Chairman Interlocking and Debt Financing: Evidence on Loan Component Analysis

董事長兼任與負債融資：負債成份之實證分析

10.6545/JFS.2016.24(2).4

周淑卿(Shu-Ching Chou)；楊慧蘭(Hui-Lan Yang)

董事長兼任 ； 負債融資 ； 利息成本 ； 財務限制 ； Chairman interlocking ； debt financing cost of debt ； financial constraint

財務金融學刊

24卷2期（2016 / 06 / 30）

89 - 133

英文

本研究分析臺灣企業董事長兼任、舉債與利息成本之關聯性。發現有董事長在外兼任的公司有較高公司債負債比率。財務限制公司有董事長在外兼任者比無董事長在外兼任者有較高公司債與非銀行借款負債比率及較低利息成本。過去文獻認為兼任對公司績效不利，本研究寓意財務限制公司可能運用董事長兼任形成有利之資本結構。

This study examines the relation among chairman interlocking, debt financing, and cost of debt by using a sample of Taiwanese firms. We find that firms with chairman interlocking tend to have greater bond leverage. The loan component analysis further shows that constrained firms with chairman interlocking have greater public debt and non-bank private loan leverage, and a lower cost of debt, than those without chairman interlocking, The findings provide new insights into board characteristics and show that chairman interlocking helps constrained firms shape their optimal capital structure. This advantage might counteract the agency cost incurred by the chairman's outside appointments.

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