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題名 探討金融危機下融資方式對借款人績效表現的影響
How do financing methods affect borrowers` performance in the financial crisis?
作者 朱柏森
貢獻者 岳夢蘭
朱柏森
關鍵詞 金融危機
融資方式
信用緊縮
financial crisis
financing methods
credit crunch
日期 2012
上傳時間 22-Jul-2013 11:13:36 (UTC+8)
摘要 本篇論文使用2001年到2012年的美國公司作為研究樣本，探討借款公司在金融危機下的表現，是否與借款公司的融資方式有關。實證結果顯示在金融危機下確實僅能透過貸款融資的公司表現會較差，因為在金融危機時，會造成金融體系的信用緊縮，所以導致受金融危機影響的銀行會減少借出量並增加貸款利差。另外，融資彈性較佳的公司似乎表現沒有特別突出，可能隱含在金融危機時也無法在貸款市場上獲得一些好處。
In this paper, we use U.S. company data from 2001 to 2012 as the research sample to examine the relationship between borrowers’ performance and borrowers’ financing methods in the financial crisis. Empirical results show that the performance of borrowers which can only use loan financing is the worst in the financial crisis. There is credit crunch in the financial system because of the financial crisis, and the banks which are affected by financial crisis will reduce the lending amount and increase loan spreads. In addition, the performance of borrowers with more financing methods did not seem particularly prominent, and we think it implies borrowers with more financing methods could not get benefits from the loan market in financial crisis.
參考文獻 王漢民．曹秀惠（2006），「企業選擇負債融資工具影響因素之探討」，經濟與管理論叢(Journal of Economics and Management), 2006, Vol.2, No.1, 53-70
邱忠岳（2010），「金融危機、商業授信與短期借款：台灣上市製造業廠商追蹤資料」，世新大學管理學院經濟學系碩士學位論文。
曹秀慧（2003），「影響我國企業負債融資工具選擇因素之探討」，逢甲大學會計與財稅研究所碩士論文。
黃琬馨（2002），「金融風暴後台灣信用市場供給與需求的研究」，國立台灣大學經濟學研究所碩士論文
Ashcraft, A., (2005), "Are banks really special? New evidence from the FDIC-induced failure of healthy banks." American Economic Review 95, 1712–1730.
Carvalho, D. R., Ferreira, M. A., and Matos, P. P., (2012), "Lending Relationships and the Effect of Bank Distress: Evidence from the 2007-2009 Financial Crisis."
Chava, S., and Purnanandam, A., (2011), "The effect of banking crisis on bank-dependent borrowers." Journal of Financial Economics 99.1,116-135.
Fama, E. F., and French, K. R., (1993), "Common risk factors in the returns on stocks and bonds." Journal of Financial Economics 33, 3–53.
Garmaise, M. J., and Moskowitz, T. J., (2006), "Bank mergers and crime: the real and social effects of credit market competition." Journal of Finance 61, 495–539.
Hoshi, T., Kashyap, A., and Scharfstein, D., (1993), "The choice between public and private debt: An analysis of post-deregulation corporate financing in Japan." No.w4421. National Bureau of Economic Research.
Kannan, P., (2012) "Credit conditions and recoveries from financial crises." Journal of International Money and Finance 31.5, 930-947.
Kho, B., Lee, D., and Stulz, R., (2000), "US banks, crises and bailouts: from Mexico to LTCM." American Economic Review 90, 28–31.
Peek, J., and Rosengren, E., (2000), "Collateral damage: effects of the Japanese bank crisis on real activity in the United States." American Economic Review 90, 30–45.
Puri, M., Rocholl, J., and Steffen, S., (2011), "Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects." Journal of Financial Economics 100.3, 556-578.
