企業投資效率與負債資金成本之關聯性研究;Research on the Relationship between Enterprise Investment Efficiency and Cost of Debt Capital

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Title:	企業投資效率與負債資金成本之關聯性研究;Research on the Relationship between Enterprise Investment Efficiency and Cost of Debt Capital
Authors:	蔡佩玲;Pei-Ling, Tsai
Contributors:	會計研究所
Keywords:	投資效率;負債資金成本;資訊不對稱;代理問題;Investment efficiency;Cost of debt capital;Asymmetric Information;Agency Problems
Date:	2019-07-24
Issue Date:	2019-09-03 15:26:01 (UTC+8)
Publisher:	國立中央大學
Abstract:	資訊不對稱所衍生的逆選擇及道德風險之代理問題所影響的層面極廣，向來是個被廣泛探討的議題。本研究基於資訊不對稱觀點，探討當企業內部經理人和外部關係人兩者之中存在資訊不對稱情形下，內部經理人所產生的代理問題造成公司投資偏離預期，使得公司投資無效率，進而影響負債資金成本。本研究選取2010年到2017年臺灣上市（櫃）公司電子業為主要樣本，並採用Biddle et al. (2009) 發展之投資效率衡量方式，實際投資偏離預期投資的程度來計算投資效率。負債資金成本則係以利息支出加上資本化利息再除以平均有息負債之有息負債利率為其代理變數，來進行迴歸分析。本研究實證結果指出，公司當期投資效率對次期負債資金成本存有負向顯著關係，說明企業當期投資效率越佳，次期負債資金成本越低；此外，在敏感性分析一節中也分別針對企業投資效率對超額負債資金成本之影響以及企業當期投資效率對當期負債資金成本之影響進行實證分析，得出之迴歸結果皆符合本研究之假說：企業投資效率對負債資金成本存有負向顯著關聯性，意即相較投資有效率的公司，投資無效率的公司確實存在較昂貴的負債資金成本的現象。本研究提出關於投資效率和負債資金成本間具有負向關聯性之證據，可供未來欲探討影響負債資金成本的因素之研究將投資效率納入考量之依據。;The adverse selection and moral hazard are caused by the agency problem of information asymmetry have a wide range of issues, there had been many literatures to study this issue in the past. Based on the information asymmetry, this study explores that when there is information asymmetry between senior managers and external stockholders, the agency problems generated by senior managers cause the company′s investment to deviate from expectations, making the company′s investment inefficient, and thus causing the impact of cost of debt capital. In this study, we use those research sample from 2010 to 2017 of the electronics industry of Taiwan listed company. The measure of investment efficiency is deviation between actual investment and expected investment based on Biddle et al. (2009). The interest expense plus the capitalized interest are divided by the average interest-bearing liabilities as the proxy variable of the cost of debt capital, and the regression analysis is carried out. The result of this study shows that the better the investment efficiency of the enterprise in the last period, the lower the cost of debt capital, meaning the last period investment efficiency of the enterprise has a significant negative relationship with the current period cost of debt capital. In addition, this study also regression analyzed the impact of the investment efficiency of the enterprise in the last period and the current period cost of excess debt capital in the chapter 4 section 3 sensitivity analysis. This result is in line with the research hypothesis: the investment efficiency of enterprises has a negative relationship with the cost of debt capital, it means that compared with investment-efficient enterprises and investment-inefficient enterprises, the latter do have a higher cost of debt capital. This study comes up with relevant evidence on the negative relationship between investment efficiency and the cost of debt capital, which can be used to consider the factors affecting the cost of debt capital in the future.
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