013. Cash dividends and investor protection in Asia. International Review of Financial Analysis Vol.29, 31-43.
10. C.R. Harvey, K.V. Lins and A.H. Roper, 2004. The Effect of Capital Structure When Expected Agency Costs Are Extreme. Journal of Financial Economics Vol.74, 3–30.
11. M.S. Klock, S.A. Mansi and W.F. Maxwell, 2005. Does Corporate Governance Matter to Bondholders? Journal of Financial and Quantitative Analysis Vol.40, NO.4, 693-719.
12. R. La Porta, F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny, 1998. Law and Finance. Journal of Political Economy, Vol. 106, No. 6, 1113-1155.
13. R. La Porta, F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny, 2000. Investor protection and corporate governance. Journal of Financial Economics, Vol.58, 3-27.
14. R. La Porta, F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny, 2002. Investor Protection and Corporate Valuation. Journal of Finance, Vol. 57, No. 3, 1147-1170.
15. C.F. Lee, K.W. Lee and G.H.H. Yeo, 2009. Investor protection and convertible debt design. Journal of Banking & Finance Vol.33, 985–995.
16. D.P. Miller and J.J. Puthenpurackal, 2002. The cost, wealth effects, and determinants of international capital raising: Evidence from public Yankee bond. Journal of Financial Intermediation Vol.11, 445-485.
17. D.P. Miller and N. Reisel, 2012. Do Country-level Investor Protections Affect Security-level Contract Design? Evidence from Foreign Bond Covenants. Review of Financial Studies Vol.26, 408-438.
18. Y. Qi, L. Roth and J.K. Wald, 2010. Political rights and the cost of debt. Journal of Financial Economics Vol.95, 202-226.
19. S. Rossi and P.F. Volpin, 2004. Cross-country determinants of mergers and acquisitions. Journal of Financial Economics Vol.74, 277-304.
描述 碩士
國立政治大學
財務管理研究所
100357032
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100357032
資料類型 thesis
dc.contributor.advisor 岳夢蘭zh_TW
dc.contributor.author (Authors) 葉宗浩zh_TW
dc.creator (作者) 葉宗浩zh_TW
dc.date (日期) 2012en_US
dc.date.accessioned 22-Jul-2013 11:13:04 (UTC+8)-
dc.date.available 22-Jul-2013 11:13:04 (UTC+8)-
dc.date.issued (上傳時間) 22-Jul-2013 11:13:04 (UTC+8)-
dc.identifier (Other Identifiers) G0100357032en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/58932-
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) 100357032zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 本篇論文利用1994年至2012年全球債券的跨國發行資料，結合La Porta et al.(1998)中對49個國家所進行的投資者保護程度調查的資料。研究法律給予股權投資者及債權投資者的保護對於跨國債券發行的影響。實證發現，股權投資者保護越好的國家，對於債券發行者越有吸引力，造成國外發債比例較低、國內債券市場由較多外國發行者組成，以及吸引較多來自股東保護差地區的發行者；相反地，較佳的債權投資者保護，會對債券發行者產生排斥的作用，造成國外發債比例較高、國內債券市場由較少外國發行者組成，以及吸引較少來自債權人保護差地區的發行者。zh_TW
dc.description.abstract (摘要) A sample of global bond issue data from 1994 to 2012 is employed in this paper. Following La Porta et al.(1998) which investigated investor protection in 49 main countries, this paper investigates the impact of shareholder and creditor protection on the choice of the location where cross-border bonds will be issued. The result shows locations with better shareholder protection are more attractive to bond issuers. The evidence discovers that countries with better shareholder protection have less bonds issued outside of their countries and their bond markets consist of more foreign bond issuers from countries with worse protection. On the other hand, creditor protection has the opposite effect. Evidence shows that countries with better creditor protection have more bonds issued outside of their countries and consisting of less foreign bond issuers from countries with worse protection in their bond markets.en_US
dc.description.tableofcontents 目錄
目錄 ............................................................................................................................... I
表目錄 ......................................................................................................................... II
圖目錄 ......................................................................................................................... II
第一章 緒論....................................................................................................... 1
第一節 研究背景與動機 ............................................................................ 1
1.1.1 背景 ............................................................................................... 1
1.1.2 動機 ............................................................................................... 4
第二節 研究目的及假說 ............................................................................ 5
1.2.1 目的 ............................................................................................... 5
1.2.2 假說 ............................................................................................... 6
第三節 研究架構 ....................................................................................... 7
第四節 研究限制 ....................................................................................... 8
第二章 文獻探討 ............................................................................................... 9
