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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
71

公司治理特性與國內企業發行公司債行為之關聯性研究

劉佳倩 Unknown Date (has links)
研究以2000至2004年之國內上市(櫃)公司為樣本,探討董事會結構、股權結構、資訊透明度與公司債發行行為(融資決策、公司債資金成本與債務違約)之關聯性。 融資決策之實證結果顯示,當企業有長期資金需求且向外部融資時,公司治理特性之控制權與所有權偏離程度及資訊透明度顯著影響企業之外部融資決策(發行公司債或股票)。股份盈餘偏離倍數愈低、資訊透明度愈高,則公司愈傾向以公司債向外融資,而非發行股票。獨立董監席次比例、機構投資人席次比例及董監事質押比則對融資決策無顯著影響。 公司債資金成本之實證結果顯示,企業之公司治理特性亦影響公司債資金成本之高低。控制權與所有權之偏離程度及資訊透明度與資金成本具有顯著關係,股份盈餘偏離倍數愈低、資訊透明度愈高之公司,在債券市場可以較低之資金成本籌資。獨立董監席次比例、機構投資人席次比例及資訊透明度則對資金成本無顯著影響。 債務違約之分析結果顯示,相較於未違約之企業,債務違約公司之機構投資人席次比例較低、偏離程度較高、營運能力較低,但兩樣本在公司債資金成本上則無明顯差異。
72

銀行內部資金轉撥計價對績效之影響 / The Impact of Funds Transfer Pricing on the Performance of Departments in a Bank

黃天涪, Huang, Tien-Fu Unknown Date (has links)
由於銀行業係間接金融市場中之主要資金仲介機構,在最完美之境界下,全行所吸收之存款,於扣除準備後均能貸放出去;亦即在資本適足性無虞之下,最理想的存放比率,應該是一減準備率。但由於銀行各地區分行的經濟背景及經營環境不同,資金在供需上產生顯著差異,營業單位的資金來源與用途很難達到完成平衡。因此必須藉由銀行內部資金轉撥計價使資金進行適當之配置,以避免發生資金缺口失控,產生流動性風險。 此外,由於銀行組織結構龐大,除了總行有各部、室及處外,在各地尚有分行,為使銀行整體目標能順利達成,必須透過分權制度之實施才能夠達成;亦即銀行決策首長以銀行整體目標為依歸,分別訂定總行各部、室、處,以及各地分行之個別目標後,透過總行各部、室、處,以及各地分行個別目標之達成,以促使銀行整體目標之實現;而為使各單位之個別目標均能貫徹執行以確保分權制度之機制能成功,個別目標之訂定及達成必須與績效之考評及獎賞相聯結。因此,銀行內部如何設計或採行一套允當之資金轉撥計價制度,既能指導全行資金作適當之配置,且能產生足夠之誘因以提高績效,促使各單位戮力以赴以達成銀行整體之目標,一直是銀行決策首長或資產負債管理單位亟欲探討之議題。而本研究之動機即企圖透過一種有系統之方式,針對銀行在不同之內部資金轉撥計價制度下,採用各種資金轉撥計價對各單位績效之影響作一通盤之探討。 關鍵字:銀行、內部資金、轉撥計價、績效 / For the reason that banking industry is the indirectly connected main funds’agent institutions within the financial market, under the most perfect circumstances, deposits absorbed by all of the banks after deducting the reserve can be loaned out. When there are opportune and sufficient capital adequacy, under no predictions, the most ideal loan/deposit ratio should be one minus reserved rate. However, since the economic backgrounds and management environments are different in banks of various regional branches producing obvious differences in supplies and demands of funds, it is hard to completely balance out sources and uses of funds in the operating units. Thus, banks’ internal funds transfer pricing must be disposed properly to avoid occurrence of uncontrollable fund gap producing floating risks. Furthermore, due to bank’s enormous organizational structure, other than headquarter, various sections, chambers and departments, there are branches everywhere. In order to smoothly achieve the overall goal of the bank, power distribution implementation must be penetrated. In another word, bank policy maker will be the basis for the bank’s overall goal. Separately, after the headquarter, various sections, chambers, departments and branches make their individual goals, through headquarter, various sections, chambers, departments and branches’achievement in their individual goals, will urge the realization of the bank’s overall goal. In order for each unit’s individual goal to be carried out and be executed to enable the success of the mechanism of power distribution system, the setting and accomplishment of each individual goal must be connected with the examination, critique and reward of the achievements. Thus, how the internal bank division design or select a set of funds transfer pricing system to instruct the appropriate disposition of the entire bank’s funds while producing adequate inducement to raise high achievement to stimulate each unit to try their best in achieving the bank’s overall goal, has been the bank policy maker or asset-liability management department’s ardent subject of discussion. The motive of this research is through a systematic method, aiming at banks under different internal funds transfer pricing system, to make an all-round discussion on the influences the selection of various funds transfer pricing system has on various unit achievements. Key words:Bank; Internal Fund; Transfer Pricing; Performance
73

Clawback條款是否影響公司之權益資金成本及信用評等? / Do Clawback Provisions Affect Firm’s Cost of Equity Capital and Credit Rating?