Titman, S., and Wessels, R., (1988), "The Determinants of Capital Structure Choice", The Journal of Finance, 43(1), pp.1-19
描述 碩士
國立政治大學
財務管理研究所
100357033
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1003570331
資料類型 thesis
dc.contributor.advisor 岳夢蘭zh_TW
dc.contributor.author (Authors) 朱柏森zh_TW
dc.creator (作者) 朱柏森zh_TW
dc.date (日期) 2012en_US
dc.date.accessioned 22-Jul-2013 11:13:36 (UTC+8)-
dc.date.available 22-Jul-2013 11:13:36 (UTC+8)-
dc.date.issued (上傳時間) 22-Jul-2013 11:13:36 (UTC+8)-
dc.identifier (Other Identifiers) G1003570331en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/58935-
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) 100357033zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 本篇論文使用2001年到2012年的美國公司作為研究樣本，探討借款公司在金融危機下的表現，是否與借款公司的融資方式有關。實證結果顯示在金融危機下確實僅能透過貸款融資的公司表現會較差，因為在金融危機時，會造成金融體系的信用緊縮，所以導致受金融危機影響的銀行會減少借出量並增加貸款利差。另外，融資彈性較佳的公司似乎表現沒有特別突出，可能隱含在金融危機時也無法在貸款市場上獲得一些好處。zh_TW
dc.description.abstract (摘要) In this paper, we use U.S. company data from 2001 to 2012 as the research sample to examine the relationship between borrowers’ performance and borrowers’ financing methods in the financial crisis. Empirical results show that the performance of borrowers which can only use loan financing is the worst in the financial crisis. There is credit crunch in the financial system because of the financial crisis, and the banks which are affected by financial crisis will reduce the lending amount and increase loan spreads. In addition, the performance of borrowers with more financing methods did not seem particularly prominent, and we think it implies borrowers with more financing methods could not get benefits from the loan market in financial crisis.en_US
dc.description.tableofcontents 摘要 i
Abstract ii
目錄 iii
圖目錄 v
表目錄 vi
第壹章 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 - 2 -
第二節 研究目的與假說 - 4 -
1.2.1 研究目的 - 4 -
1.2.2 假說 - 4 -
第三節 研究組織架構 - 5 -
第貳章 文獻探討 - 6 -
第一節 金融危機效果 - 7 -
第二節 融資方法效果 - 9 -
第參章 研究方法與設計 - 11 -
第一節 資料選取 - 11 -
第二節 敘述統計 - 12 -
第三節 研究方法 - 18 -
第肆章 實證研究結果 - 19 -
第一節 探討融資方法是否影響公司表現 - 19 -
第二節 探討融資彈性是否影響公司表現 - 24 -
第三節 穩健性檢定 - 26 -
4.3.1 將信用評等分數化 - 26 -
4.3.2 將融資彈性細分 - 27 -
第伍章 結論與建議 - 29 -
參考文獻 - 30 -		zh_TW
dc.format.extent 561687 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/#G1003570331en_US
dc.subject (關鍵詞) 金融危機zh_TW
dc.subject (關鍵詞) 融資方式zh_TW
dc.subject (關鍵詞) 信用緊縮zh_TW
dc.subject (關鍵詞) financial crisisen_US
dc.subject (關鍵詞) financing methodsen_US
dc.subject (關鍵詞) credit crunchen_US
dc.title (題名) 探討金融危機下融資方式對借款人績效表現的影響zh_TW
dc.title (題名) How do financing methods affect borrowers` performance in the financial crisis?en_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 王漢民．曹秀惠（2006），「企業選擇負債融資工具影響因素之探討」，經濟與管理論叢(Journal of Economics and Management), 2006, Vol.2, No.1, 53-70
邱忠岳（2010），「金融危機、商業授信與短期借款：台灣上市製造業廠商追蹤資料」，世新大學管理學院經濟學系碩士學位論文。
曹秀慧（2003），「影響我國企業負債融資工具選擇因素之探討」，逢甲大學會計與財稅研究所碩士論文。
黃琬馨（2002），「金融風暴後台灣信用市場供給與需求的研究」，國立台灣大學經濟學研究所碩士論文
Ashcraft, A., (2005), "Are banks really special? New evidence from the FDIC-induced failure of healthy banks." American Economic Review 95, 1712–1730.
Carvalho, D. R., Ferreira, M. A., and Matos, P. P., (2012), "Lending Relationships and the Effect of Bank Distress: Evidence from the 2007-2009 Financial Crisis."
Chava, S., and Purnanandam, A., (2011), "The effect of banking crisis on bank-dependent borrowers." Journal of Financial Economics 99.1,116-135.
Fama, E. F., and French, K. R., (1993), "Common risk factors in the returns on stocks and bonds." Journal of Financial Economics 33, 3–53.
Garmaise, M. J., and Moskowitz, T. J., (2006), "Bank mergers and crime: the real and social effects of credit market competition." Journal of Finance 61, 495–539.
Hoshi, T., Kashyap, A., and Scharfstein, D., (1993), "The choice between public and private debt: An analysis of post-deregulation corporate financing in Japan." No.w4421. National Bureau of Economic Research.
Kannan, P., (2012) "Credit conditions and recoveries from financial crises." Journal of International Money and Finance 31.5, 930-947.
Kho, B., Lee, D., and Stulz, R., (2000), "US banks, crises and bailouts: from Mexico to LTCM." American Economic Review 90, 28–31.
Peek, J., and Rosengren, E., (2000), "Collateral damage: effects of the Japanese bank crisis on real activity in the United States." American Economic Review 90, 30–45.
Puri, M., Rocholl, J., and Steffen, S., (2011), "Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects." Journal of Financial Economics 100.3, 556-578.
Titman, S., and Wessels, R., (1988), "The Determinants of Capital Structure Choice", The Journal of Finance, 43(1), pp.1-19		zh_TW