博碩士論文 106430602 詳細資訊




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姓名 李亞(LI YA)  查詢紙本館藏   畢業系所 會計研究所
論文名稱 公司申請法人機構識別碼對股東權益資金成本之影響
(The Effect of Enterprises Applying for Legal Entity Identifier on the Cost of Equity Capital)
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摘要(中) 2011年,二十國集團(G20)呼籲金融穩定理事會(FSB)提供針對全球法人機構識別碼(Legal Entity Identifier,簡稱LEI)和一個支持性治理結構的建議。全球LEI體系應運而生,通過發放全球LEI,為全球參與金融交易的法人機構提供唯一識別碼。本研究以美國2015年至2017年的上市公司為樣本,採用COMPUSTAT、CRSP、IBES和GLEIF網站LEI數據集的數據資料,探討公司申請法人機構識別碼對權益資金成本的影響。本研究後續分別以分析師預測、系統性風險及金融產業作為調節變數,實證結果顯示:(1)公司申請法人機構識別碼會降低公司的權益資金成本(2)在其他條件不變之下,有更多分析師預測,會減弱申請法人機構識別碼與權益資金成本的負向關係;(3)在其他條件不變之下,公司系統性風險愈大,會減弱申請法人機構識別碼與權益資金成本的負向關係;(4)在其他條件不變之下,相較於非金融產業,金融產業申請法人機構識別碼對權益資金成本的負向影響效果更強。
摘要(英) In 2011, the Group of Twenty (G20) called on the Financial Stability Board (FSB) to provide recommendations for a global Legal Entity Identifier (LEI) and a supporting governance structure. This led to the development of the Global LEI System which, through the issuance of LEIs, now provides unique identification of legal entities participating in international financial transactions. This study takes the listed companies from 2015 to 2017 in the United States as samples, and uses the data from the GLEIF websites, COMPUSTAT, CRSP and IBES to explore the impact of enterprises application of LEI on the cost of equity capital. The empirical results show that: (1) enterprises that apply for LEI have lower cost of equity capital; (2) all other things being equal, the negative association between having a LEI and the cost of equity capital is weaker with more analysts following the firm; (3) all other things being equal, the greater the systematic risk, the weaker the negative association between having a LEI and the cost of equity capital is; (4) all other things being equal, the negative association between having a LEI and cost of equity capital is stronger for enterprises in the financial industry than for those in non-financial industries.
關鍵字(中) ★ 全球法人機構識別碼(LEI)
★ 權益資金成本
★ 分析師預測
★ 系統性風險
★ 金融產業
關鍵字(英) ★ Global Legal Entity Identification (LEI)
★ Cost of equity capital
★ Analyst forecast
★ Systemic risk
★ Financial industry
論文目次 摘要 i
Abstract ii
圖表目錄 v
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的與貢獻 4
1.3 研究架構 5
第二章 文獻探討與假說發展 6
2.1 法人機構識別碼與權益資金成本 6
2.2 分析師預測與法人機構識別碼與權益資金成本的關聯 8
2.2.1 分析師預測與資訊環境 8
2.2.2 自願性揭露 8
2.3系統性風險和法人機構識別碼與權益資金成本的關聯性 9
2.3.1 系統性風險與權益資金成本 9
2.3.2 法人機構識別碼(LEI)與系統性風險 11
2.4金融產業與法人機構識別碼的關聯性 13
第三章 研究設計 14
3.1 資料來源、研究期間及樣本選取 14
3.2 實證模型 16
3.3變數定義 20
3.3.1 應變數:〖CEOC〗_(i,t) 20
3.3.2 自變數:〖LEI〗_(i,t) 21
3.3.3 控制變數 21
3.3.4 調節變數 24
第四章 實證結果 25
4.1 敘述性統計 25
4.2 相關係數 27
4.3 迴歸結果分析 29
4.3.1 申請法人機構識別碼與權益資金成本的關聯性 29
4.3.2 考量分析師預測的調節效果 31
4.3.3 考量系統性風險的調節效果 32
4.3.4 加入金融產業交乘項的迴歸分析 34
4.4 敏感性分析 35
第五章 結論與建議 46
5.1 研究結論 46
5.2 研究限制與建議 47
參 考 文 獻 48
表目錄
表一、研究樣本的篩選過程 15
表二、研究樣本的產業個數及年度分佈狀況 15
表三、研究樣本公司申請LEI的產業及年度分佈狀況 16
表四、敘述性統計(N=3914) 26
表五、Pearson相關係數矩陣(N=3914) 28
表六、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析(H1) 29
表七、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析:考量分析師預測的調節效果(H2) 31
表八、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析: 考量系統性風險的調節效果(H3) 33
表九、申請法人機構識別碼(LEI)對權益資金成本的影響:金融產業交乘項迴歸分析(H4) 34
表十、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析:考量SIZE i,t的衡量方式 36
表十一、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析: 考量SIZE i,t的衡量方式 37
表十二、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析: 考量分析師預測的調節效果與SIZE i,t的衡量方式 38
表十三、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析: 考量分析師預測的調節效果與SIZE i,t的衡量方式 39
表十四、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析: 考量系統性風險的調節效果與SIZE i,t的衡量方式 40
表十五、申請法人機構識別碼(LEI)對權益資金成本的影響迴歸分析: 考量系統性風險的調節效果與SIZE i,t的衡量方式 41
表十六、申請法人機構識別碼(LEI)對權益資金成本的影響: 金融產業交乘項迴歸分析與〖SIZE〗_(i,t)的衡量方式 42
表十七、申請法人機構識別碼(LEI)對權益資金成本的影響: 金融產業交乘項迴歸分析與〖SIZE〗_(i,t)的衡量方式 44

圖目錄
圖1 5


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網路資料
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指導教授 顏如君(Ju-Chun Yen) 審核日期 2019-6-26
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