謝天, Hsieh, Tien Unknown Date (has links)
本研究旨在探討不同的市場參與者是否會視公司自願性採用Clawback條款與否,而給予不同的回應。以2007至2011年間納入Russel 3000指數之公司(排除金融服務與保險業)為樣本,本研究發現,與未採用Clawback條款之公司相比,自願性採用Clawback條款之公司,其權益資金成本較低,且信用評等較佳,顯示投資人及信用評等機構皆認為Clawback條款有助於提升公司之財務報導品質,進而降低其所承受之資訊風險。本研究進一步以F-score (Dechow et al. 2011)來衡量公司的事前舞弊風險,並將樣本區分為高舞弊風險組與低舞弊風險組。本研究發現,Clawback條款僅在低舞弊風險組與權益資金成本呈顯著負相關,顯示財務品質較佳之公司確實會透過自願性採用Clawback條款來向資本市場彰顯其信心,而投資人亦會以較低之要求報酬做出回應。然而,本研究亦發現,Clawback條款僅在高舞弊風險組與信用評等呈顯著正相關,這意味著信用評等機構能夠區別Clawback條款對於高舞弊風險公司及低舞弊風險公司的效益,並針對尋求實質改善的公司做出正面回應。最後,本研究使用機構投資人持股比例,將樣本區分為高外部監督與低外部監督(亦即低代理問題與高代理問題)兩組。迴歸結果顯示,僅有在公司所受到的外部監督程度較低時,Clawback條款方會與權益資金成本及信用評等呈顯著相關。 / This study examines whether different market participants react differently to voluntary adopters and non-adopters of clawback provisions. Based on the sample of non-financial firms included in the Russel 3000 index from year 2007 to 2011, the empirical results show that, comparing to non-adopters, firms who voluntarily adopt the clawback provisons have lower cost of equity capital and higher credit rating, suggesting that both investors and credit rating agency regard clawback provisions as a means to reduce information risk and, therefore, enhance firms’ financial reporting quality. This study further uses the F-score (Dechow et al. 2011) to separate the sample into high versus low risk of occuring fraudulent financial reporting groups. The regression results from both groups indicate that the adoption of clawback provisions is negatively related to cost of equity capital only when firms have lower fraud risk. This finding implies that firms with good financial reporting quality tend to adopt clawback provisions to signal their confidence on financial reporting, and investors respond by requiring lower returns. In contrast, the results report that the adoption of clawback provisions is positively related to credit rating only when firms are more likely to incur fraudulent financial reporting, implying that credit rating agency appears to consider the effect of clawback provisions and responds to firms who seek real improvement in their financial reporting quality. Finally, this study adopts institutional investors’ ownership to seperate the sample into high versus low external monitoring (i.e., low versus high agency problem) groups. The regression results from both groups show that the effects of clawback provisions on cost of equity capital and credit rating remain only for firms that are subjected to low external monitoring.
74

巴塞爾協定三:以流動性指標探討銀行之風險 / Basel Ⅲ:Identification of Bank Risk by the Net Stable Funding ratio

楊旭文 Unknown Date (has links)
2008年全球金融海嘯席捲全球,重創各國股市經濟,許多歷史悠久的大型金融機構紛紛倒閉或被迫接管,如英國北岩銀行(Northern Rock)、美國雷曼兄弟公司、IndyMac、美林證券、AIG等。雖然各國政府為了挽救投資者的信心,舒緩金融危機與經濟衝擊,不斷提出各種救市方案並向市場挹注資金,卻還是無法解決市場流動性危機,因而這次的金融海嘯被堪稱為史上最大的流動性危機。本研究採用二元Logistic迴歸方法,以台灣本土銀行為樣本,樣本期間為2003年至2010年,利用CAMEL指標並加入Basel III所提出的流動性指標:淨穩定資金比率(Net Stable Funding ratio),檢測淨穩定資金比率是否能夠提高解釋銀行違約倒閉機率以及增加模型預測能力,進一步能夠有效地監管銀行之風險。本研究結果顯示除了CAMEL指標可以解釋台灣本土銀行風險機率,同時顯示使用淨穩定資金比率可以解釋銀行風險,增加模型預測能力,進而能夠更有效地監管銀行之風險。最後,本研究利用隨機抽樣法與時間序列法檢驗本模型的預測能力,並且透過設立不同的門檻比率進行穩健性測試,測試不同情況下各種指標因子對銀行風險的顯著性與影響力,再次說明了流動性指標對銀行監理的重要性。
75

