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題名 資訊不對稱對負債資金成本之影響--以銀行借款為實證
The Impact of Informational Asymmetry on the Cost of Debt-- Empirical of Bank Loans
作者 郭敏華
Kuo, Min-Hua
貢獻者 陳隆麒<br>張春雄<br>李庸三
Chen, Long-Chie<br>Chang, Chun-Shyong<br>Lee, Yung-San
郭敏華
Kuo, Min-Hua
關鍵詞 資訊不對稱
資金成本
銀行借款
Informational asymmetry
Cost of capital
Bank loans
日期 1996
上傳時間 28-四月-2016 11:20:57 (UTC+8)
摘要 Akerlof (1970) 肇端了資訊經濟學的發展，而 Leland & Pyle (1977)，Ross (1977) 和 Bhattacharya (1979) 等正式將資訊經濟學帶入財務研究的領域後，資訊不對稱的重要性日益受到重視，且已對傳統財務理論產生很大的衝擊，但是關於資訊不對稱的研究僅偏重於均衡條件的探討，對於如何影響風險性資產的價格以及影響程度則未見系統性研究．而且資訊不對稱的程度很難具體衡量，因此此一議題鮮見實證探討．本研究即將資訊不對稱正式納入風險性資產定價模式，並以銀行借款為實證對象，利用共變結構模型找出資訊不對稱的衡量變數，對資訊不對稱程度加以衡量．本研究在理論模式的建構，分別以一般競爭均衡，利率結構，選擇權定價，與銀行借款信用評等等四個定價模式，將資訊不對稱正式納入各模式中，推導其對價格的影響．四個不同模式均獲致相同結論：資訊不對稱使債權人的認知風險高於完全資訊時的實質風險，致使借款人資金成本上升．利用LISREL為資訊不對稱界定出一組配適良好的衡量模式，包括借款企業的年齡，規模，保證人人數，以及與銀行往來期間等四項變數．實證結果顯示，資訊不對稱對借款者的償債能力．理論模式與主要研究命題獲實證結果支持．
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描述 博士
國立政治大學
企業管理學系
81355504
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002002625
資料類型 thesis
dc.contributor.advisor 陳隆麒<br>張春雄<br>李庸三zh_TW
dc.contributor.advisor Chen, Long-Chie<br>Chang, Chun-Shyong<br>Lee, Yung-Sanen_US
dc.contributor.author (作者) 郭敏華zh_TW
dc.contributor.author (作者) Kuo, Min-Huaen_US
dc.creator (作者) 郭敏華zh_TW
dc.creator (作者) Kuo, Min-Huaen_US
dc.date (日期) 1996en_US
dc.date.accessioned 28-四月-2016 11:20:57 (UTC+8)-
dc.date.available 28-四月-2016 11:20:57 (UTC+8)-
dc.date.issued (上傳時間) 28-四月-2016 11:20:57 (UTC+8)-
dc.identifier (其他 識別碼) B2002002625en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/87278-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理學系zh_TW
dc.description (描述) 81355504zh_TW
dc.description.abstract (摘要) Akerlof (1970) 肇端了資訊經濟學的發展，而 Leland & Pyle (1977)，Ross (1977) 和 Bhattacharya (1979) 等正式將資訊經濟學帶入財務研究的領域後，資訊不對稱的重要性日益受到重視，且已對傳統財務理論產生很大的衝擊，但是關於資訊不對稱的研究僅偏重於均衡條件的探討，對於如何影響風險性資產的價格以及影響程度則未見系統性研究．而且資訊不對稱的程度很難具體衡量，因此此一議題鮮見實證探討．本研究即將資訊不對稱正式納入風險性資產定價模式，並以銀行借款為實證對象，利用共變結構模型找出資訊不對稱的衡量變數，對資訊不對稱程度加以衡量．本研究在理論模式的建構，分別以一般競爭均衡，利率結構，選擇權定價，與銀行借款信用評等等四個定價模式，將資訊不對稱正式納入各模式中，推導其對價格的影響．四個不同模式均獲致相同結論：資訊不對稱使債權人的認知風險高於完全資訊時的實質風險，致使借款人資金成本上升．利用LISREL為資訊不對稱界定出一組配適良好的衡量模式，包括借款企業的年齡，規模，保證人人數，以及與銀行往來期間等四項變數．實證結果顯示，資訊不對稱對借款者的償債能力．理論模式與主要研究命題獲實證結果支持．zh_TW
dc.description.tableofcontents 第壹章 緒論..........1
第一節 研究動機與目的..........3
第二節 研究範圍..........6
第三節 研究流程..........8
第四節 論文結構..........11
第五節 研究限制..........12
註釋..........14
第貳章 文獻探討..........17
第一節 資訊不對稱..........21
第二節 信用評等..........42
第三節 內部負債特質..........51
第四節 個案討論與整理..........57
第五節 文獻探討暨個案對本研究之涵義..........61
註釋..........66
第參章 模式建構..........69
第一節 一般競爭均衡模式..........72
第二節 利率結構模式..........79
第三節 選擇權定價模式..........82
第四節 銀行借款信用評等定價模式..........87
第五節 模式結論與理論架構..........92
註釋..........95
第肆章 研究設計..........100
第一節 研究假說..........101
第二節 研究變數暨操作性定義..........103
第三節 研究對象與資料蒐集..........112
第四節 分析方法..........115
註釋..........122
第伍章 實證結果分析..........124
第一節 樣本資料敘述統計..........125
第二節 上市與否、擔保品、產業暨借款金額對銀行借款資金成本之影響..........140
第三節 資訊不對稱與償債能力之組間差異..........145
第四節 資訊不對稱、償債能力與借款資金成本之共變結構模型..........150
第五節 實證分析結果..........166
註釋..........171
第陸章 結論與建議..........176
第一節 研究結果理論涵義..........177
第二節 建議..........180
參考文獻..........183		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002002625en_US
dc.subject (關鍵詞) 資訊不對稱zh_TW
dc.subject (關鍵詞) 資金成本zh_TW
dc.subject (關鍵詞) 銀行借款zh_TW
dc.subject (關鍵詞) Informational asymmetryen_US
dc.subject (關鍵詞) Cost of capitalen_US
dc.subject (關鍵詞) Bank loansen_US
dc.title (題名) 資訊不對稱對負債資金成本之影響--以銀行借款為實證zh_TW
dc.title (題名) The Impact of Informational Asymmetry on the Cost of Debt-- Empirical of Bank Loansen_US
dc.type (資料類型) thesisen_US
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