負債成本與財務變數之關連性研究－以台灣上市傳統產業為例

The Relationship between Cost of Debt and Financial Statements-An Example of Listing Stocks of the Traditional Industry in TSE

倪衍森(Yen-Sen Ni)；陳冠宇(Kuan-Yu Chen)

有息負債利率 ； 財務比率 ； 資訊不對稱 ； the interest of interest-paid debt ； financial ratios ； information asymmetric

企業管理學報

64期（2005 / 03 / 01）

53 - 78

繁體中文

由於金融機構對不同的客戶，有不同基準點的加碼，造成不同的上市公司有不同的資金成本。在此本研究有三項課題有關於負債成本的探討：其一因上市公司之借貸的來源可能不止來自單一金融機構，是以以上市公司的有息負債利率為應變數－因其可為不同負債來源之加權平均成本－來探討其與財務報表訊息之關聯性；其二就總負債內容而言，因總負債中包含有息負債及自發性的負債，若以總負債為分母，亦可再探討負債利率與財務報表的關聯性；其三若一體質良好的企業，應較能擁有較多的交易信用，因此本文亦驗證是否當公司體質越好，自發性負債應越多，負債成本應越低的假設，亦為有息負債利率減負債利率應越大，此三項即為本研究的課題。 然而我們收集有關文獻時發覺，探討貸放利率與財務資訊關聯性的文獻相當少見。只有周政良（民89）一篇探討以國內某一家銀行借貸契約及財務資訊來探討影響利率之因素，而且僅僅探討一家銀行放款利率加減碼的因素，其代表性不足，而且因其研究資料為非公開之隱密性(Confidential)資料，而難以判斷其客觀性。 在此本文乃是利用上市公司公開財務報表之數據，應較具客觀性，此外探討的有息負債利率，表示公司的借貸成本並非來自某一銀行，亦較周政良之論文來的客觀。此外由於近年來，台灣傳統產業面臨債務的負荷及財報不佳的衝擊，所以本文乃是針對台灣上市之傳統產業類股最近三年之財務報表，來探討哪些財務比率與負債成本有關聯性。經由本實證研究後。除了有大多數人所認同的公司負債比率越高，其負債成本越高之合理結果外，亦有以下的重要的發現： 1.就有息負債利率而言，總資產週轉率與有息負債利率成正向關係，亦與一般的認知有異，此乃為大多數金融機構在作放款業務時，有提供擔保品之借款成本相對無提供擔保品來的低，但是這些公司資產週轉率卻不高。在此我們認為以資產作為擔保品，反而有較低資金的成本之傳統考量，是有值得商榷的必要。因資產週轉率低的公司，亦為資產管理方面不佳的公司反而有較低的資金成本，此可能為金融機構逾放高居不下的原因。 2.就負債利率而言，銷售利潤邊際與總負債成負向關係，表示即使傳統產業公司的純益率越高，意味者該公司的獲利能力越好。金融機構所要求的風險溢酬越低，所以金融機構對傳統產業的獲利與否是其決定其貸放利率的重要考量。 3.就有息負債利率減負債利率而文，有息負債利率減負債利率與自發性的負債成正相關，表示若是一家公司體質越好，自發性負債佔總負債越大，則有息負債利率減負債利率之差距也就為之擴大。

Different firms have different cost of debt because there are different benchmarks of interest rate make-up when financial institutions make loans to different firms. In this research, there are three sub-topics to discuss in this paper. First of all, as a result of the source of company's loans may derive from more than singular financial institution, this study analyzes the effect of the interest rate of debt, close to the weighted averages cost of different liabilities, to financial statement. Secondly, the total debt includes spontaneous debt and interest-paid debt. Similarly, we use the ratio of interest paid to total debt as dependent variables to analyze the effect of financial statements to this ratio. Thirdly, we hypothesis that a sound company might have more spontaneous debt, and it could be infer that interest rate of interest-paid debt minus interest rate of total debt for a company might be expansive. There are three sub-topics for this study. However, relevant literatures are quite rare, since there is only one paper related to interest rate of banking loan to financial statement. In addition, there are two shortcomings existed in this paper. One is the representative issue since the data related to the interest rate of loan are collected by only one bank. The other is the objective issue since that paper uses the confidential data instead of public data. Nowadays, the traditional industry counters the financial distresses. This paper is to investigate the effect of the cost of debt to financial statements. One of reasonable findings is that the higher the debt, the higher the ratio of interest rate to debt. There are still several important findings in this paper. (1) The total asset turnover ratio of conventional industries has a positive effect on the interest rate. This is also not consistent with our expectation because the financial institutions will have lower interest rate as firms provide collaterals. Thus, it is necessary to deliberate over treating assets as collaterals instate have lower interest rate is not suitable. (2) The ratio of interest to total debt has the negative relationship with the profit margin of a company. It means that banks will concerns profit margin is an important element to decide the interest rate of loan to a company. (3) A sound company seems to own spontaneous debt, since that the interest rate of interest-paid debt minus interest rate of total debt for a company will be positively expansive for companies with well-performance financial statements.

1. 陳家彬(1999)。台灣地區銀行基本放款利率之訂價：模型與實證。台大管理論叢，10(1)，39-63。
   連結：
2. Agarwal, R.,and J.A. Elston(2001).Bank-firm relationships, financing and firm performance in Germany.Economic Letter,72,225-237.
3. Akerlof, G.(1970).The Market for Lemons: Quality Uncertainty and the Market Mechanism.Quarterly Journal of Economics,89,488-500.
4. Angbazo, L.(1997).Commercial bank net interest margins, default risk, interest-rate risk, and off-balance sheet banking.Journal of Banking and Finance,55-87.
5. Blackwell, David W.,Drew B. Winters(1997).Banking Relationships and The Effect of Monitoring on Loan Pricing.Journal of Financial Research,20,275-289.
6. Cox, J.,J. Ingersoll,S. Ross(1985).A Theory of the Term Structure of Interest Rates.Econometrica,53,385-408.
7. D`Auria, C.,Foglia A.,Reedtz, P.M.(1999).Bank interest rates and credit relationship in Italy.Journal of Banking and Finance,23,1067-1093.
8. Degryse, H.,S. Ongena(2001).Bank Relationships and Firm Profitability.Finanical Management,30,9-34.
9. Eisenhardt, Kathleen M(1989).Agency Theory: An Assessment and Review.Academy of Management Review,14,57-74.
10. Ho, T.S.Y.,A. Saunder(1981).The Determinants of Bank Interest Margin: Theory and Empirical Evidence.Journal of Financial and Quantitative Analysis,16,581-602.
11. McShane, R.W.,I.G. Sharpe(1985).A Time Series/Cross section Analysis of The Determinants of Australian Trading Bank Loan/Deposit Interest margin 1962-1981.Journal of Banking and Finance,9,115-136.
12. Petersen, M.A.,Rajan, R.G.(1994).The benefits of lending relationships Evidence from small business data.Journal of Finance,49,3-37.
13. Rasmusen, Eric(1994).Games and Information-an Introduction to Game Theory.Blackwell.
14. Shen, C. H.,C. A. Wang(2002).10th conference on pacific basin finance.economics and accounting.
15. Stiglitz, J. E.,A. Weiss(1983).Incentive Effects of Terminations: Applications to the Credit and Labor Markets.American Economics Review,73,912-927.
16. Stiglitz, J. E.,A. Weiss(1981).Credit Rationing in Markets with Imperfect Information.American Economics Review,71,393-410.
17. 吳政穎(1996)。台灣地區銀行放款行為之賞證研究－以公開發行公司之借款者為例。東海大學管理研究所。
18. 汪淑媛(1997)。碩士論文(碩士論文)。中央大學財務管理研究所。
19. 周政良(2000)。碩士論文(碩士論文)。國立臺灣大學會計學研究所。
20. 郭敏華(1996)。博士論文(博士論文)。國立政治大學企業管理研究所。
21. 陳隆麒(1999)。當代財務管理。台北:華泰書局。
22. 陳萬清(1997)。碩士論文(碩士論文)。朝陽大學財務金融研究所。

1. 蔡京姐、劉若蘭、劉政淮(2016)。導入國際會計準則對負債資金成本之影響－以歐盟及中國為例。會計與公司治理，11(1)，27-50。
2. 戴怡蕙(2020)。董事會特性和財務主管特質之關聯。當代會計，21(1)，93-131。
3. 黃寶玉、陳文章、倪衍森(2010)。考量公司治理變數與市場機制變數下之杜邦恆等式與股價評價模式之實證研究－以台灣上市櫃的電子股為例。東海管理評論，11(1)，167-200。
4. 馬黛、李永全(2006)。台灣家族公司負債融資成本之研究。管理評論，25(3)，69-91。
5. 翁慈青,紀信義,吳翎毓(2022)。個人會計師社會鏈結對企業風險之影響。證券市場發展季刊，34(2)，55-96。
6. 葉健次、湯麗芬、許培基(2014)。影響企業取得銀行融資成本之研究—以個案銀行為例。管理資訊計算，3(2)，298-317。
7. 葉依諭,翁慈青,王祥宏(2020)。家族企業與政治關係對負債資金成本的影響。台灣管理學刊，20(2)，45-75。
8. 鄭瑞昌、陳振宇、張千雲(2016)。薪酬制度是否真能約束高階經理人剝削債權人之利益？。企業管理學報，110，1-25。
9. 鍾宇軒,曾映綾(2023)。公司政治獻金與公股銀行貸款合約利率：來自臺灣總統大選之證據。臺大管理論叢，33(2)，169-234。