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金融環境與總體經濟因素對企業長期融資影響之實證研究 / Actual Research Of Financial Environment and Macroeconomic Factor Toward Enterprise's Long-term Funding

本論文是從外部環境的觀點,探討金融環境與總體經濟因素對企業長期融資的影響。鑑於近年來國際化、自由化的腳步不斷加快,國內金融環境產生了相當大的變遷,企業最常使用的長期融資方式,不外乎股票增資、發行公司債及銀行中長期借款三種,因此本論文先整理三種長期融資方式的特性,並就個別發行成長率和佔相對融資比例加以分析,且採股票增資成長率、發行公司債成長率及銀行中長期借款成長率為因變數,利用多元迴規模型,分別以「全部選取法」及「逐步選取法」為三種長期融資方式建立多元迴歸模型,並經由檢定結果找出具顯著影響的金融環境與總體經濟因素。
實證結果發現:股價指數報酬率對企業股票增資成長率具顯著正向關係之解釋能力;民國八十四年起債券型基金的蓬勃發展對企業發行公司債成長率具顯著正向關係之解釋能力;而基本放款利率、逾放比率以及民國八十一年起銀行法修正後新銀行紛紛開業的競爭狀況皆對企業中長期借款成長率具顯著負向關係之解釋能力。
研究發現外部金融環境與總體經濟因素的確對企業長期融資有著不可輕忽的影響力,因此也建議政府應研擬適宜、有效的相關政策並修改法令創造一個健全、多元的資金籌措環境;另由於金融逆中介情況逐漸深化,亦建議銀行可逐漸從事投資銀行路線,積極參與證券市場;而企業從事融資決策時,則應多考慮外在金融環境的變遷,瞭解各種融資工具特性並妥善運用。 / Abstract
The purpose of the thesis is to state the effect of finance and macroeconomic factors on long-term financing and analyze the cause and factor for three funding methods. The source of fund empirically is defined by Bank Acceptance, Corporate Bond , and Stock Issue .
Dividing them into stock quantities and flow quantities and estimitating by normal and stepwise OLS is to analyze the reason of the low increasing rate by loan and rapid growth by bond or stock in recent years. Empirical Results predict high over loan rate and some revolution in external Financial environment.
Despite the ex-post analysis of thesis is consistent with financial situations well but there are some biases in source of data. In addition, result also tell what should commercial bank go and the best financing tools of enterprise.

Identiferoai:union.ndltd.org:CHENGCHI/B2002001603
Creators徐丞萱, Hsu, Cheng-Hsuan
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language中文
Detected LanguageEnglish
Typetext
RightsCopyright © nccu library on behalf of the copyright holders

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