第一節 債權人保護 ................................................................................. 11
第二節 股東保護 ..................................................................................... 13
第三章 研究方法 ............................................................................................. 16
第四章 資料分析與研究結果 .......................................................................... 17
第一節 敘述統計 ..................................................................................... 17
第二節 Cross-border ratio分析 ................................................................ 21
第三節 Foreign issue ratio分析 ............................................................... 26
第四節 Deal-level配對分析 .................................................................... 30
4.4.1 只考慮有資料的樣本 .................................................................. 31
4.4.2 所有配對樣本 ............................................................................. 33
第五章 結論與建議 ......................................................................................... 35
第一節 結論 ............................................................................................. 35
第二節 貢獻及建議 ................................................................................. 36
附錄：變數說明及來源 ............................................................................................. 37
參考文獻 .................................................................................................................... 39		zh_TW
dc.format.extent 974088 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100357032en_US
dc.subject (關鍵詞) 跨國發行zh_TW
dc.subject (關鍵詞) 債券zh_TW
dc.subject (關鍵詞) 股東保護zh_TW
dc.subject (關鍵詞) 債權人保護zh_TW
dc.title (題名) 影響跨國債券發行者選擇發行地的因素-以投資者保護探討zh_TW
dc.title (題名) How do Bond Issuers Choose their Target Market: From the perspective of Investor Protectionen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. K.H. Bae and V.K. Goyal, 2009. Creditor Rights, Enforcement, and Bank Loans. Journal of Finance Vol.XIV, NO. 2, 823-858.
2. N. Boubakri and H. Ghouma, 2010. Control/ownership structure, creditor rights protection, and the cost of debt financing: International evidence. Journal of Banking and finance Vol.34, 2481-2499.
3. A. Bris and C. Cabolis, 2008. The value of investor protection: firm evidence from cross-border mergers. The Review of Financial Studies v2/n2.
4. P. Brockman and E. Unlu, 2009. Dividend policy, creditor rights, and the agency costs of debt. Journal of Financial Economics Vol.92, 276–299.
5. S. Chava, D. Livdan and A. Purnanandam, 2009. Do Shareholder Rights Affect the Cost of Bank Loans? Review of Financial Studies Vol.22, 2973–3004.
6. H. Chung, 2006. Investor protection and the liquidity of cross-listed securities: Evidence from the ADR market. Journal of Banking & Finance Vol.30, 1485–1505.
7. K.J.M. Cremers, V.B. Nair and C. Wei, 2007. Governance Mechanisms and Bond Prices. Review of Financial Studies Vol.20, NO.5, 1359-1388
8. B.C. Esty and W.L. Megginson, 2003. Creditor rights, enforcement, and debt ownership structure: Evidence from the global syndicated loan market. Journal of Financial and Quantitative Analysis, Vol.38, No.1, 37-59.
9. A. Goyal and C. Muckley, 2013. Cash dividends and investor protection in Asia. International Review of Financial Analysis Vol.29, 31-43.
10. C.R. Harvey, K.V. Lins and A.H. Roper, 2004. The Effect of Capital Structure When Expected Agency Costs Are Extreme. Journal of Financial Economics Vol.74, 3–30.
11. M.S. Klock, S.A. Mansi and W.F. Maxwell, 2005. Does Corporate Governance Matter to Bondholders? Journal of Financial and Quantitative Analysis Vol.40, NO.4, 693-719.
12. R. La Porta, F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny, 1998. Law and Finance. Journal of Political Economy, Vol. 106, No. 6, 1113-1155.
13. R. La Porta, F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny, 2000. Investor protection and corporate governance. Journal of Financial Economics, Vol.58, 3-27.
14. R. La Porta, F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny, 2002. Investor Protection and Corporate Valuation. Journal of Finance, Vol. 57, No. 3, 1147-1170.
15. C.F. Lee, K.W. Lee and G.H.H. Yeo, 2009. Investor protection and convertible debt design. Journal of Banking & Finance Vol.33, 985–995.
16. D.P. Miller and J.J. Puthenpurackal, 2002. The cost, wealth effects, and determinants of international capital raising: Evidence from public Yankee bond. Journal of Financial Intermediation Vol.11, 445-485.
17. D.P. Miller and N. Reisel, 2012. Do Country-level Investor Protections Affect Security-level Contract Design? Evidence from Foreign Bond Covenants. Review of Financial Studies Vol.26, 408-438.
18. Y. Qi, L. Roth and J.K. Wald, 2010. Political rights and the cost of debt. Journal of Financial Economics Vol.95, 202-226.
19. S. Rossi and P.F. Volpin, 2004. Cross-country determinants of mergers and acquisitions. Journal of Financial Economics Vol.74, 277-304.		zh_TW