本研究藉由融入公司治理議題，探討公司在面臨股票市場自由化後所面臨財務限制改善之情形。利用韓國、馬來西亞、臺灣與泰國等共488間公司之資料，我們發現在股票市場自由化前，公司普遍存在財務限制之情形。為了融入公司治理議題，我們以”主要股東持股比率”做為衡量公司治理水準之變數。我們發現，擁有較高股權集中度的公司，在股票市場自由化後，財務限制有較大幅度的放寬。這似乎是個合理的現象，因為高度股權集中的公司，本身可以防止代理問題的發生。因此在股票市場自由化後，投資人預期此類公司擁有較好的營運表現，融資成本降低的股票市場同時反映出公司財務限制之放寬。In this study, we try to incorporate the corporate governance quality of the firm to study the improvement of financial constraints of the firm following the stock market liberalization. By using the data of totally 488 firms from Korea, Malaysia, Taiwan and Thailand, we find that firms commonly face the financial constraint situation before the stock market liberalization. Further, to incorporate the issue of corporate governance into this study, we use the “major shareholder ratio” as the measure for corporate governance quality. We find that, firms with a higher ownership concentration level experience greater release for its financial constraint following the stock market liberalization. It seems to be a reasonable result because a higher ownership concentration ratio of the firm can prevent the agency problem itself. Hence following the stock market liberalization, a better operating performance of the firm is expected by investors and this firm can benefit more due to the cheaper financing costs in the stock market.