学術研究成果における研究費及び産業との関係についての実証分析

福澤, 尚美 24 September 2015 (has links)
京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第19256号 / 経博第521号 / 新制||経||274(附属図書館) / 32258 / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 依田 高典, 教授 澤邉 紀生, 教授 若林 直樹 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM
76

公允價值與聯貸特性之關聯性 / The Effect of Fair Value on Syndicated Loan Features

林乃馨 Unknown Date (has links)
本論文之研究目的係驗證公允價值資訊是否會影響聯合貸款的借款條件。實證結果顯示公司採用更多公允價值,尤其是第1等級輸入值,可在聯合貸款市場中可取得較有利的聯合貸款條件,例如可取得更低的利率及更高額的貸款金額。然而實證結果也顯示,若公司採用更多公允價值,尤其是第1等級輸入值,會有更高的機會被債權人要求提供債務擔保。由此可知,公司採用更多公允價值可有助於取得更有利的聯合貸款借款條件,同時第1等級輸入值可獲得更顯著的結果。
77

群眾募資在台灣發展現況-以果汁吧群募個案為例 / The study of crowdfunding in Taiwan: The case of juice bar

高翊翔, Gau, Yi Shiang Unknown Date (has links)
本研究探討公司籌措資金的方式,並介紹目前熱門的群眾募資的起源、歷史發展,各地區市場概況,接者探討台灣市場、法規範、稅負、募資平台、金流方式、趨勢及2015年中新立法通過的股權模式群眾募資等。 本文以筆者實際執行過的群眾募資專案為個案,探討個案在台灣現況下所遇到的法規範、稅負及有無發生爭議,並提出改善群募爭議的方法。此外也透過個案中的資料,利用實證研究得出,若贊助者曾經向提案團隊購買過商品,則其贊助金額會高於一般贊助者,另外研究結果也得知,若是在週末贊助的贊助者,其贊助金額也高於週間的贊助者,上述兩項因素都和贊助金額成顯著的關係。此外也從實證中發現,本募資個案中女性贊助者高於男性贊助者,但性別和贊助金額是不顯著關係,女性平均的贊助金額並沒有高於男性,而居住區域也和贊助金額呈現不顯著關係,本個案中,超過七成的贊助金額來自北部地區,但北部贊助者每人平均贊助金額並沒有高於中部和南部贊助者。 / This study investigated the company funding modalities and the history of the crowdfunding, development trend and market. And probed the conditions of law, tax, fund-raising platform, cash flow mode, trends in Taiwan. In this paper, the author actually been executed crowdfunding project as a case, investigate cases of legal norms, tax and dispute in the current situation. The use of empirical study concluded that if the sponsors had proposed to purchase goods over the proposal team, then the amount will be higher than the general sponsors, additional findings also informed that if the sponsors donated in weekend, which is also higher than the amount of sponsor of the week, these two factors have a significant relationship with amount of sponsorship. Also from the empirical findings, the women sponsor were more than men sponsors in the case, but gender is not significant, women sponsors average amount weren’t higher than men sponsors. While residential areas are also no significant relationship with the amount of sponsorship. In the case more than seventy percent of the amount of sponsorship from the north, but northern sponsor average amount were not higher than the central and southern sponsors.
78

巴塞爾資本協定三之流動性風險規範指標對銀行資產負債表結構影響之分析—以臺灣銀行業為例 / The Analysis on the Impacts of Liquidity Regulations under BASEL III on Banks’ Balance Sheet Structures:Evidence from Taiwan

