工會與公司債長短期之探討

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姓名

姚心渝(Hsin-Yu Yao) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

工會與公司債長短期之探討
(Labor Unions and the Maturity of Corporate Debt Issues)

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摘要(中)

本文以1080筆在1993年至2010年且在美國市場發行的公司債為樣本，用兩階段最小平方法探討工會強度對公司債到期期限長短的影響。根據先前文獻認為會影響公司債到期長短的因素為控制變數，且根據文獻以兩階段最小平方法來使得槓桿比率及公司債到期長短得以同時被決定。結果發現，工會強度及公司債長短期存在一個顯著為正的關係，表示面對一個強勢的工會，公司會傾向發行長期債券。另外，工會強度對於公司債長短期的影響，也會受公司的狀況左右，當公司的獲利較大、財務狀況較佳或是流動資產增加，都會加強工會對於公司債長短期的影響。

摘要(英)

We use 1080 bonds and notes issued between 1993 and 2010 in US markets as our sample, and model the two-stage least squares regression to investigate the impact of union strength on the term to maturity. Controlling for previously identified determinates of debt maturity and modeling leverage and debt maturity as jointly endogenous, we find a significant and positive relation between union strength and the term to maturity. Firms under high union strength are likely to issue debts with longer term to maturity. In addition, the impact of union strength on the term to maturity would be affected by the situation of the firm. More profitability, less default risk or current assets increased would increase the impact of union strength on the term to maturity.

關鍵字(中)

★ 工會強度
★ 公司債到期期限

關鍵字(英)

★ union strength
★ term to maturity

論文目次

摘要 i
Abstract ii
目錄 iii
表目錄 iv
第一章緒論 1
1-1 研究背景與研究動機 1
1-2 研究架構 2
第二章文獻回顧 4
2-1 公司狀況與公司債長短期 4
2-2 公司債長短期與代理問題 5
2-3 員工、工會與公司關係 6
2-4 工會與公司決策 7
第三章研究方法 9
3-1 研究假說 9
3-2 工會強度(union strength)的衡量 11
3-3 模型設定 12
3-4 樣本來源 15
第四章實證結果 18
4-1 工會強度與公司債長短期之影響 18
4-2 獲利狀況與工會強度對公司債長短期之影響 19
4-3 信用評等與工會強度對公司債長短期之影響 21
4-4 流動資產增減與工會強度對公司債長短期之影響 21
第五章結論 23
參考文獻 24

參考文獻

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指導教授

黃泓人(Hong-Ren Huang)

審核日期

2012-7-17

推文