學術產出-學位論文
文章檢視/開啟
書目匯出
-
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 22-七月-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, 1359-13888. 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 (作者) 葉宗浩 zh_TW dc.creator (作者) 葉宗浩 zh_TW dc.date (日期) 2012 en_US dc.date.accessioned 22-七月-2013 11:13:04 (UTC+8) - dc.date.available 22-七月-2013 11:13:04 (UTC+8) - dc.date.issued (上傳時間) 22-七月-2013 11:13:04 (UTC+8) - dc.identifier (其他 識別碼) G0100357032 en_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) 100357032 zh_TW dc.description (描述) 101 zh_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 ............................................................................ 11.1.1 背景 ............................................................................................... 11.1.2 動機 ............................................................................................... 4第二節 研究目的及假說 ............................................................................ 51.2.1 目的 ............................................................................................... 51.2.2 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 .................................................................... 304.4.1 只考慮有資料的樣本 .................................................................. 314.4.2 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/#G0100357032 en_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 Protection en_US dc.type (資料類型) thesis en 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, 1359-13888. 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
