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    Title: 關於公司借款成本及零負債經營的兩篇論文
    Two Essays on Corporate Financing Costs and Zero-debt Policy
    Authors: 石維中
    Shi, Wei-Zhong
    Contributors: 張元晨
    Chang, Yuan-Chen
    Shi, Wei-Zhong
    Keywords: 市場利率
    Hold-up effects
    Bank-dependent borrowers
    Non-bank dependent borrowers
    Loan spreads
    Date: 2018
    Issue Date: 2018-07-23 16:50:15 (UTC+8)
    Abstract: 第一篇論文



    First paper

    We examine whether hold-up effects are confined to the U.S. market. Specifically, using an international sample, we investigate whether firms with access to the public debt market pay lower loan spreads. We hypothesize that when firms issue public bonds they reveal private information of their credit risk, and thus the monopoly power of inside banks decreases, resulting in lower loan spreads. We find extensive evidence to support this conjecture. We also find that hold-up effects are stronger during recessions and more significant in countries with stringent bank regulations, but insignificant during banking crises and the 2007–2008 financial crisis.

    Second paper

    In this paper, we investigate whether market interest rates will affect the company’s possibility of operating with zero leverage in U.S. from 1987 to 2012. The empirical results show that the interest rate and zero-debt operation will to be a significant negative relationship. This paper further finds that only when the company has a higher degree of relationship with bank lending, the interest rate and the company's zero debt probability are significantly positive.
    Reference: 第一篇論文

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    Description: 博士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1003575011
    Data Type: thesis
    DOI: 10.6814/DIS.NCCU.Finance.019.2018.F07
    Appears in Collections:[財務管理學系] 學位論文

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