官姿伶, Kuan, Tzu Ling Unknown Date (has links)
銀行產業之特性使得其容易遭受流動性風險之影響,且現行的新巴塞爾資本協定(BASEL II)未具備統一的流動性管理制度,導致銀行在金融危機時期,因為流動性短缺招致經營困境,造成金融體系的崩潰。為此巴塞爾銀行監理委員會(BASEL Committee on Banking Supervision, BCBS)在2010年提出巴塞爾資本協定三(BASEL III),除了對於資本要求提出較嚴格定義外,更首度對流動性風險提出量化指標,包含流動性覆蓋比率(Liquidity Coverage Ratio, LCR)以及淨穩定資金比率(Net Stable Funding Ratio, NSFR)。本文將採用個案研究與實證分析,分別探討兩項規範指標實施後將對銀行之資產負債表內外結構產生何種影響。研究結果指出,若銀行選擇增加第二層高品質流動性資產以提升高品質流動性資產總額,將使利息收入高於投資在第一層高品質流動性資產,銀行可同時兼顧監理機關最低監理要求和公司獲利。淨穩定資金比率方面,外商銀行的表現明顯優於公股及民營銀行。而實證結果亦顯示若淨穩定資金比率於研究期間開始執行,將使銀行更加謹慎審視其所面臨之風險,進而減少自身所承擔之風險,以提升資本穩定度。 / After financial crisis, the turmoil in global financial markets raises issues with macroeconomic policies, financial stabilities and regulations. Hence BASEL III has been introduced. BASEL III is a comprehensive set of reform measures, proposed by the BASEL Committee on Banking Supervision (BCBS). It builds on the BASEL I and BASEL II documents, and seeks to enhance the banking sector's ability, improve risk management and banks' transparency. Besides, it introduced two required liquidity ratios, i.e. the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR). This paper investigates the impact of new liquidity regulations on banks’ balance sheet structure by two methodologies. First, we study the case of bank in Taiwan to find out how LCR affects bank’s operation. Secondly, we select 18 commercial banks in Taiwan and classify them into three categories based on the type of ultimate controller to tell differences among three samples concerning the components of NSFR. Finally, we applied NEWEY-WEST HAC method with samples of 18 commercial banks in Taiwan to figure out the factors that may affects bank’s risk-taking, we utilize and analysis each bank’s financials during the period from 2010 to 2013. Our results show that the object of the study can reach the minimum requirement of LCR. Besides, BASEL III capital stability requirement, if implemented in the sample period, probably would diminish risk-taking by banks. This research can also provide banks with the information about how the liquidity regulations affect banks’ balance sheet structure.
79

住宅金融資金流通之研究 : 兼論中古抵押權交易市場制度可行性分析

林素凰, LIN, SU-HUANG Unknown Date (has links)
本文主要乃針對住宅金融的特性,分別從資金供給者與需求者的角度,對國內住宅金融體系中住宅資金流通的情形作分析探討。首先從相關理論探討住宅資金流通的本質,再經由國內外住宅金融運作體制的比較與國內現況分析,發現國內住宅金融資金供給管道不似國外具多樣性,金融機構為目前主要的資金供給者。但一般金融機構在承作住宅金融後,常會導致其資金流動性不足的缺點。美國的中古抵押權交易市場制度(The Secondary Mortage Market) 即在改善住宅金融流動性匱乏的問題。因此本文乃設計一典型個案,建立住宅金融資金流動性指標,對住宅金融資金流動性予以衡量分析,另外針對影響資金流動性的因素進行敏感度分析後發現,在既有法令規定下,延長住宅放款期限至三十年,對銀行資金流動性並無太顯著影響。同時也應用典型個案對國內實施中古抵押權交易市場制度後的影響,作財務上的模擬分析,結果證明發行不動產抵押擔保債券確實能改善住宅金融目前缺乏流動性的缺點,同時亦能增加銀行利潤,對於住宅貸款利率的降低亦有所助益,但其先決條件需有政府的加強保證該債券信用,以使其能順利銷售。故今後欲促進住宅金融資金流動性,政府應扮演更積極的角色,建立一套適合國內實施的中古抵押權交易市場運作架構,負起監督輔導的責任,同時本文建議在國內實施該制度初期,可考慮由土地銀行優先試辦,之後再及於推廣於一般金融機構,以真正充實住宅金融長期資金來源,使住宅建設更順利推展。
80

時間數列之秩串分析法的探討

楊貴顯, YANG, GUI-XIAN Unknown Date (has links)
本文計分六章,計一冊: 第一章:緒論,說明研究動機及本文結構,分二節,一為引言,二為本文結構。 第二章:秩串之定義與應用,介紹秩串型態及其應用的方向。分二節,一為秩串的定 義,二為秩串的應用。 第三章:靜態及獨立之隨機過程下秩串的分配和參數,討論秩串長度及秩串個數之理 論分配及大樣本時的漸近分配,以解決樣本數多時之機率計算過程。分四節,一、秩 串長度之分配與母數;二、二元秩串個數之分配與母數;三、多元秩串個數之分配與 母體;四、秩串個數之極限分配。 第四章:靜態的線性相依自我迴歸過程下秩串之分配和參數,討論馬可夫鏈及二階線 性相依過程下之分配型態。分二節,一為秩串長度之分配與母數;二為秩串個數之分 配與母數。 第五章:秩串於全體金融機構之資本過程的應用。分二節,一為資料來源與說明;二 為實證分析。 第六章:結論。

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