碩士 / 銘傳大學 / 國際企業學系碩士班 / 95 / The study examines the effect of three indictors of the degree of internationalization such as foreign sales as a percentage of total sales (FSTS), foreign assets as a percentage of total assets (FATA), Foreign institutional investors as a percentage of total stocks (FIV) and firm characteristic on foreign financing through TSE firms which launch depositary receipt, European convertible bond, seasoned equity offerings, corporate bond, convertible bond from 2001 to 2006. We use multinomial logistic regression model and Tobit model to analyze this relationship. Further, we consider the impact of the interactive effect between market timing and the degree of internationalization on foreign financing. We also utilize multiple regression analysis to discuss the influence of associated variables on foreign financing amount of firm.
In the empirical study, the results show that FSTS and FATA have positive significant to the decision and level of foreign financing. It indicates that when a firm has higher percentage of foreign sales and foreign assets to their total sales and total assets, it will tend to launch foreign securities to raise new capital and the level of foreign financing will be higher. As adding the interactive terms of market timing, the difference of domestic and foreign interest and stock market status have partly significant. The exchange rate just has a little impact. Finally, the amount of foreign financing has negative significant to FSTS and FATA. It is because that the higher the degree of internationalization firm has, the greater debt agency costs firm takes, so as to firm will stay at lower debt level and raise lower new capital.
| Identifer | oai:union.ndltd.org:TW/095MCU05321019 |
| Date | January 2007 |
| Creators | HSIU-TING CHEN, 陳秀婷 |
| Contributors | none, 孫梅瑞 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 102 |
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