信用評等與公司特性對負債融資決策之選擇

The Influence of Credit Rating and Firm Characteristics on Debt Financing Decision

10.6697/TBPJ.201412_8(1).0001

吳朝烱(Chao-Chiung Wu)；周建新(Jian-Hsin Chou)

公司特性 ； 負債融資 ； 信用評等 ； Firm Characteristics ； Debt Financing ； Credit Rating

臺灣企業績效學刊

8卷1期（2014 / 12 / 01）

1 - 33

繁體中文

企業在追求價值極大化，不論是經營活動及投資方案均需資金挹注，當公司內部資金不足時，需要以外部資金補足，而負債融資又以向銀行借款及發行公司債募集資金為主。以負債融資決策來說，是否會因產業之不同及管理者經營策略之差異有所不同。本研究即在探討公司特性如何影響負債融資，是否個別的企業屬性，是否會直接影響公司負債融資決策之選擇。本文實證結果發現，信用評等並非公司選擇舉債模式時，主要的影響因素。規模愈大的公司，愈可能以發行公司債籌措資金；而規模較小的公司，則是較可能以銀行借款；製造業傾向以發行公司債籌措資金；採高股利政策的公司，愈可能以發行公司債籌措資金；成長性愈高的公司，愈可能以銀行借款做為其籌措資金的方式。

In pursuit of value maximization, regardless of operating activities and investment projects, firms have to raise needed funds. When the internal funds are insufficient, firms need external source of finding. Moreover, debt financing mainly comes from two sources, i.e., the bank loans and issuing corporate bonds. In terms of debt financing, firm characteristics will be different because they are affected by industries and business strategies. This study aims at exploring how corporate's characteristics affect debt financing and investigate the influence of corporate's characteristics on the choice of debt financing. The empirical results indicate that credit rating is not the main factor affecting the choice of a corporate debt financing. The larger the size of the firm, the more likely the firm will issue corporate bonds to raise funds. On the contrary, the firm with smaller size, the more likely the firm will use the bank loan. Moreover, we conclude that the manufacturing companies tend to issue corporate bonds to raise funds; the firm which adopts high dividend policy is more likely to issue corporate bonds. Finally, the firm with higher growth rate is more likely to adopt bank loan as the main source of debt financing.

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