公司治理、股票市場自由化與財務限制

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：66

、訪客IP：3.145.79.65

姓名

康勝豪(Sheng-hao Kang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

公司治理、股票市場自由化與財務限制
(Corporate Governance、Stock Market Liberalization and Financial Constraints)

相關論文

★ 上市公司財務主管異動宣告對股價報酬與企業經營績效之影響	★ 國內綜合證券商轉投資海外子公司內部控制實務探討
★ IPO承銷新制對市場波動性、效率性及流動性之影響	★ 探討影響本益比之各項變數－IC設計產業之實證研究
★ 避險基金交易策略在台灣市場獲利性之研究	★ 財富管理業務與顧客行為之研究－以本國銀行業為例
★ 購併活動與資訊揭露—以公開收購為例	★ 臺灣證券期貨市場後台作業整合模式之研究
★ 道瓊指數、日經225指數、美國及日本10年期公債利率與日圓匯率之相互關係	★ 銀行投資公債業務之探討分析
★ 所得稅法新制對債券流通市場之影響	★ 私募基金入主國內銀行之認購價格實證研究-以凱雷入主大眾銀行為例
★ 虛擬銀行之可行性分析－以HSBC為例	★ 台灣中小企業融資、客群經營模式與經營策略問題之探討-以C銀行為例
★ 美元兌新台幣匯率與台灣股市關聯性之理論探討與實證分析	★ 動態投資組合保險策略之應用— 以紐約證券交易所發行之ETFs為實證

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 財務限制
★ 公司治理
★ 股票市場自由化

關鍵字(英)

★ stock market liberalization
★ financial constraints
★ corporate governance

論文目次

摘要 i
Abstract ii
Contents iii
List of Table vi
I. Introduction 1
II. Literature Review 3
III. Methodology 7
IV. Data and Summary Statistics 11
IV.1 Liberalization Date 11
IV.2 Financial Data 12
IV.3 Corporate Governance Measure 14
IV.4 Median Statistics 15
V. Empirical Results 18
VI. Robustness Check 23
VII. Conclusion 26
Reference 28

參考文獻

Arellano, M. and S.R. Bond, 1991, “Some Tests of Specification for Panel Data: Monte Carlo Evidence and Application to Employment Equations,” Review of Economic Studies 58, 277-297.
Bekaert, G. and C.R. Harvey, 1998, “Capital Flows and the Behavior of Emerging Equity Market Returns,” National Bureau of Economic Research Working Paper.
Bekaert, G. and C.R. Harvey, 2000, “Foreign Speculators and Emerging Equity Markets,” Journal of Finance 55,565-613.
Bekaert, G., C.R. Harvey, and C. Lundblad, 2005, “Does Financial Liberalization Spur Growth?” Journal of Financial Economics 77, 3-55.
Bebchuk, L., A. Cohen and A. Ferrell, 2008, “What Matters in Corporate Governance?” forthcoming, Review of Financial Studies.
Berkovitch, E. and E.H. Kim, 1990, “Financial Contracting and Leverage Induced Over- and Under-Investment Incentives,” Journal of Finance 45, 765-794.
Bond, S. R. and C. Meghir, 1994, “Dynamic Investment models and the Firm’s Financial Policy,” Review of Economic Studies 61, 197-222.
Chen, S.S., R.K. Chou, and S.F. Chou, 2009, “The Impact of Investment Opportunities and Free Cash Flow on Financial Liberalization: A Cross-Firm Analysis of Emerging Economies,” Financial Management 38, 546-556.
Devereux, M.P. and F. Schiantarelli, 1990, “Investment, Financial Factors and Cash Flow: Evidence from UK Panel Data,” in Hubbard (ed.) Information, Capital Market and Investment, Chicago, University of Chicago Press.
Fazzari, S., and B. Petersen, 1993, “Working Capital and Fixed Investment: New Evidence on Financing Constraints,” RAND Journal of Economics 24, 328-342.
Galindo, A., F. Schiantarelli, and A. Weiss, 2001, “Does Financial Liberalization Improve the Allocation of Investment?” Boston College Working Paper 503.
Gilchrist, S., and C. Himmelberg, 1995, “Evidence on the Role of Cash Flow for Investment,” Journal of Monetary Economics 36, 541-572.
Gilchrist, S. and C. Himmelberg, 1998, “Investment, Fundamentals and Finance,” in Ben S. Bernanke and Julio Rotemberg, Eds., National Bureau of Economic Research Macroeconomics Annual, Cambridge, MA, MIT Press.
Gompers, P., J. Ishii, and A. Metrick, 2003, “Corporate Governance and Equity Prices,” Quarterly Journal of Economics 118, 107-155.
Hayashi, F., 1982, “Tobin’s Marginal q and Average q: A Neoclassical Interpretation,” Econometrica 50, 213-224.
Henry, P.B., 2000a, “Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices,” Journal of Finance 55, 529-564.
Henry, P.B., 2000b, “Do Stock Market Liberalization Cause Investment Booms?”
Journal of Financial Economics 58, 301-334.
Hoshi, T., A. Kashyap, and D. Scharfstein, 1991, “Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups,” Quarterly Journal of Economics 106, 33-60.
Hubbard, G., 1998, “Capital Market Imperfections and Investment,” Journal of Economic Literature 36, 193-225.
Joh, S.W., 2003, “Corporate Governance and Firm Profitability: Evidence from Korea before the Economic Crisis,” Journal of Financial Economics 68, 287-322.
Khurana, I., Martin X. and R. Pereira, 2006, “Financial Development and the Cash Flow Sensitivity of Cash.” Journal of Financial and Quantitative Analysis 41, 787-807.
Klapper, L.F. and I. Love, 2003, “Corporate Governance, Investor Protection, and Performance in Emerging Markets,” Journal of Corporate Finance 10, 703-728.
Laeven, L., 2003, “Does Financial Liberalization Reduce Financing Constraints?” Financial Management 32, 5-34.
Lamont, O., 1997, “Cash Flow and Investment: Evidence from Internal Capital Markets,” Journal of Finance 52, 83-110.
Leland, H. and D.H. Pyle, 1977, “Informational Asymmetries, Financial Structure, and Financial Intermediation,” Journal of Finance, 32, 371-387.
Levine, R., and S. Zervos, 1998, “Stock Markets, Banks, and Economic Growth,” American Economic Review 88, 537-558.
Martell, R. and R.M. Stulz, 2003, “Equity-Market Liberalization as Country IPO’s,” American Economic Review 93, 97-101.
Mishkin, F.S., 2001, “Financial Policies and the Prevention of Financial Crises in Emerging Market Countries,” National Bureau of Economic Research Working Paper.
Mitton, T., 2002, “A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis,” Journal of Financial Economics 64, 215-241.
Obstfeld, M., 1994, “Risk-Taking, Global Diversification, and Growth,” American Economic Review 84, 1310-1329.
Stulz, R.M., 1999, “Globalization, Corporate Finance, and the Cost of Capital,” Journal of Applied Corporate Finance 12, 8-25.
Tobin, J., 1969, “A General Equilibrium Approach to Monetary Theory,” Journal of Money, Credit, and Banking 1, 15-29.

指導教授

周冠男(Robin K. Chou)

審核日期

2010-6-24

推文