本論文探討公司負債到期結構的實證決定因素。本研究首先選取台灣一般製造業104家樣本，使用複迴歸進行分析，結果顯示此104家樣本公司市價對帳面價值比與實質稅率的係數估計值為負，證明高成長和高預期代理成本的公司，擁有長於三年到期結構負債的比率顯著的較低，驗證資訊不對稱程度較高的企業較不偏好長期負債的假說，並與理論的預測相同。對於負債到期結構之其他三項決定因素，即資產年限、變異性、與超額盈餘而言，結果和假說理論及國外實證研究結果不合，無法驗證資產與負債年限相配之假說，同時以負債到期結構與超額盈餘傳遞訊息假說之理論亦無法成立。由於此六項決定因素皆不具統計顯著性，故而再選取電子業31家樣本進行實證研究。此上市公司電子業31家的實證結果支持代理成本與負債到期結構之間具有負相關的假說，以及企業會配合公司資產年限和負債到期結構的相配假說；然而，實證結果無法驗證此31家電子產業的負債到期結構與企業規模呈現正相關，也無法驗證負債到期結構和公司價值的變異性、超額報酬具有負相關的假說。此外，研究結果並不支持稅負會影響負債到期結構的說法，以及企業會利用負債到期結構發佈訊息的假設。 / This paper investigates the empirical determinants of corporate debt maturity structure by exploring the possible relations between the firm’s debt maturity structure and six firm-specific characteristics of agency-related costs, size, signaling, asset maturity, taxes and variability. This is done by testing the theoretical model of debt maturity structure first using a cross-sectional data set of 104 non-financial Taiwan firms, and then using a data set of 31 Taiwan electronic firms. The results of the test on the 104 non-financial Taiwan firms shows that agency-costs, asset-maturity and taxes exert negative impacts on debt maturity, while size, variability and abcdrmal profit have positive impacts on debt maturity. However, none of these determinants are significant on the debt maturity structure decisions. As for the 31 Taiwan electronic firms, the evidence lends considerable support to the prediction that the impact of agency-costs on debt maturity is negative. The findings also provide support for the notion that these firms match the maturity of their debt to that of their assets. Though firm size is positively associated with debt maturity, it is not a significant determinant. The empirical analysis provides no evidence that taxes and volatility of firm value affect debt maturity structure. Finally, the empirical results are not supportive of the signaling hypothesis that Taiwan electronic firms use their debt maturity structure to signal information to the market.

Submitted by Gustavo Gil Monteiro (gustavo_gilmonteiro@hotmail.com) on 2017-02-15T01:09:36Z No. of bitstreams: 1 February 13th 2017 - Impacto da atuação do BNDES nos investimentos reais de companhias abertas durante a crise de 2008_final.pdf: 886773 bytes, checksum: 3ab2193e48cdf92e89fddb15be10d0d1 (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Bom dia Gustavo, Para que possamos aprovar seu trabalho são necessários alguns ajustes conforme norma ABNT/APA. O seu titulo deve estar em letra maiúscula. Capa - Contra Capa - Ficha catalográfica - Folha de aprovação - AGRADECIMENTOS (A PALAVRA "AGRADECIMENTO" DEVE SER MAIÚSCULO/NEGRITO E CENTRALIZADO ) - RESUMO (A PALAVRA "RESUMO" DEVE SER MAIÚSCULO/NEGRITO E CENTRALIZADO) - ABSTRACT ( A PALAVRA "ABSTRACT" DEVE SER MAIUSCULO/NEGRITO E CENTRALIZADO ) em língua estrangeira . Após os ajustes você deve submete-lo novamente para analise e aprovação. Qualquer duvida estamos a disposição, Att. Pâmela Tonsa on 2017-02-15T10:20:37Z (GMT) / Submitted by Gustavo Gil Monteiro (gustavo_gilmonteiro@hotmail.com) on 2017-02-15T15:36:20Z No. of bitstreams: 1 Impacto da atuação do BNDES nos investimentos reais de companhias abertas durante a crise de 2008_final.pdf: 887001 bytes, checksum: 2f6c27a717986576be152d9f84209045 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-02-15T15:45:57Z (GMT) No. of bitstreams: 1 Impacto da atuação do BNDES nos investimentos reais de companhias abertas durante a crise de 2008_final.pdf: 887001 bytes, checksum: 2f6c27a717986576be152d9f84209045 (MD5) / Made available in DSpace on 2017-02-15T16:36:40Z (GMT). No. of bitstreams: 1 Impacto da atuação do BNDES nos investimentos reais de companhias abertas durante a crise de 2008_final.pdf: 887001 bytes, checksum: 2f6c27a717986576be152d9f84209045 (MD5) Previous issue date: 2017-01-19 / Este trabalho utiliza o contexto de incertezas da crise de crédito de 2008 para avaliar como o crédito direto do governo ajuda a mitigar os efeitos da restrição financeira. Usando uma amostra de companhias brasileiras abertas em 2008, evidenciamos que a atuação do BNDES minimiza o efeito negativo da estrutura de maturidade de dívida nos investimentos. Para isso, foi utilizado o método tradicional das diferenças-em-diferenças, e os resultados indicam que firmas com grande quantidade de dívida a vencer com acesso ao BNDES no pós-crise não reduziram investimentos. Firmas que receberam o benefício antes da crise e no pós-crise aumentaram seus investimentos em 3,5 pontos percentuais, em comparação a firmas com semelhante quantidade de dívida a vencer no mesmo período, porém que não receberam crédito direto via BNDES. / This study uses the context of uncertainties in the realm of the 2008 Brazil financial crisis to address whether government-directed credit helps mitigate firms’ financial constraints. Using a sample of Brazilian publicly traded firms, we find that BNDES incentives activity minimizes the negative effect of the debt maturity structure on investments. We employ the traditional difference-in-difference approach and our results indicate that firms with large quantity of debt maturing shortly after the 2008 crisis peak and that have received BNDES subsidized funding on the post-crisis period have not reduced investments and firms that have benefited from BNDES subsidized funding not only on the post-crisis period but, in addition, before the occurrence of such financial crisis, were able to increase, in average, investments by 3.5 percentage points compared to firms with similar amount of debt maturing structure but with no access to BNDES incentives.