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系統識別號 U0002-2506201418101000
中文論文名稱 籌資決策與公司治理對公司價值之關聯性研究
英文論文名稱 The Effect of Funds Raising and Financing Decisions to Firm Value
校院名稱 淡江大學
系所名稱(中) 管理科學學系碩士班
系所名稱(英) Master’s Program, Department of Management Sciences
學年度 102
學期 2
出版年 103
研究生中文姓名 蕭子鈞
研究生英文姓名 Tzu-Chun Hsiao
學號 601620585
學位類別 碩士
語文別 中文
口試日期 2013-06-20
論文頁數 43頁
口試委員 指導教授-倪衍森
委員-曹銳勤
委員-蕭文姃
中文關鍵字 公司價值  內部資金  外部資金  公司治理 
英文關鍵字 Firm value  Internal funds  External funds  Financing Decisions 
學科別分類
中文摘要 本研究乃是以台灣上市公司為研究對象,研究2008年到2012年上市公司受負債及權益方面的影響,並探討負債和權益面的籌資對公司價值的影響,其中就負債方面有公司債、負債比重、負債金額、長期負債、短期借款和可轉債,而權益方面則有現金增資、庫藏股、未分配盈餘、公積轉增資、盈餘轉增資和股本的增加對公司價值的影響。並有以下的重要研究發現,其一、以負債面而言,發行公司債的公司有較高的公司價值。但短期借款的增加,則會不利於公司價值的提升,此外發行可轉債的公司,反而對公司價值有負向的影響。其二、以權益面而言,現金增資是有利於公司價值提升,而有未分配盈餘、公積轉增資、與盈餘轉增資對公司價值並無顯著的影響,但是三者相較起來,公積轉增資對公司價值的影響較有負面性。此外實施庫藏股的公司並不會有較佳的公司價值。
英文摘要 The paper investigates whether firm value would be affected by fund raising including debt financing and equity financing for the listed firms over the sample period 2008-2012. Among them, corporate bonds, convertible bonds, short-term debt, long-term debt, debt ratio, and debt amounts are as the proxies for debt financing. In addition, we include capital raised by cash, stock repurchased, retain earning, stock dividends, stock dividend converted by paid in capital, and equity increased. Several important findings are as follows. First, with respect with debt financing, it reveals that the firms issuing corporate bonds would have higher firm value, but short-term financing raised might not benefit for the firm value raised. In addition, the firms issuing convertible bonds would have negative impacts on firm value. Second, concerning equity financing, we disclose that capital raised by cash would enhance the firm value, but retain earning, stock dividend transferred by paid-in capital, and stock dividends transferred by earning might not affect firm value. However, stock dividends transferred by paid-in capital would have negative impact on firm value. In addition, the treasury stock increased would not have better firm value.
論文目次 目錄Ⅰ
表目錄Ⅲ
圖目錄Ⅳ
第一章、緒論1
第一節、研究背景與動機1
第二節、研究目的 2
第三節、研究流程 4
第四節、研究架構 5
第二章、文獻探討 6
第一節、企業資本與企業融資之相關文獻6
第二節、企業債券與企業貸款之相關文獻8
第三節、企業的價值與企業權益之相關文獻10
第三章、研究假設與方法12
第一節、研究資料與變數12
第二節、研究假說 17
第三節、研究方法 18
第四章、實證結果與分析21
第一節、敘述性統計量21
第二節、籌資標的(負債面)對公司價值的影響23
第三節、籌資標的(權益面)對公司價值的影響30
第四節、實證結果彙整36
第五章、結論與建議37
第一節、研究結論 37
第二節、研究意涵 39
第三節、研究限制與建議39
參考文獻 40


表目錄
表4-1 敘述統計量21
表4-2 各變數VIF值23
表4-3 是否發行公司債對公司價值的影響24
表4-4 是否發行可轉債對公司價值的影響25
表4-5 是否增加負債金額對公司價值的影響26
表4-6 是否增加負債比重對公司價值的影響27
表4-7 是否增加短期借款對公司價值的影響28
表4-8 是否增加長期負債對公司價值的影響29
表4-9 是否發行庫藏股對公司價值的影響30
表4-10 公司有現金增資對公司價值的影響31
表4-11 公司有盈餘轉增資對公司價值的影響32
表4-12 公司有公積轉增資對公司價值的影響33
表4-13 公司有未分配盈餘對公司價值的影響34
表4-14 是否增加股本對公司價值的影響35

圖目錄
圖1-1 研究流程圖 4

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