| 摘要: | 本研究以2016年至2020年台灣上市櫃公司資料及利用普通最小平方法進行多元迴歸分析，探討董監事股權質押與公司資金成本之關聯性。有別於既有文獻多分別分析董監事質押與負債成本及貝他係數之關聯，本研究為台灣近年少數探討董監事股權質押對隱含資金成本之影響。和既有文獻已單因子模型中貝他係數做為權益資金成本代理變數相較隱含資金成本，計算方式較為繁複，因而可能降低倖存者偏差，提高預測每股盈餘準確度。
本研究之實證結果顯示：首先，以董監事股權質押比率而言，質押比率越高，下一會計年度之隱含資金成本與負債資金成本將提高，但質押比率對於貝他係數無顯著影響。類似地，若以從董監事股權質押虛擬變數衡量質押程度，以質押比率31.15%與0%為虛擬變數切點時，董監事股權質押將分別惡化下一會計年度公司之隱含資金成本及負債資金成本，而質押虛擬變數仍然對貝他係數無顯著影響。最後，在額外探討董監事股權質押與不動產市值交互效果時，發現不動產市值較高之企業，其董監質押提高次年隱含資金成本、負債資金成本與貝他係數之效果較為緩和。
綜上所述，本研究除了以隱含資金成本，探討董監事股權質押與資金成本關聯性對其之影響外，亦分析董監事股權質押對其他資金成本之影響。實證結果顯示，董監事股權質押會導致公司資金成本惡化，長期而言，不利企業之獲利、未來競爭能力及經營穩定性。經營階層在將質押個人持股，套取資金前，需將對公司資金成本產生之影響列入考量，以利於企業之長久經營。;This study utilizes data from Taiwanese publicly listed companies from 2016 to 2020 and employs ordinary least squares (OLS) multiple regression analysis to explore the relationship between directors′ share pledging and corporate financing costs. Unlike existing literature, which often separately examines the relationship between directors′ pledging and debt costs or costs of equity of capital, this study uniquely investigates the impact of share pledging on the implied cost of capital, a perspective seldom explored in recent Taiwanese studies. The calculation of the implied cost of capital is more complex compared to using the beta coefficient in single-factor models. According to Li and Mohanram (2014), the advantage of this approach is its ability to reduce survivor bias and improve model accuracy.
The empirical results indicate the following: First, with respect to the ratio of directors′ and supervisors′ share pledging, a higher pledging ratio correlates with an increase in the implied cost of capital and debt financing costs in the next fiscal year, but it has no significant impact on the cost of equity financing. Similarly, when measuring the extent of pledging using a dummy variable with cut-off points at 31.15% and 0%, directors′ and supervisors′ share pledging worsens the implied cost of capital and debt financing costs in the next fiscal year but still shows no significant effect on beta . Finally, in an additional analysis of the interaction between share pledging and the market value of real estate, it is found that companies with higher real estate market values experience a more moderate increase in the implied cost of capital, debt financing costs, and equity financing costs in the following year due to share pledging by directors.
In conclusion, this study not only explores the impact of directors′ share pledging on the cost of capital from the perspective of the implied cost of capital but also analyzes its effects on other financing costs. The findings indicate that share pledging by directors leads to an increase in corporate financing costs, which, in the long term, is detrimental to corporate profitability, future competitiveness, and operational stability. Therefore, management should consider the impact on corporate financing costs before pledging their shares to obtain funds, to ensure sustainable business operations. |
