English  |  正體中文  |  简体中文  |  Post-Print筆數 : 11 |  Items with full text/Total items : 88866/118573 (75%)
Visitors : 23557341      Online Users : 214
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/127207


    Title: 台灣上市櫃生技製藥公司自金融機構取得資金之成本被評估因素探討
    Discussion on the evaluation factors of the cost of obtaining funds from financial institutions in Taiwan listed cabinet biotechnology pharmaceutical companies
    Authors: 陳偉鈞
    Chen, Wei-Chun
    Contributors: 李志宏
    陳偉鈞
    Chen, Wei-Chun
    Keywords: 生技製藥資金成本
    資金成本
    信用評等
    財務資訊透明度
    Date: 2015
    Issue Date: 2019-11-06 15:25:41 (UTC+8)
    Abstract: 台灣生技製藥產業在政府的扶持下有不錯的成果之外,在台灣股市表現亦相當火紅,但投資大眾眼中,生技製藥產業仍然有相當高的不確定性與夢幻的存在。
    唯這樣的不確定性與夢幻的存在,到底是因為產業尖端科技的困難度高,還是只因為不易被大眾理解,抑或只是因為傳統財務報表的落後指標與無法量化無形資產的關係? 不論是預期或是已實現之利多與利空,往往足以讓股價反應出飆漲與暴跌,顯示虧損的生技製藥公司卻擁有高股價的特性。
    經過本研究的實證結果,證明即便金融機構這樣高度專業與重視風險的立場,依然在某種程度上願意接受此產業暫時的財報不佳,而不會視為立即風險,反而願意接受【股價表現】這類具未來性與題材性的因素來提供營運資金。
    Reference: 1.Aboody, D., Hughes, J., & Liu, J. (2005). Earnings quality, insider trading, and cost of capital. Journal of Accounting Research, 43(5), 651-673.
    2.Ashbaugh-Skaife, H., D. W. Collins and R. LaFond, 2006. The Effect of Corporate Governance on Firms’ Credit Ratings, Journal of Accounting and Economics, 42(1-2), 203-243.
    3.Bhojraj, S. and P. Sengupta, 2003. Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and the Outside Directors, Journal of Business, 76, 3, 455-475.
    4.Binsbergen, V., Jules, H., GRAHAM, J. R., & YANG, J. (2010). The cost of debt. The Journal of Finance, 65(6), 2089-2136.
    5.Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting review, 323-349.
    6.Cheng, M. and K. R. Subramanyam, 2008. Analyst Following and Credit Ratings, Contemporary Accounting Research, 25, 1007-1043.
    7.Core, J. E., Guay, W. R., & Verdi, R. (2008). Is accruals quality a priced risk factor?. Journal of Accounting and Economics, 46(1), 2-22.
    8.Francis, J., R. LaFond, P. Olsson and K. Schipper, 2005. The Market Pricing of Accruals Quality, Journal of Accounting and Economics, 39, 2, 295-327. Frost, C. A., 2006. Credit Rating Agencies in Capital
    9.Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Costs of equity and earnings attributes. The Accounting Review, 79(4), 967-1010.
    10.Ho, S.S.M., and K.S. Wong. 1999. A study of the relationship between corporate governance structures and the extent of voluntary disclosures. Unpublished Conference Paper, 1999 AAA/TAA Globalization Conference, Taiwan.
    11.Jiang, J., 2008. Beating Earnings Benchmarks and the Cost of Debt, The Accounting Review, 83 (2), 377-416.
    12.Lang, M. H., and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior.
    13.The Accounting Review 71 (4): 467-492.
    14.Myers, S., 1984. The Capital Structure Puzzle, Journal of Finance, 39, 575-592.
    15.Ogneva, M. (2007), “Accrual Quality and Expected Returns: The Importance of Controlling for Cash Flow Shocks,”USC Working Paper.
    16.Poon, W., 2003. Are Unsolicited Credit Ratings Biased Downward? Journal of Banking and Finance, 27, 593-614.
    17.Sengupta, P., 1998. Corporate Disclosure Quality and the Cost of Debt, The Accounting Review, 73, 4, 459-474.
    18.黃玉麗, 沈中華, & 林昆立. (2012). 政治關聯 (係) 與債務資金成本. 管理學報, 29(2), 155-185.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    102932129
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102932129
    Data Type: thesis
    DOI: 10.6814/NCCU201901216
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

    Files in This Item:

    File SizeFormat
    212901.pdf785KbAdobe PDF13View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback